Financial News Headlines

6 Long Islanders arrested on mortgage fraud charges, accused of running false pay stubs mill

January 31st, 2010

In the following press release Suffolk County District Attorney Thomas Spota announced today the arrests of six county residents by Mortgage Fraud Unit detectives’ for creating fake paystubs and federal W-2 forms to fraudulently obtain $5.9 million in fraudulent mortgages from Emigrant Mortgage Company, Wells Fargo Home Mortgage, National City Mortgage and other lenders. Two of the defendants, Martha Huezo, 38, Cranberry Drive, Mastic Beach and Luis Lino, 46, of Hauppauge, a real estate broker for Millennium Homes in Bay Shore and Easy Homes Realty in Brentwood, pleaded not guilty today to forgery and other charges at their arraignments in Suffolk County court.

The district attorney’s office handed up an 82-count indictment on December 24 of last year. The

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Landlords – Should Learn Advantages of Qualifying for Section 8

January 29th, 2010

As a landlord, there are some advantages to qualifying for Section 8 Voucher holders. First of all, if you do not already know, then you should be aware that Section 8 Voucher holders find their own rental housing, using the vouchers they receive from their housing agency as rent assistance.

If you would like to rent to Section 8 Voucher holders, the first step to take is to get in touch with the Housing Authority in your area. You should let them know that your property is being made available, and you should also state in your advertising that you welcome Section 8 Voucher holders. It will be the decision of the voucher holder whether he/she rents your property. Read more…

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Tips On Cleaning Your Credit Report

January 28th, 2010

Having bad credit does not have to be a lasting problem. There are some practical steps that anyone with bad credit can do to straighten out the situation. Here are some tips on how to repair bad credit:

Put a halt to your credit card use.
If you find it hard to pay off your existing credit card debts then obviously you should stop using your credit cards until you regain control. Continuously using your credit cards will only cause your debts to accumulate and make it harder for you to keep up.

Order a copy of your credit report.
It is important for you to be aware of the status of all your accounts to different creditors.

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Britain drops to 25th for quality of life

January 28th, 2010

A recent report has indicated that Britain has now fallen to 25th in the global rankings in terms of quality of life, falling even further down the list than last year when it came in at number 20 in the rankings. Amongst the countries that have now overtaken Britain in the rankings for quality of life are Lithuania, Uruguay, and the Czech Republic.

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5 Things to Remember About Debt Management

January 27th, 2010

Debt management companies advertise aggressively on TV, radio, the Internet, and in newspapers. Many of these companies promise the moon and the stars when it comes to debt reduction. Before signing up, here are five things to remember about debt management.

1. Debt management companies can help you with credit card debt, but you’ll pay a lot of fees. Generally, you’re required to sign up for a debt reduction plan that involve making regular payments to the debt management firm. The debt management company negotiates lower payments or a payoff amount with your creditors, and makes the payments to them.
2. Not all debt management firms are working in your best interest. Som

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Two men indicted in Minnesota, accused in large scale fraud involving 70 properties

January 26th, 2010

In the following press release B. Todd Jones, United States Attorney for the District of Minnesota announced that a federal indictment was unsealed today following the arrest of a Minnesota man in Florida on charges related to mortgage fraud. The indictment, filed under seal in U.S. District Court in Minnesota on January 20, 2010, alleges that Michael Anthony Prieskorn, 35, of Ellendale, with assistance from Richard Mathew Laho, 54, of Buffalo, orchestrated a mortgage fraud scheme through which Prieskorn received more than $5 million from investors who purchased approximately 70 residential properties in Florida and Minnesota between December 2006 and April 2007.

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