Loans digger

Federal prosecutors on Monday announced the indictment of 31 people in connection with a mortgage fraud scheme involving at least 28 properties in South Florida and fraudulent loans totaling more than $14.2 million.
The loans ranged from about $145,000 to $891,000, according to the indictment.
Officials said the scheme included participants at every stage of the transactions, […]

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The University of Pennsylvania on Monday joined Harvard and other elite private colleges in announcing loan-free financial aid packages aimed at middle- and upper-middle-class students.
All financially eligible undergraduates will receive grants instead of loans beginning in fall 2009, Penn officials said.
“Our aim is to send a signal out to every family who would not otherwise […]

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Citizens Advice has accused UK sub-prime lenders of knowingly giving mortgages to many poor borrowers who cannot afford them.
It says the lenders are “aggressive” with such borrowers when they fall behind with their repayments.
However, the Council of Mortgage Lenders (CML) said the report was “skewed” and “disproportionate”.
It said the charity’s attack on […]

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Rita realized the value of an online savings account payday loan when she reached home and found a pending bill so large that it nearly took her breath away. To make matters worse, there were school fees for her daughter that had to be met. That is when she realized the value of keeping her […]

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Mortgage finance giants Fannie Mae and Freddie Mac are changing their criteria for purchasing delinquent home loans they’ve guaranteed, in order to reduce the number they buy from investors, the companies said Monday.
The two government-sponsored companies, which together own or guarantee around two-fifths of U.S. home-mortgage debt, have cut their dividends and sold billions of […]

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The University of Maryland Eastern Shore is among 63 colleges that participated in a “deceptive” revenue-sharing scheme with a Florida student-loan marketing firm, New York’s attorney general said yesterday.
Under the partnerships, Clearwater, Fla.-based Student Financial Services Inc. paid universities and athletic departments for the right to use college mascots and trademarks in marketing federal-loan consolidations […]

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