Interesting Personal Debt News Links (February 28, 2009)

February 28, 2009

* Two draw sentences in fraud (Gary L.. Wright, Charlotte Observer)

(04/10/08) Jules A. Springs (CQ, tall young black man tan/white shirt, dark tie, no jacket on left) arrived at the Federal Courthouse with his attorney (No ID on attorney on right. he wasn’t talking) Thursday. Springs and five other defendants were arraigned and charged in U.S. District Court Thursday. Federal prosecutors are mulling racketeering charges against a Charlotte real estate attorn…

* Realtors: Home resales hit 12-year low (Business First Buffalo)

The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent from December to January, reflecting an annual rate of 4.49 million. Thats the weakest showing since July 1997.

* Canadian housing market suffering (Bloomberg News)

Canadian housing starts fell to the lowest level since 2001 as work on urban single-family dwellings plunged to the lowest level since 1996.

* First-time buyers suffer as lenders fight shy of passing on rate cuts (The Independent Online)

First-time buyers are continuing to feel the heat of the credit crunch, with lenders offering little in the way of competitive mortgage deals. Despite the Bank of England base rate dropping to its lowest level, lenders are reluctant to pass on the cuts to first-time buyers, who are deemed to pose a higher risk of defaulting on payments.

* Executives of bankrupt company sued for $1B

TUCSON – A trustee appointed by a federal judge to advocate for First Magnus Financial Corp. creditors has filed a $1 billion lawsuit against the bankrupt mortgage company’s executives, accusing them of excessive spending.

* Ex-loan officer sentenced to seven years for fraud (Hector Castro, Seattle Post-Intelligencer)

A former Bellevue loan officer who pleaded guilty last year to conspiracy to commit wire fraud in a mortgage scheme was sentenced Friday to seven years in prison, a longer term than even prosecutors had sought.

* Mortgage fraud nets Bellevue man 7-year sentence (Business Journal Gtr. Milwaukee)

A Bellevue man was sentenced to seven years in jail and ordered to pay $2.5 million in restitution for his role in a mortgage fraud scheme.

* UK housing woes wipe out five years of gains (Norma Cohen, The Financial Times)

Almost five years of gains have been wiped off the price of the average home, according to the latest survey of house prices from Nationwide.

* Ed McMahon in intensive care (Chicago Sun-Times)

A spokesman for Ed McMahon said Friday the television personality was in intensive care in a Los Angeles hospital. Spokesman Howard Bragman said the 85-year-old former “Tonight Show” sidekick has been hospitalized for a number of weeks, suffering from pneumonia and other unspecified ailments. Bragman would not name the hospital but said McMahon’s wife and family members were at his bedside. McM…

* Brentwood broker pleads guilty in $9 million fraud (The Tennessean)

A Brentwood investment manager who prosecutors said defrauded 28 people out of more than $9 million pleaded guilty in U.S. District Court in Middle Tennessee to four counts of mail and wire fraud on Friday.

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