Interesting Personal Debt News Links (March 19, 2009)

March 19, 2009

* Three Utah men charged in mortgage fraud scheme (Salt Lake Tribune)

credit ratings to take out loans on 12 homes in Davis, Salt Lake and Utah counties from 2005 through August 2007. The three men are charged with closing loans by using false information that inflated the straw buyers’ income and assets. Cash from the loans were allegedly paid out to joint ventures controlled by the defendants and purportedly deposited into an account to fund other straw-buyer l…

* 3 indicted in scheme involving mortgages (Ben Winslow, Deseret Morning News)

A federal grand jury has indicted three people in a mortgage-fraud scheme involving a dozen homes along the Wasatch Front, the latest in a growing problem that has been frustrating federal authorities.

* Mortgage rates sink; likely to fall further (Alan Zibel-)

WASHINGTON: Rates on 30-year mortgages plunged this week to the lowest level since January, and may fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.

* Florida is No. 2 in mortgage loan fraud (Jupiter Courier)

Three years after the housing boom turned to housing bust, Florida still churns out fraudulent home loans at nearly three times the rate of the national average.

* Rural Yolo County to be hit by higher flood insurance costs (Hudson Sangree, Sacramento Bee)

Residents in three Yolo County hamlets Clarksburg, Yolo and Knights Landing say their towns haven’t flooded since levees were built in the early 20th century.

* Mortgage rates near all-time low (Pacific Business News)

Market watchers expect the Federal Reserve ‘s decision to buy U.S. Treasuries will drive down mortgage rates in coming weeks, but they were already falling this week.

* Mortgage lending continues to slide (Times Online)

Mortgage lending continued to tumble in February, falling by 60 per cent compared to the same month last year.

* Banks must go back to basics and become boring again (Mirror)

TV tycoon Gerry Robinson hits the nail on the head when he argues that banks need to be boring again.

* Wyandotte County records property value drop of 6 percent (Kansas City Star)

Wyandotte County property values dropped by an average of 6 percent, Appraiser Gene Bryan said this morning.Residential property values are down by an average of 5.6 percent and commercial real estate was down by an average of 6.2 percent.Foreclosures and the credit crunch have contributed to lower sale prices, triggering lower assessments from the county.Bryan added that t…

* Mortgage rates drop (Jamie Smith-Hopkins, Baltimore Sun)

The Federal Reserve spent a lot of money yesterday to make mortgage rates fall even lower. So far it’s gotten its wish.


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