http://tonydrakerealestate.com Your site for everything related to finding real estate in and around Phoenix, Arizona. This Blog offers advice on everything from buying and selling your home to finding the right mortgage. Fri, 04 Jul 2008 06:45:39 +0000 http://wordpress.org/?v=2.3.2 en http://tonydrakerealestate.com/wells-fargo-ticor-settle-allegations-of-false-fha-claims/ http://tonydrakerealestate.com/wells-fargo-ticor-settle-allegations-of-false-fha-claims/#comments Fri, 04 Jul 2008 06:45:39 +0000 Tony Drake real estate in arizona|buckeye arizona|real estate|realestate for sell arizona|custom homes|acre lots arizona|moutain views|Verrado|Tartesso|Sundance|arizona realtor|first time homebuyer|luxury homes|horse rights|vaction homes arizona|tolleson arizona|tol http://tonydrakerealestate.com/wells-fargo-ticor-settle-allegations-of-false-fha-claims/ Federal prosecutors in Arizona said they reached a $4.3 million civil settlement with Wells Fargo Bank and Ticor Title Agency of Arizona this month that settles allegations that Wells Fargo submitted false claims to the Federal Housing Administration’s pre-foreclosure sales program.The program allows homeowners with FHA-backed mortgages to avoid foreclosure in some cases by conducting a short sale. If the sales price is not enough to pay off a loan, lenders submit an insurance claim to the FHA, which pays the lender the balance owing on the loan. The U.S. Attorney for the District of Arizona alleged that Well Fargo Bank submitted more than 70 false claims to the FHA’s pre-foreclosure sales program, and that Ticor Title prepared inaccurate escrow documents. Both companies denied the allegations, but agreed to settlements. Wells Fargo agreed to pay $4.05 million, and Ticor Title agreed to pay $265,370, prosecutors said.  http://www.inman.com/news/2008/06/30/wells-fargo-tico-in-hot-water-over-short-sales

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