Consolidation Loans News
Leib Pinter and Barry Goldstein, two former principals of Olympia Mortgage Corp., were indicted with conspiracy, wire fraud and bank fraud. In the second, Goldstein is charged with fraud in connection with Olympia’s sale of a portfolio of nonperforming mortgage loans to Credit Suisse First Boston using falsified loan histories.
According to the indictment, Olympia originated and serviced mortgage loans owned by Fannie Mae, and some of those loans were refinanced through Olympia. When Olympia refinanced a Fannie Mae mortgage loan, Fannie Mae wired the money to an Olympia account. When the fraudulent scheme was revealed, Fannie Mae held nearly $44 million in unpaid, but refinanced, underlying mortgage loans from Olympia.
Olympia owned several loans for which payments had not been made in a timely manner.
CSFB purchased 12 loans whose histories had been fraudulently altered in this manner.
If convicted of either the conspiracy to commit wire fraud or wire fraud counts, Mr. Pinter faces a maximum prison sentence of 30 years.
Whether you’re buying your first home or looking for a larger home, now may be the time to act. 1. Check Your Credit – One of the first steps in the home financing process is to check your credit report. An individual’s credit score will have a significant impact on their mortgage loan approval and interest rate. credit scores range from 500 to 850, but the majority of scores are in the 600s and 700s. Carefully review your credit report and immediately contact the credit reporting bureaus to correct any misinformation as you will want your credit report to be accurate by the time you start applying for your mortgage.
Paying off old debts and paying your bills on time are two easy ways to start improving your credit score.
The amount of debt you owe is also included in your credit report, and having a large amount of credit card debt will lower your score. Paying your bills on time is very important, especially if you’re thinking of buying a new home. Lenders will be able to see your bill payment history when they look at your credit report. If you have a pattern of making late payments, not only will it make your credit score lower, lenders will also be more wary to lend you money. 4. Get Pre-approved – Before you start working with a real estate agent, consider contacting a mortgage lender to obtain a pre-approval credit decision. A loan officer will review your financial status, including your income, cash flow and credit score, to help you determine the maximum monthly housing payment for which you may be able to qualify, and, if qualified, “pre-approve” your mortgage before you’ve found a home.
http://www.revver.com/video/881167/refinance-barney-franks-bill/
http://www.revver.com/video/879803/refinance-crisis-to-worsen/
http://www.revver.com/video/879806/adjustable-rate-mortgages/
