Sentences with phrase «fraudulent loans»

It does not include fraudulent loans made over the period 2002 - 2010 where it did make recovery.

They declared large profits on fraudulent loans, and paid out an amount equal to their entire capital on wages and salaries for upper management, and dividends.

The most common form of mortgage fraud is illegal property flipping which entails false appraisals and other fraudulent loan documents (see figure 1).

The emerging problem was compounded with hundreds of billions of dollars of high risk and outright fraudulent loans.

In March we heard of the prosecution of an ex-HBOS (Halifax Bank of Scotland) manager and five others, all but one of whom were convicted for their roles in a complex and long lasting scam involving # 245m of fraudulent loans.

The company's loans look like they're made to sham counterparties, the firm says, and even disclosed business with two related parties look like they're for fraudulent loans.

Brokers Allegedly Controlled Property Appraisals in Scheme to Defraud Lenders 12/14/2017 11:07 AM EST CHICAGO — The U.S. Attorney's Office in Chicago has charged two suburban mortgage brokers with fraudulently operating a purportedly independent appraisal management company to control property valuations, and brokering fraudulent loans to finance real estate transactions...

Even a completely fraudulent loan would not go into default when there's sufficient price appreciation, since the perpetrator is better off repaying the loan in order to enjoy the capital gain.

Those would be the same institutions that perpetrated the events leading up to the 2008 financial meltdown by selling fraudulent loans just down wall street from the SEC.

As BlogTO points out, in 2003's Owning Mahowny, Hoffman's character, Dan Mahowny, is a Bay Street embezzler inspired by a real - life Torontonian, Brian Molony, who approved dozens of fraudulent loans to himself under various aliases as a means of funding his gambling habit.

The unit has been beset by multiple problems in the last few years, including fraudulent loans and rogue trading.

CHICAGO — The U.S. Attorney's Office in Chicago has charged two suburban mortgage brokers with fraudulently operating a purportedly independent appraisal management company to control property valuations, and brokering fraudulent loans to finance real estate transactions between themselves and nominees.

Under U.S. law if somebody makes a loan to another person, or a company (especially) but knows that the company can't pay, it's a fraudulent loan.

Ideas include creating a deal agent to look after investors» interests and ensure quick compensation for any badly underwritten or fraudulent loans.

Private - label mortgages (which aren't guaranteed by the government) were packaged into securities with extremely poor mechanisms for deciding who — investors, packagers or lenders — would take responsibility for bad or fraudulent loans.

Long Island restaurateur Harendra Singh was re-arrested by FBI agents Wednesday on a charge of violating the conditions of his release on $ 5 million bond by submitting a fraudulent loan application.

Long Island restaurateur Harendra Singh was re-arrested by FBI agents on a charge of violating the conditions of his release on $ 5 million bond by submitting a fraudulent loan application.

«On this score we challenge the issuing banks to halt the fraudulent loan transaction; for an APC government come 29th May, 2015, will not honour fraudulent loans, for it will become unnecessary burden for government to shoulder.

Not only was she disturbed by the flier, which many inaccurately assumed was sent by her, Petrillo's Social Security number had been used by the charter school in an attempt to obtain a fraudulent loan.

The average FICO score for the fraudulent loans was 711.

That resulted in discriminatory and fraudulent loan and credit practices.

• Fraudulent loans should be classified Loss and charged off no later than 90 days of discovery or within the time frames adopted in this classification policy, whichever is shorter.

This is the sum Lloyds Banking Group wrote off due to the fraudulent loans after they took over HBOS.

Recently hitting the headlines was the prosecution of an ex-HBOS (Halifax Bank of Scotland) manager and five others, all but one of whom were convicted for their roles in a complex and long lasting scam involving # 245m of fraudulent loans.

Performs re-underwriting of EPD and fraudulent loans to determine deficiencies against original Investor

Determines origination underwriting deficiencies against original Investor by re-underwriting EPD and fraudulent loans

It further notes that Mackey attempted to conceal the fraudulent loan closings by preparing false HUD - 1 settlement documents that showed that the existing mortgages had, in fact, been paid off.