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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Mortgage-fraud Bill Ok'd By Az Lawmakers
Posted on 06/13/2007 07:52:37 | Link | Post Comment
Mortgage-fraud bill OK'd
from the Arizona Republic, reports that state lawmakers approved a bill on Monday that would make mortgage fraud a felony. The legislation targets cash-back deals in which the buyer receives a loan for more than a house is worth and keeps the extra cash. The deals can hurt lenders financially and inflate other house values. The bill would send a first-time offender to prison for up to three years. House Bill 2040 passed the Senate 26-0 Monday. The bill's sponsor, Sen. Jay Tibshraeny, said the bill would be one of the toughest white-collar crime laws to pass the Legislature in the past five years. "Mortgage fraud is probably one of the most significant white-collar crimes," Tibshraeny said. "It's the kind of crime that can undermine a whole real estate economy." Arizona ranks seventh in the country in the number of mortgage-fraud cases.
from the Arizona Republic, reports that state lawmakers approved a bill on Monday that would make mortgage fraud a felony. The legislation targets cash-back deals in which the buyer receives a loan for more than a house is worth and keeps the extra cash. The deals can hurt lenders financially and inflate other house values. The bill would send a first-time offender to prison for up to three years. House Bill 2040 passed the Senate 26-0 Monday. The bill's sponsor, Sen. Jay Tibshraeny, said the bill would be one of the toughest white-collar crime laws to pass the Legislature in the past five years. "Mortgage fraud is probably one of the most significant white-collar crimes," Tibshraeny said. "It's the kind of crime that can undermine a whole real estate economy." Arizona ranks seventh in the country in the number of mortgage-fraud cases.
Mortgage insurers 'well insulated to absorb the downturn' Credit rater Fitch has this to say about the financial health of the mortgage insurance business, the people who protect certain lenders making loans to borrowers without 20 percent down payments:
- "Fitch believes the mortgage insurance industry will be required to bolster its loss reserves compared to recent years, which will undoubtedly take its toll on industry’s bottom lines for a period of time. That said, if mortgage delinquencies and losses can stabilize at these higher expected levels, the mortgage insurers rated by Fitch appear to be well-insulated to absorb the downturn from a ratings and capital perspective. However, the possibility remains that an individual company could be impacted more negatively than others in the industry during a period of adverse housing market conditions. Positively, the U.S. mortgage insurance companies appear to be benefiting from the recent subprime shakeout with respect to new business originations. The mortgage insurance product has been in greater demand during 2007, with new insurance written benefiting from tighter lender underwriting standards and better pricing dynamics."
To read the report, CLICK HERE.
Foreclosures jump 90% since 2006 from CNN Money reports the figure pushed up by slowing real estate market, subprime meltdown.
Economists See Housing Slump Enduring Longer Than Expected from the WSJ reports that the downturn will last at least through 2007, more experts predict. They blame a glut of homes for sale and growing caution among lenders.
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