The king of home equity fraud (A modern 'Catch me if you can' thief)
FORTUNE -- A luxury suite at the W Hotel in Dallas is as good a place as any to conquer the world. At least it seemed that way in 2007 when Tobechi Onwuhara got the crew together. They'd meet there often, seven or eight of them. Some had nicknames from the Ian Fleming lexicon: C, Q, and E. Others were called Mookie, Orji, Uche. They would spread out on designer sofas and at the wet bar, open three-ring binders, and fire up laptops with hard-to-trace wireless cards. On a nearby table there'd be prepaid cellphones with area codes taped to...
Published on Friday 18th of May 2012 05:43:20 PM
[HELOCs] Home Equity Lines of Credit, the Next Looming Disaster?
Madness of HELOC Lending During the Bubble Years Aided by the seemingly limitless desire of banks to lend money, homeowners opened an incredible number of HELOCs during the bubble years of 2004-2006. Nowhere was the madness of HELOC borrowing more astounding than in California. During the two key years of 2004 and 2005, a total of 1.43 million HELOCs were originated in California just for the purchase of homes according to figures received from CoreLogic. Wait a minute, you say. That's more than the total number of homes sold in California during these years. Correct. A total of 1.25 million...
Published on Friday 18th of May 2012 05:43:20 PM
Is this common when being approved for a home equity line of credit?
So we close on a home equity line of credit as we need to do some things around the house. Funds were supposed to be made available today and they have not been deposited into our checking account. We closed on the deal last Wednesday. There is a hold-up today because the company stated in the docs that our salary was double what it really is. It appears that they might have to re-adjust the amount we are approved for. Is this something that happens on a regular basis? It boggles my mind, even after giving this very “reputable” company...
Published on Friday 18th of May 2012 05:43:20 PM
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