| Sacramentan guilty of bank fraud, money laundering
A 25-year-old Sacramento man pleaded guilty Tuesday to bank fraud and money laundering in federal court in Sacramento. Sennett H. Swift defrauded two homeowners and their lenders by offering refinance loans with interest rate caps and promises of refunds for early payment penalties when he knew those terms were not real. Swift wanted to get the substantial broker commissions, said Matthew Stegman, the assistant U.S. Attorney prosecuting Swift. It turns out at least one of the homeowners wasn't eligible for the loan program. Swift also submitted a forged loan application. Sentencing is scheduled before Judge Lawrence Karlton on March 25. The case was investigated by the Federal Bureau of Investigations and the Internal Revenue Service.
Wayne Swan pledges home loan aid
FEDERAL Treasurer Wayne Swan has promised to find ways to help borrowers more easily switch lenders if they are unhappy with their home loans. All major banks last week ignored warnings from Mr Swan and lifted their variable home rates in response to higher funding costs related to the global credit crunch sparked by the US sub-prime mortgage crisis. The banks acted ahead of any decision to lift official rates by the Reserve Bank of Australia. The RBA next meets on February 5 and is strongly tipped to lift official rates 25 basis points to 7 per cent. The ANZ and St George banks lifted their rates by 0.20 per cent, a move labelled "excessive" by Mr Swan. The Treasurer said he was examining how to make it easier for mortgage holders to refinance.
Initiative is aimed at helping people avoid foreclosure
State and local officials today announced a new initiative aimed at helping people avoid foreclosure.Antonio Riley, executive director of the Wisconsin Housing and Economic Development Authority, and other officials were at Couleecap Inc.'s offices in La Crosse today to promote a foreclosure help hotline, 1-888-995-HOPE, for homeowners facing foreclosure. It is operated by the Minneapolis-based Homeownership Preservation Foundation.
The hotline is staffed 24 hours a day by credit counselors who will help the caller establish a budget, understand the terms of their loan and talk with their bank.If additional help is needed, callers from the La Crosse area will be referred to Couleecap or Catholic Charities of the Diocese of La Crosse.In addition, a network of WHEDA-approved lenders is coming together to offer safe refinance products.
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