Having a home is a dream of every person. Unfortunately, housing prices is quite expensive and only a few people who can buy it in cash. Just like in any country, most Americans also bought his house with installments into a bank or financial institution that provides services to residential mortgage services.
From the news in the country, consumers are often disappointed that there was a dream house not being given, partly because the developer ran away and is not responsible. Lived consumers bite the fingers. Apparently, a case about fraud cases home ownership is also very rife in the U.S.. Especially in recent years before the financial crisis hit, U.S. housing prices always go up and an attractive investment. Only the U.S. Government did not stay silent resolve the problem of fraud has been rampant in these houses. Made the task force that aims to address fraud and capture the perpetrators of fraudulent home purchases. The fraudsters in the U.S. home buyer is very sophisticated with a variety of modus operandi. The victim was diverse, not only home buyers, but also the provider of mortgage banking. One case involved two women who harm Orbán 4.4 million U.S. dollars. They act in the Haitian community in Miami. One of the women, Yolette Antoine, was accused of collecting personal data from Haitian immigrants. He boasted as one who can provide a way for immigrants to get home. Apparently, he and his colleagues use such individual information to purchase a variety of unauthorized property and get credit. They submitted these names to get credit, while the person concerned did not know at all about purchasing that property. They were struck dumb when asked to pay for housing credit. The state mortgage losses amounting to 4.4 million U.S. dollars from this scheme.In another case involving a man from Duluth, Minnesota, Michael Fiorito. He was rewarded 22 years in prison for having embezzled the money of 400,000 U.S. dollars from the homeowners. Homeowners who are in financial difficulties it was convinced that he was able to provide new financing. Fiorito promises to his victims, he can send them a check because they had pledged his house certificates. Apparently, he kept the checks and embezzling or coerce the victim handed over the check keadanya with various kinds of intimidation and threats.
Meanwhile, the Federal Court in Manhattan declared Sharmon or Sharmon Wade Howell guilty of deceiving the housing loan scheme. Throughout 2006-2007, Howell is a mortgage lender. He is getting funds from various banks and other institutions. Howell and his colleagues get more than 10 million dollars As a sub-prime mortgages to personal customers.More specifically, Howell and his colleagues recruited a few people who would be purchasers to buy property in and around New York.
Utilizing the Ex-Prisoners
Buyer's name and the data is exploited and become victims of Howell. Usually they hire people just out of prison or people from outside New York. Howell told the prospective buyer is that by buying the property being offered will help the owner avoid confiscation or she say that buying property was a good investment. Some prospective buyers are also told that they need not worry on installment loan payments because of Howell will pay installments for a few months and they will buy more property from the new owner. Howell usually get housing loans with a value far greater than the selling price of the house. To obtain larger loans from banks, Howell and his associates falsified appraisal home buyers also falsified financial data such as income, assets, debts, and the purposes they occupy the house. Most data were inflated, although the majority of buyers do not have the ability to buy a house with expensive price and could not burdened with huge debt repayments.After falsifying data to obtain credit, Howell and colleagues divide the difference between the original house prices and the credit disbursement has been inflated. After that, Howell was renting the property and use the money to pay rent installment credit, before they are deliberately not paying the credit. Finally, for not paying back loans, buyers who were deceived and did not have the ability to pay down debt in bankruptcy.
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The two largest mortgage finance companies in the United States (U.S.) must lift the foot aka delisted from the New York Stock Exchange (NYSE). These two companies share listing on the stock because the price was written off and falling below the threshold of a minimum price of USS $ 1 per share during the 30 day trading stock.Convey this decision in the Federal Housing Finance Agency (FHFA), a few days ago. Earlier, shares of Fannie Mae and Freddie Mac have also lift other leg of the stock market since September 2008. Subsequently, these shares are traded on the OTC (Over-the-counter). "Order is not related to delisting the company performance," said FHFA director Edward DeMarco.
