| Broker Indicted After Collecting Advance Fees
OWINGS MILLS, MD - A federal grand jury has indicted Robin Neil Snyder, age 56, of Reisterstown, Maryland, and Mortgage Bankers, Ltd. for wire fraud and money laundering arising from a scheme to defraud loan applicants, prosecutors said. According to the 17-count indictment, Snyder, a licensed mortgage broker, owned and operated Mortgage Bankers, Ltd., originally located in Baltimore and relocated to Owings Mills, Maryland in 2005. From about March 2002 to January 2006, Snyder used an internet website (http://www.refinancecash.com) to advertise and solicit customers for his lending businesses, and promote Mortgage Bankers as a commercial lender capable of providing “difficult" or “impossible" loans anywhere in the United States in amounts up to $300 million. Snyder had prospective commercial borrowers mail and fax to Mortgage Bankers business plans, appraisals, tax returns and insurance information in support of the borrowers' loan applications.
Is An Interest Only Mortgage A Good Idea?
If you are looking for a home but you know that paying a mortgage will be a severe drain on your finances, then perhaps you should look at getting an interest only mortgage. If you are unsure about what an interest only mortgage is and how it can help you, then this article can provide you with some useful tips on getting an interest only mortgage. What is an interest only mortgage? An interest only mortgage is a mortgage where you only pay back the interest on the loan, and none of the capital debt is repaid directly. Once you get to the end of the mortgage term, you will pay back the capital payment in full. How do you pay back the capital? .
Housing Bust Just Starting
Think that the worst of the housing bust is over? Think again. Investment bank Credit Suisse released a report saying that losses from "subprime loans" (i.e., mortgages taken out by home buyers with less than stellar credit histories) could top $10 billion over the next couple of years. "The deepest housing decline in 16 years is about to get worse," reports Bob Ivry of Bloomberg News. The implosion of the subprime home-loan market struck home again last week as Glenn Puller and Cindy Ingram, convicted of mortgage fraud for a scheme in Aurora, were sentenced to federal prison last week. Post business columnist Al Lewis has a sharp analysis of how Puller, Ingram and their fellow defendants defrauded lenders including New Century Financial – an Irvine, Calif.-based company that has become a symbol of the bad-loan bust, as a page-one Wall Street Journal feature (sub.
|
