Word: loans
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Dates: during 2000-2009
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After Democratic financier Hassan Nemazee was accused of forging loan documents in order to borrow $74 million from Citibank, he wired the money back. A nice try, but not one that would stave off his arrest. Authorities arrested Nemazee on Aug. 25, shortly before he left on a European vacation. He was charged with bank fraud, released on a $25 million bond and placed under house arrest in his New York City apartment. Nemazee, who raised money for both Hillary Clinton and Barack Obama in the 2008 election, faces a prison sentence of up to 30 years...
...Accused of defrauding Citibank of $74 million after allegedly forging loan documents dating back...
Some dealers thought credit [worthiness] could be an issue, but customers cashing in on the program seemed to have no trouble finding financing. What happened? For one thing, the CFC incentive was used as all or part of the consumers' down payment, automatically increasing loan-approval rates - the bigger the down payment, the higher the approval rates for car loans, everything else being equal. The $4,500 incentive sometimes was doubled by manufacturer incentives. Even if you have less-than-perfect credit, if you put $9,000 down on a $25,000 vehicle, you have a good chance of getting...
...culprit, of course, is the economy. A person who has lost a job is going to have a tougher time making the mortgage payment. On top of that, a lot of the moratoriums on foreclosures that lenders put into place while the Obama Administration figured out its loan-rewrite program no longer exist. The foreclosure movie was on pause for a while, but that's no longer the case...
...Milligan knows that the bank's first impulse, from a business standpoint, is to try to auction the house and at least get some long-term mortgage-interest revenue out of the sale. That's a big reason so many banks have balked at loan modifications in spite of MHA: they'd rather roll the dice with another owner since studies show many modified mortgages still go south, just delaying the inevitable. But in cases like Miami Gardens, says Milligan's lawyer, Miami real estate attorney Rashmi Airan-Pace, lenders need to realize that as foreclosures mount and infect neighborhoods...