In a San Bernardino Superior Court, Eli Hassine plead guilty in a predatory “bait-and-switch” loan scam. The defendant promised homeowners who refinanced with him unrealistically low mortgage payments and cash-outs, then fraudulently changed the loan terms and charged excessively high loan fees in order to profit off the unsuspecting homeowners to the tune of $2.5 million.

Mortgage servicers fear the proposed 90-day moratorium on home foreclosures will actually prolong the housing downturn and have unintended consequences.