Resource Center


The IRE Resource Center is a major research library containing more than 26,000 investigative stories.

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Search results for "Mortgage foreclosure companies" ...

  • Foreclosure Rescue

    Many homeowners are facing the threat of foreclosure and losing their homes. A new industry, mortgage modification, is taking advantage of these homeowners. These companies promise to work with the banks to get the homeowners a better deal so they can keep their houses. The homeowners must pay an up-front fee of “several thousand dollars”. After the company has the money, they don’t fulfill their duty and leave the homeowners without the little money they had left.

    Tags: housing; finances; mortgage; real estate; property; People's First; Better Business Bureau; assistance

    By Glenn Ruppel; Katie Thomson; Jim Avila; Carla Delandri; David Sloan; Connie Clarke

    ABC News


  • Financial Traps

    The series explains, after the economy tanked last year, "five different schemes that made life harder for families trying to cope with financial problems." These schemes, which were promoted by financial companies and brokers, assured families help was on the way but actually caused more hardship. Furthermore, this help came at a price for the federal government, who lost "$700 million dollars" from loans.

    Tags: Economy; Financial; Families; Mortgage; Mortgage foreclosure companies; Mortgage brokers; Reverse; Federal Government

    By Andrea Rock; Dylan Chang; Robert Tiernan

    Consumer Reports


  • A Future Foreclosed

    This two-part investigation shows how Boshwit Brothers Mortgage Co, a longtime Memphis mortgage company specializing in loans to the poor, used Tennessee's lender-friendly foreclosure laws to take possession of 189 houses where it had made mortgages. It seized the property when the owners couldn't meet the high-interest payments. Many of the properties were converted to rentals and entered in a federal rent subsidy program that nets the firm $240,000 a year.

    Tags: NAACP; real estate; rent; landlords

    By Marc Perrusquia

    Commercial Appeal (Memphis, Tenn.)


  • Special Report: Good Works, Fast Cash. Special Report: How Much Would You Pay?

    Dixon spent three months following a chain of titles on hundreds of property deals and deeds. She found that several real-estate companies which contract with charities to evaluate and sell real estate donations on behalf of the charities are scramming the charities. Dixon found that " The company [Donate Real Estate] was selling property to associates of the founders, who then flipped, or resold the property, to buyers who paid many times the first purchase price. Those buyers then got mortgages based on inflated appraisals, didn't make their payments, and the homes went into foreclosure." The investigation unearthed a brazen and widespread real estate and mortgage fraud scheme that took advantage of novice investors.

    Tags: real estate; fraud; scam; mortgage; Habitat For Humanity; charity; Donate Real Estate; MLS records; Maupin; bankruptcy

    By Jennifer Dixon

    Detroit Free Press


  • Profoting From Fine Print With Wall Street's Help

    The Times reports on questionable approaches used by First Alliance, a national home-equity lender. The story looks at the complaints of hundreds of consumers that the "company has used a deceptive sales pitch, delivered by loan officers recruited from big auto dealerships, to lure homeowners into high-cost loans that expose them to the threat of foreclosure and financial ruin."

    Tags: finances; mortgages; consumers affairs; lawsuits; investment banks; homeownership; fraud

    By Diana B. Henriques;Lowell Bergman

    New York Times


  • The American Nightmare

    WNDU-TV reports on a fraudulent mortgage scheme in which families had their homes foreclosed even though they were making mortgage payments. The fraud affected families who bought homes on land contract because they had bad credit. The fraud was done by Money Solutions, a local company owned by Tamara Sexton. According to FBI, the problem is not confined to Southern Indiana but has become commonplace all over the country, WNDU reports.

    Tags: TAPE; TRANSCRIPT; foreclosure; houses; housing; property records; ownership; real estate; fraud

    By Terry McFadden;Jennifer Strathman

    WNDU-TV (South Bend, IN)


  • Cheated Out of House and Home

    Phoenix Magazine tells the story of an "Arizona's "Erin Brokovich," who "represents herself without any legal training" in a still pending case. The report describes how "in a desperate struggle to reclaim her century-old bungalow, Lauren LaBarre is suing the bank she claims defrauded her into foreclosure." The story reveals that the mortgage company refused to accept LaBarre's money, thus forcing her into foreclosure. The report also details how the bank was "blaming LaBarre for its own mistakes - the typographical error and the payments they'd lost." The author draws the conclusion that this might happen to "anyone who's paying a mortgage and is late on a payment now and then."

    Tags: courts; bankruptcy; law; attorneys; courts; judges; housing; GMAC mortgage Co.; FHA; loans

    By Jana Bommersbach

    Phoenix Magazine


  • No title (id: 13780)

    The Washington Post investigates Capital City Mortgage Corp, a local lender in the District of Columbia, who routinely made loans at 24 percent and higher to poor, badly educated homeowners who then often lost their properties through default and foreclosure. The company foreclosed at rates higher than similar lenders and typically Capital City sold the property later itself, making a profit. (May 5-6, 1996)

    Tags: Loeb Mayer Chinoy CAR Borrowing troubles Contest entry Banks Real estate 23 pgs.

    By None

    Washington Post


  • No title (id: 12583)

    Local real estate company was selling property titles to homes without trasnferring the mortgage, leaving sellers subject to foreclosure and buyers subject to eviction. (Nov. 13, 22 & Dec. 21, 1995)

    Tags: Lane Moran Good deal or bad deed Contest entry Housing Property Deeds 11pgs

    By None

    Bee (Modesto, Calif.)


  • No title (id: 9914)

    KGO-TV (San Francisco) examines how a mortgage broker and his company made money by lending excessive money to home-owners he knew would default; he then repossessed the homes, got investors to lend money with the homes as collateral, let them fall back into foreclosure and never paid the investors back; an audit by the California Department of Real Estate a year before failed to detect the irregularities, Nov. 10, 1993.

    Tags: CA; Peele; Finney; tape 17 pages


    KGO-TV (San Francisco)