Interesting Personal Debt News Links (March 12, 2009)

March 12, 2009

* Nine arrested over �40m mortgage fraud (Sandra Laville, Guardian Unlimited)

Nine people were being questioned yesterday by police investigating a multimillion pound buy-to-let mortgage fraud against one of Britain’s best-known high street lenders. Detectives arrested the nine yesterday on suspicion of a �40m fraud against the Bradford and Bingley bank in a case which sources say is the tip of the iceberg in a mortgage market riddled with toxic debt.

* Mortgage rates down, applications up nationwide (Pittsburgh Business Times)

Average residential mortgage rates declined to a near-record low, driven mainly by refinancing activity, according to survey data from the Mortgage Bankers Association .

* Ex-Edmonton Oilers owner Peter Pocklington arrested on bankruptcy fraud charges in California

PALM DESERT, Calif. – Former Edmonton Oilers owner Peter Pocklington was arrested at his home Wednesday for allegedly concealing assets during bankruptcy proceedings.

* Foreclosure crisis: The fight hits home (Randy Furst, Star Tribune)

If I lose my job, Ill lose my house, said Ann Patterson as she participated in a sit-in Wednesday at the Hennepin County Sheriffs Office in Minneapolis. Patterson brought along her daughters Ruby, 5, left, and Shani, 3, as she joined others in an attempt to stop a sheriffs sale at 10 a.m.

* Threat of foreclosure hangs over more homes (Alan Zibel-)

WASHINGTON — Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent from last year’s levels, RealtyTrac is reporting today.

* Mortgage fraud suspects released (BBC News)

Nine people arrested over suspected involvement in a �40m mortgage fraud have been released on bail.

* Three charged in mortgage fraud in Wayne County (Detroit News)

DEARBORN HEIGHTS — Wayne County Prosecutor Kym Worthy has charged three people she claims were involved in a real estate mortgage fraud scheme.

* Mortgage lending slump continues (BBC News)

Mortgage lending continued to fall in January, according to the Council of Mortgage Lenders (CML).

* Fed reports record fall in household net worth

The net worth of American households fell by the largest amount in more than a half-century of record keeping during the fourth quarter of last year.

* Foreclosures Up Again — 30% in February (ABC News)

Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.

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