Carson talks reforms, Scammer sentenced, SEC warns of de-listing

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Scammer sentenced, Carson talks reverse mortgages, Walter faces possible de-listing from NYSE

reverse mortgage news

In this week’s edition: HUD Secretary Ben Carson supports reverse mortgage program while speaking for the need for reform.  The New York Stock Exchange puts Walter Investment on notice. US Postal Service nabs reverse mortgage scammer in a sting operation. The best & worst uses of a reverse mortgage.

While Dr. Ben Carson is settling into his new job as Secretary of the Department of Housing and Urban Development, he did take the time to note both his support and the need for reforms of the Home Equity Conversion Mortgage program. Speaking before the Leading Age Florida convention, Carson stated “More and more of our citizens are over 65 years of age … about 15 percent, nationally. And, as our nation ages, we must become wiser, smarter, while expanding choices for seniors.”

A successful con requires confidence on the part of the scammer. This time Kemal Barnes had the tables turned on him after scamming over $120,000 a 79-year old Texas woman according to the Boston Globe. Barnes began his con game while living in his native Jamaica and continued while living in Massachusetts. The victim’s son notified authorities in 2015 after