On September 21, 2018, the Department of Housing and Urban Development (“HUD”)’s Office of Inspector General (“OIG”) completed a review of HUD’s partial claims program. In many ways, the title of the OIG audit report, “HUD Did Not Have Adequate Controls To Ensure That Partial Claim Notes for FHA Loans Were Properly Tracked for Future … Continue Reading
A California man that operated as a high-level sales executive for a fraudulent residential mortgage-loan modification scheme will now spend several years in jail. From 2009 to 2016, Mehdi Moarefian (aka Michael Miller) acted as a senior sales manager for a series of California-based companies that purported to help struggling homeowners under names such as … Continue Reading
On October 3, 2008, George W. Bush signed the Troubled Asset Relief Program (TARP) into law as part of the government’s efforts to combat the subprime mortgage crisis and shore up the faltering economy. In general terms, TARP allowed the U.S. Department of Treasury to purchase or insure up to $700 billion of troubled assets, … Continue Reading
In Matt v. HSBC Bank USA, N.A., the U.S. Court of Appeals for the First Circuit dismissed as moot a borrower’s claims that HSBC as Trustee for the investor lacked authority to act under the terms of the mortgage. In 2010, HSBC, acting as Trustee for the investor, filed a complaint in Massachusetts state court … Continue Reading
