Mortgage and Financial News From 2008-1-24 Page 7

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• Rogue trader behind $7.2B French bank fraud

  CNN - Trading in the bank's shares was temporarily suspended on the Paris stock exchange after the revelation of the fraud along with a €2.05 billion ($2.99 billion) loss stemming from the crisis in U.S. sub-prime mortgage market. At 2.50 p.m. (1350 GMT ...
  2008-01-24 06:11:00

• Tentative Deal Reached on Tax Rebates

  Baltimore Sun - To address the mortgage crisis, the package also allows Fannie Mae and Freddie Mac -- government-sponsored companies that are the two biggest U.S. financers and guarantors of home loans -- to buy home mortgages much larger than the current $417,000 ...
  2008-01-24 08:56:00

• SocGen's statement on 4.9 bln euro internal fraud

  Reuters UK - The Group expects its net income for 2007 to be in the range of Euro 0.6-0.8bn, including the loss resulting from this fraud and additional US residential mortgage and monoline related write-downs. The Group intends to pay a dividend for 2007 in line ...
  2008-01-24 05:28:00

• Rogue trader in $7.2B bank fraud

  CNN - Adding to the pain, the bank said it has taken a financial hit as a result of exposure to the subprime mortgage market in the United States. The bank said it discovered the fraud over the weekend and confirmed it was an isolated case. It said the ...
  2008-01-24 06:32:00

• Fraud traced to appraisal

  St. Petersburg Times - Joni Herndon is incoming chairwoman of the Florida Real Estate Appraisal Board, which oversees 12,400 active appraisers. Miami and Tampa rank among the top 10 U.S. cities for suspected mortgage fraud, a federal crime that cost the beleaguered U.S ...
  2008-01-24 06:18:00

• Schatz Nobel Izard PC Announces Class Action Lawsuit Against ... - CNNMoney.com

  Schatz Nobel Izard PC Announces Class Action Lawsuit Against ...CNNMoney.com - 2 hours agoThe Complaint alleges that National City, a financial holding company, that provides commercial and retail banking, mortgage financing and servicing, ...
  2008-01-24 07:38:32

• Asian shares extend gains on US stimulus deal - AFP

  Asian shares extend gains on US stimulus dealAFP - 2 hours agoBut dealers rejoiced on seeing the limited fallout to European equities from the Societe Generale fraud case, one of the biggest in history. ...
  2008-01-24 07:45:54

• Business News - AOL Canada

  Business NewsAOL Canada, Canada - 1 hour agoPARIS - In what appears to be the largest trading fraud ever carried out by a single person, a young trader at French bank Societe Generale is accused of ...
  2008-01-24 08:16:43

• Roy Johnson pleads guilty to charges of corruption, bribery - Daily Home Online

  Roy Johnson pleads guilty to charges of corruption, briberyDaily Home Online, AL - 1 hour agoThe money laundering count stemmed from the creation of a phony mortgage document to cover the kickbacks for Johnson’s home. The next three counts revolve ...
  2008-01-24 08:19:05

• Leeson: I'm not surprised. It was likely to happen - Business Report

  Leeson: I'm not surprised. It was likely to happenBusiness Report, South Africa - 1 hour ago... on the Paris stock exchange after the revelation of the fraud along with a €2 billion loss stemming from the crisis in the US subprime mortgage market. ...
  2008-01-24 08:26:00

• Riley says he was councilman mentioned in audit of office ... - Kansas City Star

  Riley says he was councilman mentioned in audit of office ...Kansas City Star, MO - 1 hour agoThe commission meets infrequently, and last met when then-City Councilwoman Saundra McFadden-Weaver was accused of mortgage fraud. In the copier report, ...
  2008-01-24 08:35:28

• France's SocGen humbled by rogue trader scandal - Guardian Unlimited

  France's SocGen humbled by rogue trader scandalGuardian Unlimited, UK - 1 hour agoGlobal investors largely shrugged-off the scandal, even as banks suffer through the subprime mortgage crisis. In New York, the Dow Jones industrial average ...
  2008-01-24 08:48:32

• Rogue trader hits French bank with stunning $7 billion loss - Kansas City Star

  Rogue trader hits French bank with stunning $7 billion lossKansas City Star, MO - 51 minutes ago... to $1.16 billion) for all of 2007 — even after the fraud and an additional 2.05 billion euros ($2.99 billion) lost in the subprime mortgage crisis. ...
  2008-01-24 08:57:07

• Banking Regulatory System Clearly Needs Rethinking - Wall Street Journal

  Banking Regulatory System Clearly Needs RethinkingWall Street Journal - 47 minutes agoBut he says the fraud actually took place on much simpler transactions, adding therefore, "I don't consider this a failure of our controls. ...
  2008-01-24 09:01:56

• Vast Deception Puts Risk Controls Under Scrutiny - Wall Street Journal

  Vast Deception Puts Risk Controls Under ScrutinyWall Street Journal - 46 minutes agoThe alleged fraud comes at a time when the world's regulatory framework is already in question amid banks' vast losses on complex mortgage investments. ...
  2008-01-24 09:02:01

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