Industry News

Ex-cons land mortgage jobs, commit millions in fraud

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Report: Florida allowed criminals to originate mortgages Florida regulators allowed more than 10,000 people with criminal records to work in the mortgage industry between 2000 and 2007, the Miami Herald reported Sunday, in a series of stories that has led to calls for the state's top mortgage regulator to resign. In an eight-month investigation, The Herald analyzed records including court files and background checks of more than 222,844 Florida mortgage professionals and concluded that regulators allowed thousands of ex-convicts to enter the business and commit nearly $85 million in mortgage fraud. OFHEO: Home prices down 4.8% from year ago U.S. home prices fell 0.3 percent from April to May on a seasonally adjusted basis, according to a monthly house-price index published by the Office of Federal Housing Enterprise Oversight. For the 12 months ending in May, U.S. prices fell 4.8 percent, OFHEO said, and are down 4.9 percent since their April 2007 peak. For the nine Ce...