5 charged in ‘nightmare’ $70M mortgage scheme (AP)

AP - More than 1,000 people were defrauded out of about $70 million by a group advertising the dream of homeownership in what turned out to be a nightmare Ponzi scheme, federal and Maryland officials said Monday.

5 charged in $70M mortgage Ponzi scheme (AP)

AP - Five people face charges in what prosecutors say was a mortgage scheme that defrauded more than 1,000 people of more than $70 million.

Option ARM Loans Turn into Nightmares (BusinessWeek Online)

BusinessWeek Online - Entrepreneur Michael Bissell worries about losing his business, his house, or both. His 10-year-old Web design firm in Portland, Ore., is struggling as customers fall behind on their bills. To cover salary and other expenses, Bissell tapped into his home last year for extra cash, relying on his exotic mortgage, which gives him the option to pay less than the monthly interest and principal for a while. But that source of money is running dry: The payment on his home loan will soon jump significantly. "I have no padding," says Bissell.

Bank of America rebrands mortgage operations (AP)

AP - Bank of America Corp. has officially dropped the Countrywide Home Loans name as part of its integration of the mortgage lender, which was acquired last year.

GM employee stock fund dumps all company shares (AP)

AP - The manager of General Motors' employee stock fund has sold off all remaining shares of the troubled auto maker, which is closing plants and slashing costs in a bid to avoid bankruptcy.

Former Freddie Mac CEO returning as consultant (AP)

AP - Mortgage finance company Freddie Mac, coping with the apparent suicide of its acting chief financial officer, said Friday that its former chief executive is coming back temporarily to help oversee the company's finances.

H&R Block prepares fewer tax returns this year (AP)

AP - H&R Block Inc. said Friday it prepared 3.1 percent fewer returns in the just-completed tax filing season, although tax preparation revenue rose slightly because of higher average fees and more complex returns.

Option ARM Loans Turn into Nightmares (BusinessWeek Online)

BusinessWeek Online - Entrepreneur Michael Bissell worries about losing his business, his house, or both. His 10-year-old Web design firm in Portland, Ore., is struggling as customers fall behind on their bills. To cover salary and other expenses, Bissell tapped into his home last year for extra cash, relying on his exotic mortgage, which gives him the option to pay less than the monthly interest and principal for a while. But that source of money is running dry: The payment on his home loan will soon jump significantly. "I have no padding," says Bissell.

Freddie Mac executive faced pressure post-takeover (AP)

AP - After taking the role of acting chief financial officer when the government seized control of the company in September, Kellermann worked for several weeks alongside federal regulators known as "shadows," who stood by executives' sides at all times, questioning their calls and turning them over for government approval.

Mortgage rates dip, stay above record lows (AP)

AP - Rates on 30-year mortgages fell slightly from last week but remained just ahead of record lows posted this month, Freddie Mac said Thursday.

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