From the NYT:
Falsified Mortgage Applications on the Rise
Falsified applications are now the most common type of mortgage fraud, their incidence having risen steadily for the last three years, according to LexisNexis Risk Solutions’ annual mortgage fraud report.
The report, scheduled for release on Monday, breaks down the composition of verified mortgage fraud activity in 2013 as reported by lenders, insurers and other subscribers to a LexisNexis database known as MIDEX. The database tracks only fraud involving industry professionals, such as loan officers, real estate agents and appraisers.
“Eighty percent of all mortgage fraud involves a professional,” said Tim Coyle, the company’s senior director of financial services and an author of the report. “It almost has to — it’s a very complex game.”
Seventy-four percent of the investigated loans reported in 2013 involved application fraud, up from 69 percent in 2012, and 61 percent in 2011. Application fraud involves misrepresenting a borrower’s background or circumstances by providing a lender with false information about crucial factors, such as income, employment or intent to occupy the property. Identity theft or invalid Social Security numbers may also come into play.
Mr. Coyle attributed the rising incidence of application fraud to tight credit conditions that make it harder for borrowers to qualify and for industry professionals to profit. Credit fraud also increased last year, according to Jennifer Butts, the manager of data insight and also an author of the report. Credit fraud, such as undisclosed debt on a credit history or misrepresentation on the credit report, occurred in 17 percent of reported fraud investigations, which was a big jump from 5 percent in 2012, she said.
Appraisal fraud, however, dropped to a five-year low of 15 percent of reported loans. Mr. Coyle credited federal regulations adopted several years ago aimed at preventing corruption of the appraisal process by professionals with a financial stake in the mortgage transaction.
The report also ranks the states according to the seriousness of their mortgage fraud problem relative to their share of origination volume. Florida ranked first as having the worst fraud problem for the fifth consecutive year, followed by Nevada and New Jersey.
Good Morning New Jersey
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What about the worthless half-billion or so in MBS held by the Fed? Isn’t marking those things to par a fraud?
…uh, whoops: that’s a half-TRILLION in worthless mortgage paper…
Billion, trillion…rounding errors.
1.7 Trillion in MBS lots of stuff from the last decade, that they will hold till the next decade. Nobody takes the loss.
http://www.federalreserve.gov/releases/h41/current/
#47 yesterday
“Forgot to Finish”
A regular complaint from Mrs Nom about you.
[7]
Funny, your wife seemed pretty satisfied, judging from the scratches she left.
[7] redux
. . . And all those “oh, God, yes” outbursts. Seriously, is she always that loud in bed?
Now, for something property-related for once.
http://www.ozy.com/pov/the-conservative-case-for-going-green/37597?utm_source=CM2&utm_medium=pp&utm_campaign=pp
He makes some points I havent, and doesn’t make some points I have, but he is narrowly focused on a single issue.
Years ago, I tried to push the point that the GOP should try to co-opt the green/conservation agenda and embrace a lot of it on conservative principles but I knew that was a minority position at the top levels. Feedback was always “that makes sense and I’d like that but it isn’t going to happen”.
You know I agree. It should definitely be here by 2017, if not, 2018 the latest.
Ragnar says:
December 11, 2014 at 10:51 am
I just had a visit with a non-denominational quant who suggested that maybe in the next year or two, wages will be rising, if trends continue. Recently have been running down the part time pool of labor, converting into full time. When that pool of slack runs out, wages should rise.
I’m not in the camp of believing wages can never rise. Chinese wages have risen something like 600% over the last 20 years. Global sourcing is forever, but the pace of global wage rebalancing could slow.
Don’t try lying to Wells F about ANYTHING (not that I did) when applying for a mortgage through them. The only reason I went there was because a friend of a friend worked for the Company and would be getting a commission. NEVER again.
Their credit investigation bordered on harassment (for a $100,000 mortgage!). My wife and HR at my employer refused to speak with them after a while.
Nasty, unprofessional and almost as intrusive as FBI agents out to vet a TS clearance.
Two days before closing they wanted to see my banking statements for the last month (for the third time). They asked “What’s this $10 a day for?”. I replied (trying to lighten things up with a little humor) “Oh, that’s my crack habit”. Went over like a led balloon and almost got me denied! (had my friend’s friend not worked there I would have been).
Karma – Got a letter in the mail the other day asking if I’d like to participate in a Class Action suit against Wells. All I have to do is sign a paper and mail it back for some $.
Turns out Wells was engaging in fraud re: insurance on mortgages between 2011 and 2013.
Acquired and paid off many mortgages over the years. NEVER experienced anything like Wells F put me through.
“Appraisal fraud, however, dropped to a five-year low of 15 percent of reported loans. Mr. Coyle credited federal regulations adopted several years ago aimed at preventing corruption of the appraisal process by professionals with a financial stake in the mortgage transaction”.
Mr. Coyle is wrong. Appraisal fraud has declined because agents have realized that, in this market (outside of some hotspots) if a house is not priced realistically, it won’t sell.
Fcuk WF in their arses, along with all the other banks who’ve already made gazillions on totally f-ed up loans and will never be prosecuted for anything.
They dumped all their shit in the taxpayer’s lap years ago. Remember that when you’re watching your grandkids storm the ramparts when they decide they’re tired of paying for it.
Irony Alert
http://www.theguardian.com/environment/2014/dec/10/peru-press-charges-greenpeace-nazca-lines-stunt
Atlantic City Placed on Review for Downgrade
BY ANDREW COEN
DEC 11, 2014 6:23pm ET
Atlantic City’s Ba1 general obligation bond rating has been placed under review for a possible downgrade by Moody’s Investors Services in the wake of postponing a planned bond sale.
So when are we dirt bag bottom feeders going to jump in on AC bonds and wait for the bail out?
Lmao
JJ says:
December 12, 2014 at 8:35 am
Atlantic City Placed on Review for Downgrade
BY ANDREW COEN
DEC 11, 2014 6:23pm ET
Atlantic City’s Ba1 general obligation bond rating has been placed under review for a possible downgrade by Moody’s Investors Services in the wake of postponing a planned bond sale.
So when are we dirt bag bottom feeders going to jump in on AC bonds and wait for the bail out?
This article is largely correct but it blows an important fact.
http://www.cnbc.com/id/102261721?trknav=homestack:topnews:19
The article says that the legislation allows employers to cut benefits. Not so here as the provision in question affects multiemployer plans. A plan is a separate entity and in the case of a multiemployer plan, an employer isn’t a plan sponsor and has no say in the plans operation except through the trustees that employers appoint (and unions appoint an equal number). Even then, the trustees owe no duty to the employer and cannot consider them to the detriment of the plan.
The Taft-Hartley plans are a shambles and it isn’t hard to see why. So it’s no wonder there is no stomach in DC for bailing them out.
More people should have an understanding of this subject. Esp, the extremists calling for capitalism as the answer to all life’s problems. Just eliminate the govt and everything will run smoothly. Yes, sure.
https://www.youtube.com/watch?v=8NJEeEUUhaI
grim: for you…..it’s not Clifton, but it is damned close…..what is your guess? A little Tick-Tock action……
http://comediansincarsgettingcoffee.com/jon-stewart-the-sound-of-virginity
I remember watching The Wire and when I saw this part I was thinking, “Is that really a big deal?”
Lester Freamon spends his time at the former Major Case Unit office puzzling over the Stanfield investigation board. Sydnor is continuing to work on the Davis investigation and is frustrated when he discovers than an $80,000 dollar withdrawal from Davis’ account was used to pay back his mother for a loan. Freamon is excited when Sydnor tells him that the loan was for a mortgage down payment and explains that Davis has broken federal law by lying on a mortgage application and claiming his parent’s money as his own.
You can hold any bond until maturity and not lose principal as long as…oh that’s right. Never mind.
1.7 Trillion in MBS lots of stuff from the last decade, that they will hold till the next decade. Nobody takes the loss.
I’m prolly being generous in thinking that only 1/3 or so of the 1.7 trill in MBS held by FedCo is totally worthless.
Does anyone else find it uncomfortable knowing that millions of children have been born who will never live a day in which FedCo’s balance sheet is less than a trillion dollars?
Prolly even more disconcerting to think that FedCo’s balance sheet is also primed to go from trillions to 0 in the course of one very bad, violent day.
@CNBCnow:
BREAKING:
Consumer sentiment hits 93.8 in December vs 89.5 estimate.
But not one of those kids bought an underwater house and will have to make the MBS payments. You are mixing a bit of apples with oranges. The Fed is the loan shark who owns a trillion dollar receivable. It is not a trillion dollar payable.
Liquor Luge says:
December 12, 2014 at 9:48 am
Does anyone else find it uncomfortable knowing that millions of children have been born who will never live a day in which FedCo’s balance sheet is less than a trillion dollars?
Prolly even more disconcerting to think that FedCo’s balance sheet is also primed to go from trillions to 0 in the course of one very bad, violent day.
@BloombergNews:
DATA:
U.S. Consumer Sentiment Index leaps to highest level since the recession
@ianbremmer:
When people are scared, we do things we later regret.
It’s the lack of humanity a decade later that makes Cheney a grotesque caricature.
Great Poop,
Khan should stick to math rather than rehashing the consensus of a failing profession. And you should stick to shaking down deadbeat baby mommas for rent.
lol…good advice
Ragnar says:
December 12, 2014 at 10:57 am
Great Poop,
Khan should stick to math rather than rehashing the consensus of a failing profession. And you should stick to shaking down deadbeat baby mommas for rent.
29- Good advice
Luge [67, yesterday];
No issue with the ‘making threats’ part, but killing and cooking a rabbit is “felony cruelty to an animal with use of a knife”? Must be a vegan prosecutor.
[32] moose
She isnt entitled to a prosecution for that on account of her white privilege.
Talk about fraud and stealing from your grand kids.
In 2025 the Fed will still have 400 Billion in MBS on it’s balance sheet even though purchases stopped this year.
If they marked to market there would be perhaps no more annual remittances to the Treasury for a long long time. What are they sending now about 80 Billion or so?
re # 26- “It is not a trillion dollar payable.”
Annual Remittances to the Treasury? 77 Billion this year. Even the loan shark has a Don.
#32
Killing of a domesticated animal is considered animal cruelty. You don’t have to be a vegan to think that way.
Pete [36];
So a rabbit in a home cage dies harder than a haute cuisine hare for $35 Cacciatore? Kind of arbitrary.
I’m not a lawyer, aren’t you? Seems like you are narrowly defining cruelty as to be some sort of pain inflicted threshold. The law states that knowingly killing a domesticated animal is considered animal cruelty. If someone were to kill my pe,t even if done so humanely, I would consider it a cruelty to my pet.
Doesn’t the definition of “domesticated” include any animal on a farm, which also includes livestock raised for food?
I don’t mean to be overly cruel here, but 100 years ago, it would have been pretty common for kids to eat their “pets” on a regular basis.
Not saying that if I took my 14″ cleaver to my neighbors bunny rabbit, I shouldn’t be charged with cruelty, it would seem to apply well in the situation, but it has very little to do with the fact that I took a knife to a rabbit.
39 –
In Sussex County they probably still do.
Mr. Coyle attributed the rising incidence of application fraud to tight credit conditions that make it harder for borrowers to qualify and for industry professionals to profit.
Everybody’s gotta get paid. It’s the f.ucking maf1a. And you guys are wondering why I refuse to pull the tr1gger on a smelly sh1t-stained dump with 8 X 10 bedrooms for 600K plus? The whole industry s.ucks and they left a sea of victims in their wake.
A half million or so dogs in the US are a cash crop sold each year mostly from puppy mills. You dog owners are just enabling the abuse by your incessant need to never be alone.
The report also ranks the states according to the seriousness of their mortgage fraud problem relative to their share of origination volume. Florida ranked first as having the worst fraud problem for the fifth consecutive year, followed by Nevada and New Jersey.
We got the bronze. Nice! Except in those towns where Graydon lives. We all know they’re bleeding wealth. No need for fraud there. Right?
Just the dumbest video I’ve seen in six months. The government destroyed this vehicle for no good reason.
http://www.nj.com/ocean/index.ssf/2014/12/watch_as_feds_rip_apart_illegally_imported_british_car.html
Wisconsin man dies of asthma attack after police stop speeding car that was taking him to hospital
Casey Kressin, 29, was just three miles from the hospital early Sunday when Chippewa Falls police pulled over the car for speeding through a red light. Kressin’s girlfriend, Leah Hryniewicki, was driving and said police did not provide enough medical assistance during the six minutes they waited for an ambulance.
http://www.nydailynews.com/news/national/wis-man-dies-asthma-cops-stop-car-er-article-1.2031939
Pete [38];
Grim’s got it right, the livestock remains that exists under aseptic cellophane in the supermarket didn’t have it any more or less “cruel” than fluffy the bunny does simply because of their living conditions. You either think eating meat is “cruel” (and on that front, interesting recent study about the astounding dropout rate for self-proclaimed vegetarians and vegans — most slip into comfortable ‘ethical omnivore’ status placated by “free-range” and “cruelty-free” packaging labels), or you think some animals are more equal than other based on their status in life. All men are created equal with one another, are not all animals equal as well?
Or as a middle school teacher put it (when Baby Seals were the cause célèbre animal) — a Chicken McNugget doesn’t die any easier than a baby seal.
Sony hack: Execs make racist jokes about Obama; A-listers slam those publishing leaks
http://www.foxnews.com/entertainment/2014/12/11/sony-hack-execs-make-racist-jokes-about-barack-obama-listers-slam-those/
Moose,
In the animal kingdom, the cuter you are, the bigger the exemption.
Whoa….seems like a pretty stiff sentence….
Man sentenced to 20 years for renting houses he didn’t own to tenants
Posted: Dec 12, 2014 1:41 PM EST
Updated: Dec 12, 2014 1:59 PM EST
New Jersey Herald File Photo – Robert Kosch, of Bloomfield, appears in court during jury selection in September.
New Jersey Herald File Photo – Robert Kosch, of Bloomfield, appears in court during jury selection in September.
By JOE CARLSON
jcarlson@njherald.com
SUPERIOR COURT — Robert Kosch — the Bloomfield man found guilty in October of renting out three Sussex County homes he did not own — was sentenced to 20 years in state prison on Friday morning.
Following a month-long trial and two days of deliberations, a 12-person jury found Kosch guilty of five counts of theft, two counts of forgery and one count of unlawful possession of personal identification information. He was found not guilty of three counts of theft and one count of forgery.
Judge Thomas Critchley handed down the sentenced that included 6 years of parole ineligibility.
Joe Carlson also can be contacted on Twitter: @JoeCarlsonNJH or by phone: 973-383-1292.
See the New Jersey Herald on Sunday for more on this story.
Has a wall street banker been sentenced to 20 years in prison?
Nope, because Obama’s man in office made it so.
Move along, nothing to see here…..
ISDA Panel Rules RadioShack Not in Default
The International Swaps and Derivatives Association ruled Friday that sellers of derivatives designed to protect against a RadioShack default don’t have to pay holders of these contracts.
The 15-member panel in charge of the decision, convened by the ISDA, voted unanimously that a so-called “credit event” hasn’t occurred in relation to a default query on RadioShack raised last week by an unidentified market participant.
#41…I don’t think all of us are wondering why you are not pulling the trigger, I did not pull the trigger and wouldn’t recommend that you do either. I would not recommend buying in NJ unless you are “uber” wealthy, I’m stuck now but I look at it now as renting a 4 bdr for $800 a month.
What’s next, a $10 charge to get your cat out the tree? Do ppl still call the Fire Dept for that?
Home Security Alarms: Township wants you to pay a registration fee and charge you an additional fee if the cops come to the house and its a false alarm.
Any person who violates any provision of this article shall, upon conviction, be subject to the following penalties:
False Alarms
Number of False Alarms Within a Calendar Year Penalty
Upon 1st through 3rd Warning
Upon 4th or 5th $ 25.00
Upon 6th 50.00
Upon 7th 75.00
Upon 8th and each thereafter 100.00
Sounding Device Violation (§ 75-16)
Number of Violations Within a Calendar Year Penalty
Upon 1st through 3rd Warning
Upon 4th or 5th $ 25.00
Upon 6th 50.00
Upon 7th 75.00
Upon 8th and each thereafter 100.00
The truth!!
Juice Box says:
December 12, 2014 at 1:35 pm
A half million or so dogs in the US are a cash crop sold each year mostly from puppy mills. You dog owners are just enabling the abuse by your incessant need to never be alone.
Grim, was Sony’s IT security that poor or do skilled hackers simply make IT security an oxymoron?
#53..this is pretty standard….was in place when I moved to my town in 1993
Burn the mf’er down and start over.
What’s the big deal on the Sony Execs claiming to joke about Obama screening 12 days or Django Unchained? Not even a joke. It’s public record that the Obama’s have screened a number of black-oriented films at the white house. The Help (a good movie), “For Colored Girls” – (never heard of it in 2010), “Red Tails” (never heard of it, appears to be about black aviators), Men in Black 2 (with Will Smith).
Fricking Scott Rudin claims he’s “profoundly sorry” for allegedly insulting Obama for suggesting he would like Django Unchained? Why? I liked it, and it’s pretty clear Obama likes movies with black actors in it. Scott Rudin produced the movie Team America which insulted practically every A-list actor in Hollywood, killing off half of their puppets. But now he’s profoundly sorry for joking that Obama might like movies with topics of race, which Obama has clearly expressed a preference for in the past?
Why not – “Yes, I still think he should screen those movies, because they are award winning movies about topics I think the president would appreciate”. Also he’s black.
Maybe Michelle Obama should be profoundly sorry for suggesting that black people can reward themselves with fried chicken only after voting for Democrats in November. That wasn’t hacked, that was her going on TV and saying that to the audience.
I give everyone full permission to eat some fried chicken after they vote … Only after, if you haven’t voted.
[Interjection] You make a good point. Because I am, I do talk about health. But I think that a good victory for Democrats on Tuesday, you know, should be rewarded with some fried chicken.
Read more at http://www.snopes.com/politics/obama/friedchicken.asp#RjHCmiMhFSPM4XoM.99
Rags [58];
Forget logic, Jake, this is Chinatown.
Never takes long for you to make any issue a racial one.
always.
Ragnar says:
December 12, 2014 at 3:45 pm
What’s the big deal on the Sony Execs claiming to joke about Obama screening 12 days or Django Unchained? Not even a joke. It’s public record that the Obama’s have screened a number of black-oriented films at the white house. The Help (a good movie), “For Colored Girls” – (never heard of it in 2010), “Red Tails” (never heard of it, appears to be about black aviators), Men in Black 2 (with Will Smith).
[60] anon,
A rare day when you get beaten to playing the race card.
@washingtonpost: In 81% of America’s counties, the median income is lower today than it was 15 years ago. http://t.co/0Ci4D8YrvP http://t.co/AjHhKDHLka
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