Tag: mortgage

Racial Penalties Cost Baltimore’s Black Borrowers Millions of Dollars

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Having the national spotlight on Baltimore isn’t always comfortable. But on balance, I think it’s a good thing when some of the structural reasons for Baltimore’s troubles are given greater scrutiny.

Mortgage Pre-Qualification: Important First Step When Searching for a New Home

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by Michael Paul, Managing Partner, Direct Mortgage Loans, LLC

In most purchases we make, knowing how much we can afford is usually the first step in the buying process. Buying a new car, finding the right college or even that new set of golf clubs – all require knowing how much you can spend. So there is good reason that when buying a new home, historically the largest purchase you will make, knowing how much home you can afford is the starting point.Couple shakes hands with realator in fron of new home

If you’re working with a Realtor, or starting the search on your own, your first step needs to be getting pre-qualified for a mortgage. Today’s competitive real estate market and more rigorous credit requirements demand that you’re ready make a serious offer. Getting pre-qualified can save you time, money and disappointment.

Bowie Man Poses as Hank Paulson to Pay Off Mortgage

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This man gets points for chutzpah!

In 2009, 35 year old Bryan Gardner sent CitiMortgage a $353,000 fake money order “drawn on the account of the Secretary of the Treasury Hank M. Paulson, Jr.” for the full amount owed on his Bowie home. And it cleared!

According to Business Insider, Gardner then sold the property for $254,900 and distributed the proceeds to others. 

“You’d be amazed at how many people try and pass off (fraudulent) stuff. But does it ever work? No, it rarely works,” said Paul Pelletier, a former top-ranking official in the Justice Department’s Fraud Section, expressing surprise at the success of the scheme.

The evil genius Gardner filed for bankruptcy protection in February, and surrendered his Ford Expedition and Waldorf home. 

He has been charged with one count of mail fraud.

Read more: http://www.zerohedge.com/news/man-pretends-be-hank-paulson-make-fake-353000-mortgage-payment-citi-succeeds?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29&utm_content=Google+Reader#ixzz1VHlPt17X

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