Special Report: Hidden Peril Awaits China's Banks as Property Binge Fuels Mortgage Fraud Frenzy

U.S. News

The appeals court, too, found that the two women had committed fraud. But it also accepted Zhu's argument that she was entitled to her share of the gains from the scheme. The court ordered Lei to pay Zhu the amount they had fraudulently extracted from the bank - despite acknowledging in its ruling that the pair had engaged in "illegal behavior." Lei's lawyer said she complied with the ruling. The Bank of China did not respond to questions from Reuters about the case or allegations of widespread mortgage fraud in China.


Man Gets 5 Years for Operating $13 Million Mortgage Fraud

U.S. News

Barnard was one of two owners of Capital Financial Mortgage Corporation. Between 2005 and 2013 he defrauded banks by using money he borrowed for his personal use instead of funding loans for borrowers or paying off borrowers' existing mortgages.


Thirty-Year Fixed Mortgage Rate Rises to 3.83 Percent

U.S. News

Mortgage buyer Freddie Mac says the 30-year fixed mortgage rate was 3.83 percent, up from 3.78 percent last week and above last year's average of 3.65 percent. The 15-year fixed rate, popular with homeowners who are refinancing their mortgages, rose to 3.13 percent from 3.08 percent last week.


Average Mortgage Rates Climbed This Week

U.S. News

Mortgage buyer Freddie Mac says the average rate on 30-year fixed-rate mortgages rose to 3.99 percent, up from 3.94 percent last week. That average marks a five-month high, but it's still lower than the 4.32 percent a year ago. The rate on 15-year fixed-rate mortgages increased to an average 3.44 percent from 3.38 percent in the prior week. The 15-year averaged 3.55 percent a year ago.


US Mortgage Rates Rise, Though Remain Historically Low

U.S. News

The rate on the benchmark 30-year fixed-rate mortgage rose to 3.94 percent from 3.9 percent last week, mortgage giant Freddie Mac said. The 15-year, fixed-rate mortgage, popular among homeowners seeking to refinance, also increased, rising to 3.36 percent from 3.3 percent.