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Jury Convicts Executive in $3B Mortgage Fraud Case
By not in system - AOL NewsALEXANDRIA, Va. -- A jury on Tuesday convicted the majority owner of what had been one of the nation's largest mortgage companies on all 14 counts in a $3 billion fraud trial that officials have said is one of the most significant prosecutions to arise from the nation's financial crisis. Prosecutors said Lee Farkas led a fraud scheme of staggering proportions as chairman of Florida-based Taylor Bean & Whitaker. The fraud not only caused the company's 2009 collapse and the loss of jobs for its 2,000 workers, but also contributed to the collapse of Alabama-based Colonial Bank, the sixth-largest ...
New Advertising Company Will Turn Your House Into a Billboard
By Ben Muessig - AOL NewsIf it's difficult to pay the bills on your house, try turning your house into a billboard. An advertising start-up in Orange, Calif., is offering to help 100 Americans pay their mortgages -- if the homeowners convert their houses into massive painted ads for the business. "It's a really good marriage for us to be able to help homeowners and for homeowners to be able to help us and bring attention to our business," said Romeo Mendoza, CEO of Adzookie, a mobile marketing firm promoting a local ad network. ...
Workers Brace for Effect of Government Shutdown
By not in system - AOL NewsLITTLE ROCK, Ark. - A weather forecaster says he may have to live off the money he's been setting aside for a Caribbean vacation. A worker in Washington hopes to polish his resume so he can retire from public service and work in the private sector. An accountant wonders if she can put off her mortgage for a month. Federal workers like them across the U.S. will be out of work and without a paycheck if the looming government shutdown isn't averted. Some say they will make the best of it, using the spare time to get a few things done. Others are far more fearful of how they'll provide for their ...
House Hunting? Shack Up in Kate Middleton's Childhood Home, the 'Jersey Shore' House and Other Famous Abodes
By Monica Garske - AOL NewsKate Middleton will take over Buckingham Palace for her royal wedding reception to Prince William on April 29, but fans of the princess bride could take over the home where she grew up. Middleton's childhood home in the village of Bradfield Southend, southeast England, is up for sale. The price tag? Nearly 500,000 pounds, or about $800,000, for the four-bedroom Victorian villa covered in red bricks. Steve Parsons, PA Wire Kate Middleton's childhood home in Bradfield Southend, Berkshire, is up for sale and available to die-hard royal fans for about $800,000. According to The ...
House Votes to End Mortgage Reduction Program
By not in system - AOL NewsWASHINGTON -- House Republicans pushed through legislation Tuesday to terminate an underachieving Obama administration program designed to reduce mortgage payments for homeowners in danger of losing their homes to foreclosure. Most Democrats, while acknowledging that the Home Affordable Modification Program has fallen short of original goals, protested the vote to kill it. The White House, in a statement, said that if the bill ever reaches President Barack Obama's desk, his senior advisers would recommend he veto it. The vote was 252-170. The GOP-led House this month has voted to kill three ...
'Eat a Koala' Campaign Promotes Business, Creates Controversy
By Matthew Hall - AOL NewsWant to succeed in business and real estate development? Eat a koala. That's the message promoted by an angry Australian businessman who contends that local government is more interested in protecting cute marsupials than "saving" business. Queensland local Graham Parker has designed and distributed car stickers encouraging Australians to "Save the Redlands ... Eat a Koala," making reference to his area's wild koala population and struggling businesses. "The stickers I have been making are a protest against the council's single focus on koalas and lack of interest in protecting ...
Calif. Woman Charged With Scamming $285,000 From Nuns
By Allan Lengel - AOL NewsA California woman may have to answer to a higher authority -- a federal judge, that is -- after being charged with scamming a group of nuns out of $285,000 and using the money to pay for items such as lingerie and pet sitting. The FBI today arrested Linda Rose Gagnon, 57, of Tustin, on three counts of wire fraud for allegedly swindling a group of nuns at the U.S. Province of the Religious of Jesus & Mary Inc. in Rhode Island in a real estate scam. Authorities say Gagnon operated the California-based Rose Enterprise Inc., a company she claimed helped clients with delinquent mortgages and ...
Welcome to California City: The Imaginary Metropolis
By Ben Muessig - AOL NewsAt the corner of 125th Street and Joshua Avenue, you're more likely to run into a coyote than a commuter. On 115th Street and Sequoia Boulevard, you won't see many signs of civilization -- let alone sequoias. Just miles of desert and distant mountains. You wouldn't know it at the intersection of 20th Street and Snake Avenue, but you're standing inside the city with the third biggest footprint in California behind Los Angeles and San Diego. Half a century ago, California City was advertised as the next great West Coast metropolis, a new retirement mecca that could rival Palm Springs. But 45 ...
From Houses on Sticks to Cabins on Wheels: The Wide World of Tiny Living
By Dave Thier - AOL NewsForget walk-in closets, indoor pools and multiple dens. In the world of the great recession, it's the little things that are making the biggest splash in the housing market. Tiny housing is going through a renaissance, and for many architectural experimenters, whether it's a 65-square-foot cabin loaded onto a trailer, an ultra-efficient cube or a repurposed shipping container, small is beautiful. Many tiny living units are simple, practical attempts at maximizing efficiency in housing, from small cabins in the country to city apartments that do their best not to feel cramped. Other projects ...
Court Rules Against Banks in Pivotal Mortgage Case
By not in system - AOL NewsThe highest court in Massachusetts ruled against U.S. Bancorp and Wells Fargo & Co. Friday in a pivotal mortgage foreclosure case that could spark more turmoil and uncertainty in a housing market already mired in depression. The Supreme Judicial Court affirmed a lower court judge's ruling invalidating two mortgage foreclosure sales because the banks, in their capacity as trustees for mortgage securities, did not prove that they actually owned the mortgages at the time of foreclosure. The decision, which highlights the failure of financial firms to adhere to the rules that govern ...
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