| 5 Rivers officer defaults on loan
GEORGETOWN | Deutsche Bank has filed a foreclosure lawsuit against Ayoluwa Dayo Smith, former chief financial officer for Five Rivers Community Development Corp., saying Smith never made a payment on a $252,000 loan she received Nov. 8. The Deutsche Bank loan is one of three refinance loans Smith took out against her home in The Arbors subdivision in the months before the Five Rivers nonprofit agency closed amid a financial scandal. In all, Smith received $124,000 in equity payments between June 23 and Nov. 8 by refinancing her home with larger mortgages. Smith moved to Buford, Ga., one month after getting the Deutsche Bank loan, according to public records. Smith could not be reached for comment. The telephone number at the Georgetown home has been disconnected and Smith's telephone number in Georgia is not listed.
Arizona among top 10 states for mortgage fraud
Arizona has shot up to No. 7 in a ranking of states with the greatest amount of mortgage fraud, blowing past the 23rd spot it held the previous year.
This is the highest Arizona has placed on the Mortgage Asset Research Institute's annual fraud survey, which is based on the number of mortgage fraud cases per total of state home loans. Data from the nation's biggest lenders are used to compile the survey.
Utah is No. 1, bumping Georgia from the top spot it had held since 2002. That state now ranks No. 8. Georgia recently passed legislation cracking down on mortgage fraud. Utah, like Arizona and other states with problems, hasn't passed similar laws. .
Blue Chip News: KB Home is Added to Watch List
KB Home continues to hammer out the details in the homebuilding industry. The acquisitive company (formerly Kaufman and Broad Home) has grown to become one of the largest homebuilders in the US. KB Home builds mainly for first-time and trade-up buyers in Arizona, California, the Carolinas, Colorado, Florida, Georgia, Illinois, Nevada, New Mexico, and Texas. Its homes range in size from about 1,400 sq. ft. to over 5,000 sq. ft. KB Home's majority-owned Kaufman & Broad S.A. subsidiary builds single-family homes, condos, and commercial projects in France. The company offers financing, mortgage assistance, and home insurance through Countrywide Mortgage Ventures, a joint venture with Countrywide Financial. Shares were down 2% as Beazer fallout hits homebuilders. BellwetherReport.com is a leading online research firm for international investors looking to get an edge over their portfolio.
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