Word: loaned
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...McCain, has said he will accept the public funding available for the general campaign, although he is also the subject of a lawsuit filed by the Democratic National Committee, alleging he violated election funding rules by using promised federal primary funds that he later turned down to secure a loan...
...Department of Justice unveiled Operation Malicious Mortgage last week, a nationwide bust that produced more than 400 arrests over the past three months for fraudulent home-loan schemes. In South Florida alone, more than 100 people have been arrested since last September, including 19 just last week. In a study released in March by the Mortgage Asset Research Institute, Florida ranked first in the country in 2006 and 2007 for the amount of loans that were misrepresented...
Rivera, the owner of a title company, allegedly created a shell firm whose name (Rookery Park Estates PH) mirrored the real corporation that owned the townhomes, then acted as owner and seller of the townhomes when filing the loan applications - all without ever buying a unit. Louisma allegedly used his chiropractor business to falsify borrower names and incomes (making it seem they were his employees). The duo's accused associate, Michael Acosta, a Boca Raton property appraiser, allegedly filed paperwork listing the value of each townhome at $400,000, as Rivera put together a plan to buy them...
...goal of this financial finagling: to pocket the difference between the $400,000 loan and the actual $216,000 purchase price, and then simply abandon the home and force the banks to foreclose - sticking them with property worth far less than the amount they had loaned. It was a textbook attempt to beat the system: fraudulent paperwork, straw borrowers, all concocted by real estate professionals...
...work." His initial choice of Washington power broker Jim Johnson to run his vice-presidential search was also traditional: Johnson had done the same job for John Kerry in 2004 and Walter Mondale in 1984. Unfortunately, Johnson was a little too old-school - his ties to the subprime loan industry forced him to resign. The campaign this month released a new roster of foreign policy advisers that includes many old, comforting names from the Clinton years, such as former Secretaries of State Madeleine Albright and Warren Christopher. But in some ways Obama has boxed himself in: in trying to counter...