Monthly Archives: January 2011

Fed Publishes Guidance on Loan Officer Compensation

Heeding pleas from industry players and trade groups across the country, the Federal Reserve issued additional guidance this week to help smaller mortgage lenders and loan brokers comply with the agency’s new loan officer compensation rules that take effect April … Continue reading

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Prominent NY Lawyer Is Pro Se in Trial Over Alleged Conversion of $853K Fire Insurance Check

After his Long Island, N.Y., home burned in 2008, attorney George Guldi received an $853,000 check from his insurance company. But it was made payable both to the former Suffolk County legislator and the lender that held a $1.4 million … Continue reading

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US Panel Blames Corporate Greed, Fed and SEC, Among Others, For 2008 Financial Meltdown

In addition to pointing the finger at the Federal Reserve, the Securities and Exchange Commission and the Office of the Comptroller of the Currency, the report notes that the nation’s five largest investment banks had only $1 in capital to … Continue reading

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Six Justices Show Up for State of the Union, as Obama ‘Gently’ Hits Lawyers

Obama’s State of the Union was last night a bipartisan cohort of six justices attended the speech; Obama makes a “gently chastises” attorneys All the Democratic appointees showed up, along with Chief Justice John G. Roberts Jr. and Justice Anthony … Continue reading

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Mortgage Giants Leave Legal Bills to the Taxpayers

Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded … Continue reading

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Upgrades on Foreclosed Homes Help Improve Neighborhoods

Through a federal program to renovate foreclosed homes, the 34-year-old public works laborer bought his first house in Waukegan, Ill., for $138,000. He moved his family out of an apartment and into a two-story, two-bedroom, 2½-bath home in a “nice … Continue reading

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Bankrupt and in Foreclosure Himself, Lawyer Gives Evicted Clients Unusual Advice: Break In

After a disastrous experience working as a real estate broker specializing in distressed investments before the market crashed, attorney Michael T. Pines, 58, has at least six properties in foreclosure, owes $2 million or more and has filed for bankruptcy, … Continue reading

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