Financial Scams Video :: Laugh at Bankers and Investors :: Financial Scams

Youtube Video – Laugh at Bankers and Investors When your finances seem to be closing in and weighing heavily on your mind sometimes you need to take a break. Here is a funny video that will make you laugh. It makes fun of bankers and investors who fell flat on their faces during the recent …

Law stops mortgage kickbacks and liar loans

WASHINGTON, May 12 (Reuters) – The U.S. Senate on Wednesday voted to end mortgage kickbacks and so-called “liar loans,” two lending practices that played a role in the meltdown of the subprime mortgage market. By a 63-36 vote, the Senate adopted a measure that would prohibit mortgage lenders from offering incentives to brokers who steer …

OCC fought state authority to protect lenders

Arthur Wilmarth, law professor at George Washington University, believes the OCC, along with the Office of Thrift Supervision, had a lot to do with why subprime loans became as big a problem as it did, by taking the power to supervise banks away from the states. Lisa Madigan, the attorney general of Illinois, said in …

Difference between correspondent lenders and mortgage brokers

Correspondent lenders are small lenders who do have the right to extend loans on their own risk and have the necessary funds to do so. After a loan is closed a correspondent lender will rarely keep it in their portfolio, selling it to a larger wholesale lender. Sometimes it is hard for the borrower to …