Thursday, Oct 27th

Last update05:20:13 AM GMT

You are here News Economy Think you've read the worst about foreclosures? Read this

Think you've read the worst about foreclosures? Read this

E-mail Print PDF

Foreclosure nightmareAll she wanted was $50,000 from the equity in her house to help pay the bills while looking for a job in nursing. What Imogene Hall got was a brutal lesson in the sometimes shady ways of the mortgage industry.

It's a lesson learned by untold numbers of homeowners in Florida, epicenter of the foreclosure crisis gripping the nation. "Everywhere I turn, someone else is scamming me,'' said Hall, a 49-year-old Jamaican immigrant who stands to lose her Miami Gardens home the Monday after Thanksgiving. "All I do is work hard, and I get surrounded by thieves.''

A review of court records found evidence of misconduct at nearly every stage of Hall's experience. Consider:

_ Johnson Cuffy, a former mortgage broker now serving an 11-year prison sentence for grand theft, handled Hall's refinancing in early 2006, using a strategy a state investigator described as ``outright mortgage fraud.'' He faces up to 30 more years in prison if convicted of 16 other mortgage fraud charges he's facing.

_ The title agent who signed the crucial deed transfers that Hall's fraud claim rests on operated an unlicensed title company that stole more than $1.5 million from South Florida home buyers during closing proceedings between 2005 and 2007, according to Florida Supreme Court records.

_ A man who listed his employer as a nonexistent Blockbuster Video store in New York somehow used Hall's home as collateral to secure a $230,000 loan from subprime lender Argent Mortgage.


Most Recent Related Stories...

WEF: Gender wage gap will not close for 170 years

Gender wage gap not ot end for 170 yearsEfforts to close gender gaps in pay and workforce participation slowed so dramatically in the past...

SEC charges hedge fund manager Leon Cooperman, Omega Advisers with insider trading

SEC charges hedge fund operator with insider tradingBillionaire Leon Cooperman and his Omega Advisors hedge fund were charged Wednesday with insider trading, the...

Gannett to lay off two percent of workforce

Gannet to lay off 2 percent of workforceGannett, the largest U.S newspaper company, is cutting another two percent of its workforce. That cut,...

Deutsche Bank faces new blow as Justice Department demands record $14B

Deutche bankDeutsche Bank faces the prospect of having to tap shareholders for more cash after the U.S....
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!