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NEWS
FBI: 200 agents working on mortgage fraud probe (Reuters via Yahoo! News) The FBI has more than 200 agents and 33 task forces addressing mortgage fraud, has more than 1,300 cases under investigation and has targeted 19 large companies, FBI Director Robert Mueller said on Friday. Comparing mortgage payments (San Jose Mercury News) COMPARING MORTGAGE PAYMENTS Here's a scenario that shows what a borrower's monthly mortgage payments would have been if he or she had taken out a 30-year fixed-rate mortgage of $500,000 last month when a typical rate was 7 percent, compared with what the borrower would pay if he or she got Mortgage lender charged with fraud (Bucks County Courier Times) A former Bucks County prosecutor has been charged with defrauding mortgage customers. He has pleaded guilty to similar crimes twice before. Why do I need mortgage insurance? (Louisville Courier-Journal) A: Private mortgage insurance, also known as PMI, is often required if your down payment is less than 20 percent of the home's purchase price. As the value of your home rises and you pay down some of the loan amount, your equity may surpass 20 percent of its value. In that case, you can apply to drop the insurance coverage. Mortgage fraud cases on rise: FBI (Toronto Star) WASHINGTON–The FBI has more than 200 agents and 33 task forces addressing mortgage fraud, has more than 1,300 cases under investigation and has targeted 19 large companies, FBI Director Robert Mueller said yesterday.
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