Asians Surprisingly The Most Affected By The Decline In Housing Market

September 30, 2009
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Decline in the housing market almost affected every homeowners in U.S. especially in California where foreclosure rates are high and property price declines. But among the racial groups including Blacks, Whites, and Hispanics, the Asians surprisingly turned out to be the most affected.

Asians being the most affected among the groups is definitely a surprising result since they are known to earn more and have less debt. But according to the survey, one out of three Asian homeowners who live in California has experienced foreclosures and drops in home values. These are also supported by data showing that Asian homeownership dropped 1.24 percentage points last year to 59.4 percent while the…

Man From Missouri Sentenced For Using Fraudulent Information To Purchase Home

September 30, 2009
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A man from Missouri, who is identified as Shawn Cannon, was recently sentenced after pleading guilty last June 2009 for stealing an identity which he used to purchase a residential property between August and October 2005.

Between the said months, Shawn Cannon has admitted to use false information that includes fraudulent Social Security number and payroll information, which caused Pulaski Bank to grant him a mortgage loan amounting to $300,000. Cannon used this loan to purchase a home located in Florissant, Missouri but eventually failed to pay for the required fees. Because of this, Cannon has filed a bankruptcy petition to U.S. Bankruptcy Court where he once again used fraudulent information…

Real Estate Radio Show Host Arrested for Scam

September 30, 2009
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Here is another case of aggravated identity theft and bank fraud, and this time, the person who is charged with these crimes worked as a host for an A.M. radio real estate investment talk show. This person is named as Clifford Wayne Robertson.

Clifford Wayne Robertson was recently arrested in Dallas after being indicted last September 10, 2009 for aggravated identity theft and bank fraud. The indictment says that from December 2007, Robertson allegedly used another person’s identity in his fraudulent loan application which includes false financial statements. He then submitted this to a lending institution to acquire money. Aside from this, he also claimed that he is a real estate…

Lead Singer Of Rock Band “Disturbed” Selling His House In Chicago

September 29, 2009
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David Drainman, the lead singer of the rock band Disturbed and a former Chicagoan, is now selling his home in Chicago for as much as $695,000. He has previously listed the house for $734,900 which he eventually reduced to $724,900 after acquiring it in 2005 for about $849,000.

This is Drainman’s third real estate venture in the last two years. Back in 2007, he was also reported to sell his house in Northridge, Los Angeles for $2,850,000 and his other house in Sherman Oaks area, also in Los Angeles, for $1,530,000.

His house in Wicker Park, Chicago, which he recently listed, was built in year 1900. This house measures about 2,576 square…

Man From Texas Acquitted Of Mortgage Related Fraud Charges

September 29, 2009
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Last year, a man from Texas, named as Everett Williams, was arrested and charged for several counts of wire fraud, money laundering, and mail fraud because of the mortgage fraud scheme that he executed in year 2003. This year, the court has finally come up with a decision to this case.

According to the indictment, Williams made fraudulent representations and statements to his victim whom he assisted in purchasing commercial and residential properties in Texas. These fraudulent representations and statements caused the victim to send him $400,000 for the purchases but he allegedly used the money for other purposes without the victim’s consent.

Everett Williams was acquitted for all these charges but…

FHA Plans To Apply Policy Changes To Get Back Their Financial Cushion

September 29, 2009
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Here comes another bad news especially for the home buyers. The FHA, or also known as the Federal Housing Administration, is planning to make some amendments regarding their loan insurance policy because of the losses that they have acquired from the past year.

The FHA has already announced that they will be eliminating the $8,000 rebate for the new home buyers and this time they are also planning to tighten up their lending for another level of home buyers. The commissioner of FHA has claimed that they will not reduce the numbers of loans that they have already insured and they will not also increase the borrowers’ fees, but how would…

Former Chicago Bears’ Offensive Tackle Offering His House For Renting

September 24, 2009
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John St. Claire is currently playing as an offensive tackle for Cleveland Browns after leaving the Chicago Bears as a free agent last season. Because of this, he has decided to list his house in Vernon Hills, Illinois for $465,000 but ended up offering it for rent.

John St. Claire has purchased the house back in 2006 for as much as $503,000 and is now offering the house for rent for about $2,500 a month. His listing agent has already received calls from interested renters but they have not yet made a final decision.

This house at Vernon Hills was built in 2001 and includes three bedrooms, two and a half bathrooms,…

Former Clerk Of U.S. Postal Service Sentenced For Fraudulent Loan Application

September 24, 2009
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Lorita Frazier, a former clerk at the U.S. Postal Service in Maryland, was recently sentenced after being convicted by the federal jury for crimes including the misuse of postal funds, bank fraud, and wire fraud, which are connected to her fraudulent loan applications.

The evidence said that Lorita Frazier has embezzled as much as $74,000 which she obtained from intended bank deposits and by issuing postal money orders to herself. Aside from this, there were also evidences that she fraudulently acquired loans by submitting false loan applications to a credit union and mortgage lender. In these loan applications, she claimed that she is working for a daycare center and is receiving…

Real Estate Starts To Recover From Recession Slowly But Surely

September 24, 2009
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The real estate economy has experienced slumps because of the recession, but the good news is, there are evidences that it has already ended. One proof that supports this allegation is the sudden increase in housing construction last month and the reduction of laid off workers last week.

The economy is indeed starting to recover from recession though the healing seems slow and fragile. The unemployment rate were lessen but still far below the level of being a healthy economy, and the rise in housing construction are mainly on the apartment and building category. But still, these are all good signs of an improving economy. These are all backed up by…