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ATLANTA - Cases of residential mortgage fraud reported by institutions in the home financing industry fell last year for the second year in a row, according to a new study. The LexisNexis Risk Solutions Mortgage Fraud Report released Wednesday tracks verified instances of home loan fraud or misrepresentation by mortgage industry professionals, as reported by banks and other financial institutions. The fraud could include a borrower falsifying information on loan documents but only if the borrower was conspiring with a mortgage industry professional. The study found that mortgage fraud reports declined 35 percent between 2010 and 2011. One factor in the decline is that mortgage loan originations sank to their lowest levels since 2001 last year, reflecting a sharp drop in sales of new and previously occupied homes. Another is that fewer mortgage fraud schemes are taking place at the point where a buyer tries to get a home loan. Mortgage fraud involving the buying or selling of homes in some stage of foreclosure is becoming more common, according to the FBI. Mortgage fraud investigations by the FBI resulted in 1,082 convictions in fiscal 2011, the agency has said. Loan application and home appraisal fraud and misrepresentation made up the largest category of fraud type being investigated by lenders last year, according to the LexisNexis study. Among the trends identified in the report: Instances where buyers and sellers potentially colluded in a home sale or purchase transaction are running at an elevated pace. One red flag of collusion in a real estate transaction is when there is an undisclosed relationship between buyer and seller, or agent, which could potentially lead to a conflict of interest. Unless disclosed, real estate transactions are expected to be arm's-length, or with buyer and seller having no relationship to each other. In 2011, lenders reported that transactions where such a relationship was not disclosed d

Scope Note The purpose of this study is to provide insight into the breadth and depth of mortgage fraud crimes perpetrated against the United States and its citizens during 2009. This report updates the 2008 Mortgage Fraud Report and addresses current mortgage fraud projections, issues, and the identification of mortgage fraud "hot spots." The objective of this study is to provide FBI program managers with relevant data to better understand the threat, identify trends, allocate resources, and prioritize investigations. The report was requested by the Financial Crimes Section, Criminal Investigative Division (CID), and prepared by the Financial Crimes Intelligence Unit (FCIU), Directorate of Intelligence (DI). This report is based on FBI, state and local law enforcement, mortgage industry, and open-source reporting. Information was also provided by other government agencies, including the U.S. Department of Housing and Urban Development-Office of Inspector General (HUD-OIG), Federal Housing Administration (FHA), the Federal National Mortgage Association, and the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). Industry reporting was obtained from the LexisNexis Mortgage Asset Research Institute (MARI), RealtyTrac, Inc., Mortgage Bankers Association (MBA), and Interthinx®. Some industry reporting was acquired through open sources. While the FBI has high confidence in all of these sources, some inconsistencies relative to the cataloging of statistics by some organizations are noted. For example, suspicious activity reports (SARs) are cataloged according to the year in which they are submitted and the information contained within them may describe activity that occurred in previous months or years. The geographic specificity of industry reporting varies as some companies report at the zip code level, and others by city, region, or state. Many of the statistics provided by the external sources, including FinCEN, FHA, and HU

These house poor families were spending more than 30 percent of their income to pay back the principal and interest for their loans, and had more liabilities than available assets, meaning they would be unable to repay their debts even by selling off all their non-home assets. Most house poor, or 96.3 percent, said in the survey that they were finding the repayment ofloans extremely burdensome. About three-quarters of them said they were reducing their spending to pay off the loans.Sixty-four percent said they would like to sell their homes soon. As for the reasons for wanting to sell off their home, 26.9 percent said they wished to readjust their asset portfolio, and 25.4 percent cited the burden of repaying loans.Others said they wished to change the size of their homes (18.7 percent) or to withstand the economic downturn (13.7 percent).Nearly two-fifths of the house poor were in their 30s and 40s. Following those in their 30s (19.6 percent) and 40s (18.9 percent) were people in their 50s (13.5 percent) and 60s (11.2 percent), indicating that many people were financially squeezed before and after retirement.The more expensive the homes, the greater the number of house poor. Some 22.3 percent of the house poor in the survey hadmortgage loans on residential properties worth more than 900 million won. About 14.5 percent had homes worth between 600 million and 900 million won. Seventeen percent had homes worth between 300 million and 600 million won, and 15.6 percent between 150 million and 300 million won. Only 13.2 percent had homes valued less than 150 million won. Seoul (17.4 percent) and the surrounding Gyeonggi Province (18 percent) showed the highest rate of house poor families. In the capital, four of the 25 districts - which have the most expensive apartments - accounted for 17.2 percent of the house poor. "About 26.2 percent of all mortgage loans were taken out by people with a low ability to repay the debts," the research instit

These house poor families were spending more than 30 percent of their income to pay back the principal and interest for their loans, and had more liabilities than available assets, meaning they would be unable to repay their debts even by selling off all their non-home assets. Most house poor, or 96.3 percent, said in the survey that they were finding the repayment ofloans extremely burdensome. About three-quarters of them said they were reducing their spending to pay off the loans.Sixty-four percent said they would like to sell their homes soon. As for the reasons for wanting to sell off their home, 26.9 percent said they wished to readjust their asset portfolio, and 25.4 percent cited the burden of repaying loans.Others said they wished to change the size of their homes (18.7 percent) or to withstand the economic downturn (13.7 percent).Nearly two-fifths of the house poor were in their 30s and 40s. Following those in their 30s (19.6 percent) and 40s (18.9 percent) were people in their 50s (13.5 percent) and 60s (11.2 percent), indicating that many people were financially squeezed before and after retirement.The more expensive the homes, the greater the number of house poor. Some 22.3 percent of the house poor in the survey hadmortgage loans on residential properties worth more than 900 million won. About 14.5 percent had homes worth between 600 million and 900 million won. Seventeen percent had homes worth between 300 million and 600 million won, and 15.6 percent between 150 million and 300 million won. Only 13.2 percent had homes valued less than 150 million won. Seoul (17.4 percent) and the surrounding Gyeonggi Province (18 percent) showed the highest rate of house poor families. In the capital, four of the 25 districts - which have the most expensive apartments - accounted for 17.2 percent of the house poor. "About 26.2 percent of all mortgage loans were taken out by people with a low ability to repay the debts," the research instit

Recent headlines about the troubled subprime lending industry are making Americans more aware of the consequences of risky lending practices. But unscrupulous lenders and scam artists continue to prey on unsuspecting loan shoppers and homeowners. Unfortunately, loan-related scams aren't restricted to tricking consumers into loans with outrageously high interest rates. Today's sophisticated scammers are using loans as a vehicle to do everything from stealing sensitive personal information to virtually stealing a credit-challenged homeowner's own home. The mortgage experts at Loan.com have identified five top scams that all consumers - mortgage shoppers and homeowners alike - should be on the look-out for. 1. Unsolicited phone calls Americans across the country have reported receiving phone calls from telemarketers posing as representatives from well-known organizations such as Fannie Mae offering to refinance loans at low rates. These "representatives" often ask for personal information, claiming they need it to qualify a victim for a loan. This information is then used to steal a victim's identity. Loan.com's Advice: Be wary of any phone call offering remarkably low interest rates on loans, especially if you have registered your phone number with the Do Not Call Registry. Most major nationwide lenders do not solicit business over the phone. Never give out personal information over the phone unless you are absolutely sure who you are speaking with. 2. "Helpful" contractors Many homeowners have reported contractors - often roofing or remodel professionals - approaching them with an offer to perform upgrades on their home at a reasonable price. These contractors offer financing through low-interest loans. It's not until after signing numerous forms that too many homeowners realize they have signed off on a high-interest home equity loan, and that the contractor has been hired by unscrupulous lenders to sell loans, not improve

Statewide California Indian Legal Services Assistance: Foreclosure to all Native Americans living in California and other Residents of select Counties Location: Escondido, Bishop, Eureka, and Sacramento Website: http://www.calindian.org/ Phone: Escondido: (760) 746-8941 or (800) 743-8941 Bishop: (760) 873-3581 or (800) 736-3582 Eureka: (707) 443-8397 or (800) 347-2402 Sacramento: (916) 978-0960 or (800) 829-0284 Services: The various offices provides free and low-cost legal services to Native Americans and Native American tribes and residents of the Counties of Alpine, Inyo, Kern, Mono, Tuolumne, Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, Ventura, Del Norte, Humboldt, Lassen, Modoc, Shasta, Siskiyou, Trinity , Alameda, Amador, Butte, Calaveras, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Kings, Lake, Madera, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Nevada, Placer, Plumas, Sacramento, San Benito, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Clara, Santa Cruz, Sierra, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Yolo, Yuba. California Rural Legal Assistance (CRLA) Assistance: Foreclosure and Loan Modification Scams for California Residents in Rural Areas in English and Spanish Location: Coachella, Delano, El Centro, Fresno, Gilroy, Lamont, Madera, Marysville, Modesto, Monterey, Oceanside, Oxnard, Paso Robles, Salinas, San Luis Obispo, Santa Barbara, Santa Cruz, Santa Maria, Santa Rosa, Stockton, Watsonville Website: http://www.crla.org/ Phone: To find the contact information for the office closest to you, please visithttp://www.crla.org/index.php?page=office-locations-amp-staff Services: CRLA provides free legal services to low-income residents in various rural counties. The organization assists with foreclosure and loan modification scam issues. In particular, CRLA operates free foreclosure intervention workshops out of t

By Romesh Navaratnarajah: Cases of residential mortgage fraud in the US done in collusion with mortgage industry professionals dropped 35 percent between 2010 and 2011, according to the LexisNexis Risk Solutions Mortgage Fraud Report. The report tracked actual cases of mortgage fraud or misrepresentation by mortgage sector professionals, as reported by lenders and other financial institutions. These include cases of borrowers falsifying information on mortgage documents but only if they conspired with mortgage industry professionals. One reason for the significant decline is because mortgage loan originations fell to its lowest level in 2011 since 2001, indicating a sharp reduction in sales of new and previously-occupied homes. Another reason is that fewer fraud schemes are committed when a buyer is trying to get a home loan. However, the FBI noted that loan fraud involving selling or buying homes is more common at some stages of foreclosure, adding that mortgage fraud investigations led to 1,082 convictions in FY 2011. According to the LexisNexis study, home appraisal and loan application fraud, along with misrepresentation, accounted for the biggest category of fraud investigated by lenders in 2011. Related Stories: Fixed-rate mortgage in demand despite cheaper tracker-rate loans 15% discount on mortgages reappears in Shanghai US mortgage rates fall to new record lows More from PropertyGuru: Fixed-rate mortgage in demand despite cheaper tracker-rate loans 15% discount on mortgages reappears in Shanghai US mortgage rates fall to new record lows HK mortgage numbers shrinking

LA CRESCENTA, Calif. (KABC) - More than two dozen people say they fell victim to a costly home loan scam that targeted Korean immigrants. The lawyer accused of orchestrating it all is being sued. It took a life savings to buy this La Crescenta home. Losing it took mere months, all because of accused lawyer Timothy D. Thurman and Trinity Law Associates. Ok Kee Shin is just one of 28 alleged victims. "It is just such a shock, and that the house had been sold and foreclosed," said Shin through a translator. In a lawsuit, the Asian Pacific American Legal Center details a web of fraud. Though the plaintiffs are all Korean immigrants, people of any nationality could fall for this one. The suit says Trinity Law Firm hired Koreans to place ads, then illegally paid them, like bounty hunters, to bring in customers. "This practice known as 'running and capping' is against the law," said Yungsuhn Park, Asian Pacific American Legal Center. "Attorneys are prohibited from paying non-attorney agents to find clients." Everything seemed so credible. The Trinity Law Firm operated out of a high-rise on Wilshire Boulevard. "So he flipped through my loan documents and he told me that this was a bank that had a lot of errors in their loan documents," said Shin's translator, quoting her. She says Thurman assured her he could fix her loan for a fee of $7,000, and that she should stop paying her mortgage and ignore the foreclosure notices. Legal advocates now spread a warning: Avoid any person who offers guarantees to stop a foreclosure. Don't pay up-front fees: They are also illegal after a state law was passed last October. And seek help from a non-profit first. You don't need an attorney for loan modifications. As for Thurman, he was in trouble even before this suit. He pleaded guilty to forging the signature of a judge on a foreclosure document, a crime punishable by five years in prison - a penalty that comes too late to save former homeowners.

Recent headlines about the troubled subprime lending industry are making Americans more aware of the consequences of risky lending practices. But unscrupulous lenders and scam artists continue to prey on unsuspecting loan shoppers and homeowners. Unfortunately, loan-related scams aren't restricted to tricking consumers into loans with outrageously high interest rates. Today's sophisticated scammers are using loans as a vehicle to do everything from stealing sensitive personal information to virtually stealing a credit-challenged homeowner's own home. The mortgage experts at Loan.com have identified five top scams that all consumers - mortgage shoppers and homeowners alike - should be on the look-out for. 1. Unsolicited phone calls Americans across the country have reported receiving phone calls from telemarketers posing as representatives from well-known organizations such as Fannie Mae offering to refinance loans at low rates. These "representatives" often ask for personal information, claiming they need it to qualify a victim for a loan. This information is then used to steal a victim's identity. Loan.com's Advice: Be wary of any phone call offering remarkably low interest rates on loans, especially if you have registered your phone number with the Do Not Call Registry. Most major nationwide lenders do not solicit business over the phone. Never give out personal information over the phone unless you are absolutely sure who you are speaking with. 2. "Helpful" contractors Many homeowners have reported contractors - often roofing or remodel professionals - approaching them with an offer to perform upgrades on their home at a reasonable price. These contractors offer financing through low-interest loans. It's not until after signing numerous forms that too many homeowners realize they have signed off on a high-interest home equity loan, and that the contractor has been hired by unscrupulous lenders to sell loans, not impro

ATLANTA - Cases of residential mortgage fraud reported by institutions in the home financing industry fell last year for the second year in a row, according to a new study. The LexisNexis Risk Solutions Mortgage Fraud Report released Wednesday tracks verified instances of home loan fraud or misrepresentation by mortgage industry professionals, as reported by banks and other financial institutions. The fraud could include a borrower falsifying information on loan documents but only if the borrower was conspiring with a mortgage industry professional. The study found that mortgage fraud reports declined 35 percent between 2010 and 2011. One factor in the decline is that mortgage loan originations sank to their lowest levels since 2001 last year, reflecting a sharp drop in sales of new and previously occupied homes. Another is that fewer mortgage fraud schemes are taking place at the point where a buyer tries to get a home loan. Mortgage fraud involving the buying or selling of homes in some stage of foreclosure is becoming more common, according to the FBI. Mortgage fraud investigations by the FBI resulted in 1,082 convictions in fiscal 2011, the agency has said. Loan application and home appraisal fraud and misrepresentation made up the largest category of fraud type being investigated by lenders last year, according to the LexisNexis study. Among the trends identified in the report: Instances where buyers and sellers potentially colluded in a home sale or purchase transaction are running at an elevated pace. One red flag of collusion in a real estate transaction is when there is an undisclosed relationship between buyer and seller, or agent, which could potentially lead to a conflict of interest. Unless disclosed, real estate transactions are expected to be arm's-length, or with buyer and seller having no relationship to each other. In 2011, lenders reported that transactions where such a relationship was not disclosed declined t

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owers may conceal obligations, such as mortgage loans on other properties or newly acquired credit card debt, to reduce the amount of monthly debt declared on the loan application. This omission of liabilities artificially lowers the debt-to-income ratio, which is a key underwriting criterion used to determine eligibility for most mortgage loans. It is considered fraud because it allows the borrower to qualify for a loan which otherwise would not have been granted, or to qualify for a bigger loan than what would have been granted had the borrower's true debt been disclosed. Fraud for profit: A complex scheme involving multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. Fraud for profit schemes frequently include a straw borrower whose credit report is used, a dishonest appraiser who intentionally and significantly overstates the value of the subject property, a dishonest settlement agent who might prepare two sets of HUD settlement statements or makes disbursements from loan proceeds which are not disclosed on the settlement statement, and a property owner, all in a coordinated attempt to obtain an inappropriately large loan. The parties involved share the ill-gotten gains and the mortgage eventually goes into default. In other cases, naive "investors" are lured into the scheme with the organizer's promise that the home will be repaired, repairs and/or renovations will be made, tenants will located, rents will be collected, mortgage payments made and profits will be split upon sale of the property, all without the active participation of the straw buyer. Once the loan is closed, the organizer disappears, no repairs are made nor renters found, and the "investor" is liable for paying the mortgage on a property that is not worth what is owed, leaving the "investor" financially ruined. If undetected, a bank may lend hundreds of thousands of dollars against a property that is act

South Korea announced steps Thursday to bolster its sagging property market, including easing restrictions imposed on some districts of the capital. Seoul in 2003 restricted mortgage loan-to-value ratios to 40 percent and banned buyers from spending more than 40 percent of their income on repayments in three southern Seoul areas seen as most attractive to speculators. From now on, the same rules will apply citywide, with buyers able to borrow up to 50 percent of a property's value and spend up to 50 percent of their income on repayments. House prices in the Seoul metropolitan area have been falling for 10 successive months, with the latest April reading showing a 0.3 percent month-on-month decline. The government said it would also cut taxes on capital gains from property in the three districts, and would offer low-interest loans to a wider range of potential home-buyers in the capital. "We're rolling back excessive regulations adopted back in the early 2000s when the property market was overheating," the land ministry said in a statement. "Despite an increase in home supply... transactions in the housing sector are shrinking, while new apartment sales are also sluggish, hit by (economic) uncertainties."

"Information about Spring Hill Group Home Spring Hill Group Home News Center - Springhill Group Home Loans Springhill Group Home is a housing finance company with the principal goal of achieving a social requirement of motivating home ownership by offering long-term finance to households. Springhill Group Home has turned the idea of housing finance in Springhill into a world-class business venture with outstanding reputation for dependability, honesty and outstanding services.  Springhill Group Home has a wide network of contacts from different loan companies within United States and Asia catering to towns & cities spread across the country providing housing loans and property advisory services. For inquiries, email us at info@springhillgrouphome.com"

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China paper hints at anti-Japan sanctions BEIJING: The mouthpiece of China's Communist Party warned on Monday that Japan's economy could suffer for up to 20 years if Beijing chose to impose sanctions over an escalating territorial row. Anti-Japanese protests have been held across China in recent days over a dispute on a group of small islands in the East China Sea claimed by both countries but controlled by Tokyo. The row intensified last week when the Japanese government bought three of the islands, effectively nationalising them, and China responded by sending patrol ships into the waters around them. Trade sanctions between Asia's two biggest economies could cast a pall over growth on the continent, which major Western countries are counting on to drive recovery from the global slowdown. 

South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP

South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP

South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP

"Springhill Group Home has a wide network of contacts from different loan companies within United States and Asia catering to towns & cities spread across the country providing housing loans and property advisory services."