Failure for Obama’s foreclosure-relief program
Miami, FL - According to reports coming out this week, the Obama foreclosure-relief program has failed in diminishing the mortgage crisis. As of August, 51 percent (approximately 680,000) of homeowners who applied to get their mortgage payments lowered have been disqualified, the Treasury Department said Wednesday. That indicated an increase from 48 percent in July.>>READ MORE

August reports show a decline in foreclosure Home auctions in California
Miami, FL -Housing data reports for the month of August showed an improvement in the market of California postings. The number of households entering the foreclosure process in the state has declined for August. Nationwide data showed that foreclosure activities dropped by 30% for the month. However, this numbers are offset by the rise in bank repossessions all around the country. >>READ MORE

100 million mortgage fraud case resolved
Miami, FL -U.S. District Attorney Cyrus Vance Jr. reported that a New York business man was sentenced along his three criminal associates after their role in a $100 million mortgage fraud case. In July 2008, an investigation by the Manhattan District Attorney’s Office revealed that AFG had engaged for four years into mortgage fraud. The scheme defrauded investors by selling distressed properties with inflated appraisals. The defendants kept the investors’ money and let properties fall into foreclosure, ruining victims’ credit ratings, reports said.>>READ MORE