Mortgage Scams: Kickbacks, Modification, etc

Nov 7 2013 CFPB Takes Action Against Castle & Cooke For Steering Consumers Into Costlier Mortgages. Company to Pay $9 Million in Restitution and $4 Million in Civil Penalties

Oct 24 2013 CFPB Files Suit Against Borders & Borders, PLC for Paying Illegal Real Estate Kickbacks. Company Funneled Kickbacks Through Network of Shell Companies

Nov 15 2013 The CFPB Takes Action Against Mortgage Insurer to End Illegal Kickbacks to Lenders. Republic Mortgage Insurance Corporation to Pay $100,000 Fine and Halt Illegal Activity

Jul 23 2013 CFPB Takes Action Against Castle & Cooke for Paying Employees to Steer Consumers into Expensive Mortgages. Employees Received Bonuses for Pushing Consumers into Loans with Higher Interest Rates

May 17 2013 The CFPB Takes Action Against Real Estate Kickbacks. Homebuilder Required to Turn Over Profits from Kickbacks Funneled Through Sham Mortgage Companies

Apr 4 2013 The CFPB Takes Action Against Mortgage Insurers to End Kickbacks to Lenders. Four Companies to Pay $15.4 Million in Penalties

Dec 11 2012 CFPB Halts Alleged Nationwide Mortgage Loan Modification Scams. Operations Targeted Financially Distressed Consumers in Danger of Losing Their Homes

Feb 18, 2009 Home loans in the US: the biggest racket since Al Capone? Financial Times.

The extreme fiscal largesse bestowed on residential housing, directly and indirectly through mortgage interest deductibility, has led to a massive misallocation of investment in the US.  There has been overinvestment in the private residential housing stock and underinvestment in just about every other form of fixed capital: infrastructure, public amenities of all kinds (sports facilities, public recreational facilities, parks etc.), commercial structures, plant and equipment.

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