Mortgage and Financial News From 2007-11-19 Page 12

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• Here's a holiday feast of housing hoaxes

  St. Petersburg Times - They committed deception on such a scale that bankers are calling it a national epicenter of mortgage fraud. Phony appraisals and lax underwriting let crooks arrange sales of $400,000 condos for $800,000. The cheaters paid the sellers $400,000 per ...
  2007-11-18 09:06:00

• Man is sentenced to two years for mortgage fraud

  St. Louis Post-Dispatch - The head of a mortgage fraud scheme that costs lenders more than $400,000 was sentenced Friday to two years in federal prison. Bennie Clark, owner of World Wide Financial, LLC, and a Hazelwood man named Michael Jackson used rigged appraisals and ...
  2007-11-17 03:53:00

• Erie businessman pleads guilty in mortgage, housing fraud

  Philadelphia Inquirer - ERIE, Pa. - A city businessman pleaded guilty Monday to felony charges in a scam that prosecutors say resulted in low-income residents paying inflated prices for homes. Robert Dodsworth, 60, pleaded guilty in federal court to money laundering and ...
  2007-11-19 12:37:00

• Erie Businessman Pleads Guilty (Action News 24 Erie)

  Erie businessman, Robert Dodsworth pleaded guilty on Monday to charges of money laundering and conspiracy in a million-dollar mortgage fraud case. Federal investigators say he was involved in a conspiracy that preyed on low-income Erie homeowners between 2003 and 2006.
  2007-11-19 01:54:49

• Automated Fraud Alert Service Now Available Free of Charge to Intersections Customers (Business Wire via Yahoo! Finance)

  CHANTILLY, Va.----Intersections Inc. , the leading provider of identity theft services protecting over 7 million customers in the United States and Canada, announced today that customers of its family of IDENTITY GUARD® identity theft protection services can now use an automated web service to place fraud alerts at no additional charge.
  2007-11-19 09:26:00

• Skipton Building Society live with Northland AML and fraud detection system (Finextra)

  Skipton Building Society, an innovator in mortgage and investment products, has implemented Compliance Alert from Northland Solutions as its ...
  2007-11-19 08:08:04

• Skipton Banks On Compliance Alert For AML And Fraud Detection (ContactCenterWorld.com)

  United Kingdom - November 19, 2007 - Skipton Building Society, a company involved in mortgage and investment products, has implemented Compliance Alert from Northland Solutions as its anti-money laundering and fraud detection solution.
  2007-11-19 01:15:02

• Grim banking forecast spurs sell-off

  Los Angeles Times - ... Inc. slumped more than 5% after the analyst, William Tanona at Goldman Sachs Group, said the banking giant might have to write off an additional $15 billion in bad mortgage-backed debt over the next two quarters. Shares of other financial companies ...
  2007-11-19 11:33:00

• UPDATE 2-Impac sees Q3 loss, CEO says viability at issue

  Reuters - Among the companies to go bankrupt was American Home Mortgage Investment Corp (AHMIQ.PK: Quote , Profile , Research ), another big Alt-A lender. Impac shares last traded at $1.05. They began the year at $8.80. (Reporting by Jonathan Stempel ...
  2007-11-19 09:24:00

• Stocks Slide as Credit Fears Intensify

  CNBC - In other news in the financial sector, Countrywide Financial's shares plunged and the cost to insure its debt surged as concerns about losses by subprime mortgage borrowers sent mortgage-related companies on a new leg lower. Shares of Countrywide, the ...
  2007-11-19 11:54:00

• GM Shares Drop to 17-Month Low

  CNBC - ... on Monday that Goldman Sachs had downgraded shares of Citigroup Inc. to sell, citing concerns of more write-downs for the bank and mortgage-related exposures, revived concerns that the crisis could worsen for companies that have links to the mortgage ...
  2007-11-19 01:49:00

• Fannie, Freddie Feel Default Heat

  Wall Street Journal - The results also come amid growing unease over the impact of the fallout in the U.S. housing market on the two mortgage companies, until recently seen as fairly well-insulated against the full blast of the foreclosure crisis. On the New York Stock ...
  2007-11-19 04:59:00

• Rogue lender closed with two others fined by City watchdog

  Times Online - The Financial Services Authority (FSA) has cracked down on the sub-prime mortgage market by fining two rogue lenders and shutting down another one. The City watchdog accused the companies of giving risky advice to borrowers with poor credit records ...
  2007-11-19 01:06:00

• Lowe's profit slumps after tough quarter

  CNN Money - feed://rss.cnn.com/rss/money_news_companies.rss ... Based on our results and the significant losses and write-downs announced this quarter in the banking and mortgage ...
  2007-11-19 02:03:00

• Countrywide shares plunge, default swaps surge

  Reuters - NEW YORK (Reuters) - Countrywide Financial Corp.'s (CFC.N: Quote , Profile , Research ) shares plunged and the cost to insure its debt surged on Monday as concerns about losses by subprime mortgage borrowers sent mortgage-related companies on a new ...
  2007-11-19 10:50:00

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