Prudential Mortgage closes $100M client loan for retail propertiesAugust 27th, 2009 Prudential Mortgage closes $100M loanNEWARK, N.J. — Prudential Mortgage Capital Co.
Summary Box: Fed extends program intended to boost consumer and business lendingAugust 18th, 2009 Summary Box: Fed extends lending programWHAT HAPPENED?: The Federal Reserve said it's extending a program that was due to end Dec. 31. The major part of the program, aimed at boosting consumer and business lending, will now run through March 31.
Colonial BancGroup says feds conducting criminal investigation over accounting irregularitiesAugust 7th, 2009 Colonial BancGroup faces federal investigationMONTGOMERY, Ala. — Colonial BancGroup said Friday it is under criminal investigation by the Department of Justice over alleged accounting irregularities at its mortgage warehouse lending unit.
Third-largest originator of FHA loans is suspended amid HUD investigationAugust 4th, 2009 Fla.-based mortgage company suspendedMIAMI — A prominent U.S. mortgage company is being investigated by the Housing and Urban Development Department after allegedly failing to submit a required financial report, raising concerns of fraud.
Bank of England says mortgage approvals hit 14-month high in June, though lending growth slowsJuly 29th, 2009 UK mortgage approvals at 14-month high in JuneLONDON — The number of mortgages approved for house purchase in the U.K. hit a 14-month high in June, Bank of England figures showed Wednesday, suggesting the property market is recovering despite still weak lending activity.
Judge freezes assets of Detroit-area money managers after SEC says they're running $53M scamJuly 28th, 2009 SEC says Mich. is home to $53 million scamDETROIT — A federal judge in Detroit has frozen the assets of people accused of running a $53 million real estate scam in which money from new investors is used to pay other investors.
2 employees of Phoenix-based Freeport-McMoRan among injured in Indonesia blastsJuly 17th, 2009 Arizona company's workers hurt in Indonesia blastPHOENIX — A company spokesman says two employees of Phoenix-based Freeport McMoRan Copper & Gold Inc. are among the people injured in suicide bombings at hotels in Indonesia's capital.
UK developers Barratt, Redrow say housing market stabilizing but finance remains a problemJuly 9th, 2009 2 UK developers says housing market stabilizingLONDON — Two U.K. homebuilders complained about constraints on mortgage financing in Britain's battered housing market as they reported subdued sales on Thursday.
Report: UK mortgage lending 2.3 bln pounds in May, weakest in 8 yearsJune 23rd, 2009 UK May mortgage lending weakest in 8 yearsLONDON — Net mortgage lending in the United Kingdom was 2.3 billion pounds ($3.7 billion) in May, the weakest monthly amount in eight years, the British Bankers Association said Tuesday. The report came as further evidence of sluggish lending activity in the U.K.
Former NJ mortgage executive admits $139 million fraud that bankrupted his companyJune 12th, 2009 NJ mortgage company president guilty in $139M scamNEWARK, N.J. — The former president of a New Jersey mortgage company has pleaded guilty in a $139 million fraud scheme that bankrupted his firm.
California-based subprime mortgage lender to pay $10M to settle allegations of unfair loansJune 9th, 2009 Massachusetts settles with mortgage lenderBOSTON — A bankrupt California-based subprime mortgage lender has agreed to pay $10 million to settle allegations of unfair practices that contributed to the current spike in Massachusetts home foreclosures. Massachusetts Attorney General Martha Coakley said Tuesday that Fremont Investment & Loan and its parent company, Fremont General Corp., will pay $8 million in consumer relief, $1 million in civil penalties and $1 million in costs, including attorney fees.
Summary Box: Government accuses Mozilo, 2 others of civil fraud in Countrywide mortgage caseJune 5th, 2009 Summary Box: Mozilo accused of civil fraudFORMER COUNTRYWIDE CEO CHARGED: The government has accused Angelo Mozilo and two other former executives of the fallen mortgage lender of civil fraud and insider trading. The three dispute the civil charges by the Securities and Exchange Commission.
SEC charging former Countrywide CEO Angelo Mozilo, 2 other execs with civil fraudJune 4th, 2009 SEC charging ex-Countrywide CEO Mozilo with fraudWASHINGTON — The government is charging Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud. The case brought by the Securities and Exchange Commission also accuses Mozilo of illegal insider trading, according to an agency spokesman.
BofA drops Countrywide name, rebrands mortgage operations as Bank of America Home LoansApril 27th, 2009 Bank of America rebrands mortgage operationsNEW YORK — Bank of America Corp. has officially dropped the Countrywide Home Loans name as part of its integration of the mortgage lender, which was acquired last year.
Key financier of DDA scam surrendersFebruary 1st, 2009 NEW DELHI - Vijay Patanjali, one of the alleged main financiers of the fraudulent applications that led to the Delhi Development Authority (DDA) flat allotment scam, surrendered in a district court here Monday. Patanjali, a resident of Shalimar Bagh in northwest Delhi, has allegedly provided money for a large number of applications made with forged documents, according to the Economic Offences Wing (EOW) of Delhi Police that had raided his premises.
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July 29th, 2009 at 4:12 pm
Irwin Home Equity/Irwin Financial in California and Indiana are a horrible company to deal with. They have many former employees out there who will tell the whole truth about what shoddy business practices they employed to get loans through. They forged loan applications, they inflated applicants incomes and erased bad debt off of credit applications temporarily to get applications to go through. They then stood in line waiting for the homes to foreclose and opened another company called Franklin Financial in New York who purchases the homes back and re-sells them. They made money on both ends. The former employees have told many tales about the thousands of lawsuits against Irwin Home Equity/Irwin Financial. They paid off attorneys to get cases, almost all cases dismissed even when the law was clearly black and white in favor of the opposing party who was harmed by Irwin Home Equity. There is a couple in Pennsylvania who lost their home because of a $22 thousand dollar mistake on Irwin Home Equity’s part, the case was dismissed. They in their 50’s are now homeless. There are numerous stories of couples in Indiana who lost their home to Irwin’s mistakes and had absolutely no recourse in court because of Irwin’s far reaching lobbying efforts and campaign donations. There is a couple in Michigan who lost their home because of a mistake Irwin made and refused to fix. We are told this case was also dismissed because of their far reaching lobbying efforts and campaign donations. All of these people, over 200 of them are now left homeless because of Irwin Home Equity/Irwin Financial/ Irwin Union Bank’s despicable business practices and predatory lending, unfair business practices, gutter dealings. Do not do business with Irwin Home Equity/Irwin Financial/ Irwin Union Bank you will loose your home to foreclosure and end up homeless just as the people mentioned in this article have ended up. If the prospect of living in your car and showering at truck stops does not sound like a breath of fresh air to you look to have your mortgage funded elsewhere!