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
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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.
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!
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Learn more about markets featured in this article: San Francisco, CA.