Perhaps justice has begun arriving at last. Last week, the FBI announced it had arrested more than 400 people nationwide for mortgage fraud under what the agency called “Operation Malicious Mortgage.”
The very same day, cable news broadcast footage of two Bear Stearns employees being taken into federal custody after they were indicted on charges of lying to investors about the true state of the funds they managed –funds that were invested in the increasingly wobbly subprime securities market.
Finally, in a welcome twist from the typical scam story, the Boston Globe reported last week that 26 Massachusetts residents who lost their houses in a foreclosure rescue scheme will get their homes back as part of a settlement.
Justice may be blind, but mercifully, she is not deaf.—Alison Rice
Check Housing Headlines From Coast to Coast
Want more local and regional news headlines? Visit BUILDER’s hand-picked housing headline feed at http://builderonline.tumblr.com/, which is updated daily with the latest links from major newspapers and regional business journals.
Blogs
Boyce on Building: The Battle to Stay Afloat I was a little surprised to see in an NAHB survey last week that only one in three builders had reported that lenders had ordered property reappraisals. Based on comments from builders and analysts, and some high-profile cases that have made the news, I thought the figure would be higher.
http://builderonline.stg.zonda.onl/blogs/postdetails.aspx?BlogId=thompsonsblog&postId=84885
Coming Soon!
BUILDER Online is adding Predictify, an interactive feature that allows you to share your predictions on the industry. When will new-home sales return to an annual pace of 1 million? In what quarter will Centex return to profitability? Where will 30-year-fixed mortgage rates stand on Thursday, Nov. 6, 2008, two days after we elect our next president? You’ll soon get your chance to give your answer to these and other questions!
Top Headlines
FBI Arrests More Than 60 People in ‘Operation Malicious Mortgage’Minnesota Builder Files Chapter 11
Single-Family Housing Permits Slide 4 Percent
NYC: Trench Collapse Death is a Crime
Midwest Floods Drudge Up Dispute
Housing Crisis
Exiting a Market is More Involved Than Just Saying Goodbye
Housing Market Index Declines One Point
Boomers Plan to Stay in Current Homes
Immigrants Turn to Farm Work Amid Building Bust
Anatomy of a Meltdown: The Credit Crisis
26 Who Lost Their Homes Get Them Back
Public Builders
Massive Lennar Project Misses Out on State Funding
Standard Pacific Reports 12 Percent Drop in Orders
Business of Building
Laing Launches Custom Home Division
Going Green
San Francisco Launches Solar Roof Program
Have You Heard?
Innoventions Dream Home Debuts at Disneyland
Got Feedback?
Please e-mail any comments, questions, suggestions, and news tips to Denise Dersin, BUILDER’s Editor in Chief. She can be reached at ddersin@hanleywood.com.
Learn more about markets featured in this article: San Francisco, CA.
