California is No. 3 in mortgage fraud
While overall mortgage fraud reports are down, California continues to be among the worst states in terms of such crime — trailing only New York and Florida for fraud on loans originated in 2010, according to a report released Monday.
The annual report from the Lexis-Nexis Mortgage Asset Research Institute highlighted the challenges facing states like California as they grapple with the ongoing aftermath of the subprime mortgage crisis.
The annual report is based on verifiable cases of fraud reported to the institute’s Mortgage Industry Data Exchange, or MIDEX.
The overall number of mortgage fraud reports to the institute dropped 41 percent from 2009 to 2010, according to the research and data firm.
— Sacramento Bee
Disney’s Q2 earnings miss target
Walt Disney on Tuesday reported lower-than-expected net income and revenue for the second quarter due to the poor box-office performance of “Mars Needs Moms” and the temporary closure of theme parks in Japan following the earthquake and tsunami.
Net income for the three months ended April 2 fell to $942 million, or 49 cents per share, from $953 million, or 48 cents per share, a year earlier. Revenue grew 6 percent to $9.08 billion from $8.58 billion a year earlier.
Analysts polled by FactSet were looking for earnings of 57 cents per share on $9.12 billion in revenue.
— Associated Press
Regulators probe Goldman Sachs unit
Goldman Sachs says one of its units is being investigated by federal regulators over whether it should have known one of its clients improperly used investment accounts to make trades.
Goldman says the staff of the Commodity Futures Trading Commission has told the firm it will recommend that the agency file civil fraud charges. Goldman says it is cooperating with the investigation.
— Associated Press
