Interesting Personal Debt News Links (February 11, 2009)

February 11, 2009

* Prophet Development owner pleads guilty to fraud (Pacific Business News)

Joseph Baumeister pleaded guilty to bank fraud charges in a mortgage fraud scheme involving 16 area properties, U.S. Attorney Catherine Hanaway said Wednesday.

* Calif. fugitive caught in $100M mortgage fraud

Authorities say one of three suspects in a $100 million mortgage-fraud scheme has been arrested in Spain.

* Recession, bailout costs push deficit to record (Martin Crutsinger)

The recession and massive costs for the financial bailout have pushed the federal deficit to an all-time high for the first four months of the budget year.The Treasury Department reported Wednesday that the deficit for October through January totaled $569 billion, more than six times larger than the imbalance during the year-ago period.The deficit for January alone totaled $83.8 b…

* Obama’s Plan On Foreclosures At Least A Week Away

WASHINGTON – To those on the front lines of the housing crisis, the Obama administration’s pledge to spend $50 billion to combat foreclosures was a welcome change in the government’s approach. But the actual plan won’t be revealed for at least a week and might not be enough to prevent the housing market’s troubles from mushrooming further.

* Two men found dead in Pataskala (Columbus Dispatch)

PATASKALA — Two men were found dead in this Licking County city yesterday after a fire at one home led law-enforcement authorities to another residence and the bodies.

* Home sales prices in NW Ohio drop 17 percent in January (The Blade)

The average price of an existing home sold last month in northwest Ohio fell 17 percent from a year earlier to $86,000, the Toledo Board of Realtors reported Wednesday.

* Home loan index falls to decade low (St. Louis Business Journal)

The Mortgage Bankers Association said Wednesday applications for new loans dropped last week to the lowest level this decade.

* Feds planning battle against banking crisis

WASHINGTON � Treasury Secretary Timothy Geithner said Tuesday the new administration will wage an aggressive battle against the worst financial crisis in seven decades through programs designed to increase consumer lending and remove toxic assets from banks� balance sheets.

* Portland man guilty of mortgage fraud (Tampa Bay Business Journal)

Portland resident Lee Howlett pled guilty Tuesday in U.S. District Court to one count of conspiracy to commit wire fraud, aggravated identity theft and money laundering.

* Calif. fraud suspect caught with $70,000 in boots (Don Thompson)

A suspect in a nationwide mortgage fraud scheme who fled the country was caught at the Canadian border with $70,000 stuffed in his cowboy boots and nearly $6,000 worth of platinum, authorities said Wednesday.Christopher J. Warren, 26, was arrested early Wednesday while entering the United States at Buffalo, N.Y. After he disappeared Feb. 3, Warren was charged with conspiracy, fraud and c…

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