Rethinking money 101: Tough times add a twist to old financial tips
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Rethinking money 101: Tough times add a twist to old financial tips

As hard times grind on, many Americans are taking a fresh look at the money lessons learned from their families. While some of the personal finance advice from prior generations and old adages hold

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Mortgage fraud reports spike as lawsuits pile up
News from BusinessWeek:

The wave of lawsuits and other demands from investors in mortgage-backed securities contributed to a big spike in reports of likely mortgage fraud during the second quarter, according to a Treasury Department report.

The department’s Financial Crimes Enforcement Network said Wednesday that it received 29,558 tips about possible mortgage fraud in the April-to-June period, an 88 percent leap from 15,727 in the 2010 second quarter.

A large majority of the tips examined during the second quarter involved mortgages closed during the height of the real estate bubble, the report said. In fact, 81 percent of the tips involved suspicious activities that occurred before 2008, while 63 percent involved mortgages inked four or more years ago.

The network receives the tips, called suspicious activity reports, because it enforces the law requiring banks to tell the government about questionable financial transactions. The agenc…………… continues on BusinessWeek
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