Springhill group group loan: S. Korea seeks to ease home loan rules, take stimu...: http://english.yonhapnews.co.kr/national/2012/07/22/12/0301000000AEN20120722002400315F.HTML SEOUL, July 22 (Yonhap) -- South Korea plans t...
Springhill group group loan: Seoul shares rebound on US results, banks down on ...
Springhill group group loan: Seoul shares rebound on US results, banks down on ...: http://articles.economictimes.indiatimes.com/2012-07-19/news/32747490_1_seoul-shares-rate-probe-woori-finance-holdings SEOUL: Seoul shar...
Hardest Hit Fund Least Effective In Sea Of Disappointing Housing Programs: New Report
http://isabelamber.blogspot.com/2012/07/hardest-hit-fund-least-effective-in-sea.html
http://springhillgrouphome.com/
Most of the federal bailout money pledged through the Hardest Hit Fund, a program meant to help ailing homeowners in states especially battered by the housing crisis, has gone unspent, according to a report released Wednesday by a government watchdog.
And most of that was used for unemployment assistance, not refinancing mortgages.
"The program has had a stunningly slow start," Christy Romero, the inspector general of the watchdog agency with oversight of the Troubled Asset Relief Program, said in an interview with The Huffington Post. "They are still not getting money out to homeowners."
As of June 30, state housing agencies had drawn down just $1.1 billion of the $7.6 billion allocated for the program since 2010, according to the report. Of that sum, $351 million had been spent to assist just 43,580 homeowners -- mostly with unemployment aid, not home loan modifications.
The Hardest Hit Fund is a small part of TARP, which was established in 2009 with the aim of pumping $700 billion into the banking and housing markets in order to keep both from imploding. Since its inception, though, TARP has been beset by criticism that the Treasury Department, which oversees the program, has favored the interests of banks over homeowners. The most scathing critiques of the program have come from the Special Inspector General for the Troubled Asset Relief Program, or SIGTARP, the government watchdog appointed to oversee Treasury's handling of the program.
In a new book, Neil Barofsky, who stepped down as the inspector general of the program last year, claims that the hurried rollout of HAMP by Treasury Secretary Timothy Geithner led to "a rash of misconduct and criminal activity."
In response to homeowner complaints about mortgage servicers, Treasury "demonstrated no interest in taking even the most modest steps to punish them," Barofsky writes. "That was unconscionable, given the pain being inflicted on so many home owners."
Romero, who took over earlier this year, has also been an unstinting critic of Treasury's management of the program. Romero said that the Treasury Department has failed to set clear performance goals for homeowner assistance programs, and that it has also failed to force the banks and other loan servicers to treat homeowners fairly.
"If Treasury really is a steward of TARP it should be holding the [mortgage] servicers' feet to the fire," Romero said. "They need to be tough. I don't even see an acknowledgement from Treasury that what they are doing in housing is not good enough."
Andrea Risotto, a Treasury spokeswoman, said that Treasury has required participating loan servicers to "improve their processes" through ongoing reviews. These assessments, last released in June, show "clear progress by mortgage servicers," she said.
But only a small percentage of the money allocated to help homeowners has actually been spent. Of $45 billion in homeowner relief allocated by the Treasury Department, just $4.5 billion had been spent as of June 30, according to the inspector general report. Meanwhile, 407 banks and credit unions that were able to borrow hundreds of billions of dollars with little vetting still owe taxpayers more than $14 billion in principal.
World Bank to Determine Loan Programme for Next Two Years in Azerbaijan
http://www.zimbio.com/Springhill+Group+Home/articles/zHGipFIdJeS/World+Bank+Determine+Loan+Programme+Next+Two
http://springhillgrouphome.com/
The World Bank(WB) plans to complete a mid-term evaluation strategy for cooperation with the Government of Azerbaijan (2011-2014) by the end of autumn, Baku representation of the Bank told Trend.
“The lending programme for the remaining two years will be determined after the completion of the evaluation. It will be prepared in accordance with the priorities of the Azerbaijani Government towards foreignloans,” the office said. “The bank approved all the strategy projects provided for the first two years.”
The total funding approved by the WB for the implementation of five projects in Azerbaijan during the 2011-12 fiscal year amounted to $205.4 million.
The funds will be used to finance projects to support water users ($80 million), development of the capital market ($12 million), modernisation of the judiciary ($33.4 million), improving the living conditions and incomes of displaced persons in Azerbaijan ($50 million) and development of rural investments (AzRIP-2 – $30 million).
Azerbaijan became a middle income country with a per capita income of $5280 and completed 2011 receiving concessional financing from the World Bank. This suggests that Azerbaijan has lost access to soft loans from the bank and receives funding from the International Bank for Reconstruction and Development and the International Finance Corporation.
The World Bank has financed 43 projects in various sectors of the economy totalling $3.1 billion in loans and grants from the International Development Association (IDA) and loans from the International Bank for Reconstruction and Development (IBRD), since 1992 during the period of cooperation with Azerbaijan. Some 42 per cent of funding has already been spent
About 75 per cent of the funding accounts for two main areas – transport (48 per cent) and water and sewer services (21 per cent). Other sectors such as public administration (eight per cent), agriculture, fisheries and forestry (eight per cent), energy and mining (five per cent) and thefinancial sector (four per cent).
Over 59 per cent of the current active portfolio of the World Bank in Azerbaijan occurs in transport, 23 per cent – the water sector, five per cent – agriculture, fisheries and forestry, five per cent – public administration, law and justice.
Hardest Hit Fund Least Effective In Sea Of Disappointing Housing Programs: New Report
http://www.huffingtonpost.com/2012/07/25/hardest-hit-fund-housing-programs_n_1701847.html
http://springhillgrouphome.com/
Most of the federal bailout money pledged through the Hardest Hit Fund, a program meant to help ailing homeowners in states especially battered by the housing crisis, has gone unspent, according to a report released Wednesday by a government watchdog. And most of that was used for unemployment assistance, not refinancing mortgages.
"The program has had a stunningly slow start," Christy Romero, the inspector general of the watchdog agency with oversight of the Troubled Asset Relief Program, said in an interview with The Huffington Post. "They are still not getting money out to homeowners."
As of June 30, state housing agencies had drawn down just $1.1 billion of the $7.6 billion allocated for the program since 2010, according to the report. Of that sum, $351 million had been spent to assist just 43,580 homeowners -- mostly with unemployment aid, not home loan modifications.
The Hardest Hit Fund is a small part of TARP, which was established in 2009 with the aim of pumping $700 billion into the banking and housing markets in order to keep both from imploding. Since its inception, though, TARP has been beset by criticism that the Treasury Department, which oversees the program, has favored the interests of banks over homeowners. The most scathing critiques of the program have come from the Special Inspector General for the Troubled Asset Relief Program, or SIGTARP, the government watchdog appointed to oversee Treasury's handling of the program.
In a new book, Neil Barofsky, who stepped down as the inspector general of the program last year, claims that the hurried rollout of HAMP by Treasury Secretary Timothy Geithner led to "a rash of misconduct and criminal activity."
In response to homeowner complaints about mortgage servicers, Treasury "demonstrated no interest in taking even the most modest steps to punish them," Barofsky writes. "That was unconscionable, given the pain being inflicted on so many home owners."
Romero, who took over earlier this year, has also been an unstinting critic of Treasury's management of the program. Romero said that the Treasury Department has failed to set clear performance goals for homeowner assistance programs, and that it has also failed to force the banks and other loan servicers to treat homeowners fairly.
"If Treasury really is a steward of TARP it should be holding the [mortgage] servicers' feet to the fire," Romero said. "They need to be tough. I don't even see an acknowledgement from Treasury that what they are doing in housing is not good enough."
Andrea Risotto, a Treasury spokeswoman, said that Treasury has required participating loan servicers to "improve their processes" through ongoing reviews. These assessments, last released in June, show "clear progress by mortgage servicers," she said.
But only a small percentage of the money allocated to help homeowners has actually been spent. Of $45 billion in homeowner relief allocated by the Treasury Department, just $4.5 billion had been spent as of June 30, according to the inspector general report. Meanwhile, 407 banks and credit unions that were able to borrow hundreds of billions of dollars with little vetting still owe taxpayers more than $14 billion in principal.
The Treasury Department also said initially that its flagship Home Affordable Modification Program would benefit 3 million to 4 million homeowners -- but fewer than 1 million borrowers have had a mortgage permanently modified at a lower interest rate. Homeowners have complained bitterly about the application process, which for many was a numbing cycle of lost paperwork, endless phone calls with a series of poorly-trained bank employees, and ultimately in many cases, a rejection on grounds that they didn't understand.
World Bank to Determine Loan Programme for Next Two Years in Azerbaijan
http://www.loansafe.org/world-bank-to-determine-loan-programme-for-next-two-years-in-azerbaijan
http://springhillgrouphome.com/
The World Bank(WB) plans to complete a mid-term evaluation strategy for cooperation with the Government of Azerbaijan (2011-2014) by the end of autumn, Baku representation of the Bank told Trend.
“The lending programme for the remaining two years will be determined after the completion of the evaluation. It will be prepared in accordance with the priorities of the Azerbaijani Government towards foreignloans,” the office said. “The bank approved all the strategy projects provided for the first two years.”
The total funding approved by the WB for the implementation of five projects in Azerbaijan during the 2011-12 fiscal year amounted to $205.4 million.
The funds will be used to finance projects to support water users ($80 million), development of the capital market ($12 million), modernisation of the judiciary ($33.4 million), improving the living conditions and incomes of displaced persons in Azerbaijan ($50 million) and development of rural investments (AzRIP-2 – $30 million).
Azerbaijan became a middle income country with a per capita income of $5280 and completed 2011 receiving concessional financing from the World Bank. This suggests that Azerbaijan has lost access to soft loans from the bank and receives funding from the International Bank for Reconstruction and Development and the International Finance Corporation.
The World Bank has financed 43 projects in various sectors of the economy totalling $3.1 billion in loans and grants from the International Development Association (IDA) and loans from the International Bank for Reconstruction and Development (IBRD), since 1992 during the period of cooperation with Azerbaijan. Some 42 per cent of funding has already been spent
About 75 per cent of the funding accounts for two main areas – transport (48 per cent) and water and sewer services (21 per cent). Other sectors such as public administration (eight per cent), agriculture, fisheries and forestry (eight per cent), energy and mining (five per cent) and thefinancial sector (four per cent).
Over 59 per cent of the current active portfolio of the World Bank in Azerbaijan occurs in transport, 23 per cent – the water sector, five per cent – agriculture, fisheries and forestry, five per cent – public administration, law and justice.
Forensic Loan Audits Are New Mortgage Loan Modification Scams | Springhill Group Home
Source : http://springhillgrouphome.com/
New scam involving phony “forensic audits” of mortgage loans is the latest variation on loan modification scams. An article in the Sacramento Bee this week, reported that California Attorney General Jerry Brown warned California’s distressed homeowner’s to refrain from forensic review of their mortgage loan and lender’s practices. Jerry Brown issued a press release stating that these loan audits are nothing more than loan modification scams that are taking advantage of people’s desperation in the midst of the nation’s persisting economic troubles. He joined with the California Department of Real Estate and the State Bar of California to warn homeowners who face the danger of foreclosure, to avoid such scams because they offer no help towards saving their home from foreclosure.
The Latest among Many Loan Modification Scams
Last year, the California Department of Real Estate investigated more than 2,000 cases of loan modification scam and from that number, 350 scam operations were ordered to terminate their illegal activity according to the attorney general’s office.
According to the article, the spokesman for the attorney general, Evan Westrup, explained that “It’s the latest phony foreclosure-relief ’service’ by an industry that continues to be long on promises and short on results…another way to get homeowners in distress to pay for services that ultimately aren’t helping or providing the relief they need.”
The “Forensic Audit’ Loan Modification Scam
This particular scam entices homeowners through newspaper advertisements, as well as radio and television spots. The hook is to get homeowners to believe that they can find errors, improper documentation, or outright illegal activity in the way the mortgage was originated or within the loan itself. Supposedly, with such information, the homeowner will have sufficient leverage to fight the lender in the home loan-modification process with the hope of receiving assistance in keeping their home. The provider of such a noble service simply charges an upfront fee. Tragically, the audits provide no benefit, as they have nothing to do with helping those facing foreclosure proceedings.
Even Legitimate Forensic Loan Audits Provide Little Help
On the attorney general’s Web site, Jerry Brown stated: “Forensic loan audits are…hawked by loan-modification consultants trying to cash in on the desperation of homeowners facing foreclosure…there is no evidence or statistical data to support claims that forensic loan-audits — even if performed by a licensed, legitimate and trained auditor, mortgage professional or lawyer — will help homeowners obtain loan modifications or provide any other foreclosure relief.”
Brown’s warning comes now, even though in October of 2009, California outlawed the practice of prepaying for mortgage loan modification. In reality, it doesn’t appear to have stopped the more creative criminal minds.
2009 Mortgage Fraud Report “Year in Review” - The-looser-it-s-me
2009 Mortgage Fraud Report “Year in Review” - The-looser-it-s-me
Scope Note
The purpose of this study is to provide insight into the breadth and depth of mortgage fraud crimes perpetrated against the United States and its citizens during
2009. This report updates the 2008 Mortgage Fraud Report and addresses current mortgage fraud projections, issues, and the identification of mortgage fraud “hot
spots.” The objective of this study is to provide FBI program managers with relevant data to better understand the threat, identify trends, allocate resources,
and prioritize investigations. The report was requested by the Financial Crimes Section, Criminal Investigative Division (CID), and prepared by the Financial
Crimes Intelligence Unit (FCIU), Directorate of Intelligence (DI).
This report is based on FBI, state and local law enforcement, mortgage industry, and open-source reporting. Information was also provided by other government
agencies, including the U.S. Department of Housing and Urban Development-Office of Inspector General (HUD-OIG), Federal Housing Administration (FHA), the Federal
National Mortgage Association, and the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Industry reporting was obtained from the
LexisNexis Mortgage Asset Research Institute (MARI), RealtyTrac, Inc., Mortgage Bankers Association (MBA), and Interthinx®. Some industry reporting was acquired
through open sources.
While the FBI has high confidence in all of these sources, some inconsistencies relative to the cataloging of statistics by some organizations are noted. For
example, suspicious activity reports (SARs) are cataloged according to the year in which they are submitted and the information contained within them may
describe activity that occurred in previous months or years. The geographic specificity of industry reporting varies as some companies report at the zip code
level, and others by city, region, or state. Many of the statistics provided by the external sources, including FinCEN, FHA, and HUD-OIG, are captured by fiscal
year; however, this report focuses on the calendar year findings. While these discrepancies have minimal impact on the overall findings stated in this report, we
have noted specific instances in the text where they may affect conclusions.
Reported incidents of mortgage fraud fell in 2011
http://www.cbsnews.com/8301-505245_162-57470531/reported-incidents-of-mortgage-fraud-fell-in-2011/
ATLANTA — Cases of residential mortgage fraud reported by institutions in the home financing industry fell last year for the second year in a row, according to a new study.
The LexisNexis Risk Solutions Mortgage Fraud Report released Wednesday tracks verified instances of home loan fraud or misrepresentation by mortgage industry professionals, as reported by banks and other financial institutions.
The fraud could include a borrower falsifying information on loan documents but only if the borrower was conspiring with a mortgage industry professional.
The study found that mortgage fraud reports declined 35 percent between 2010 and 2011.
One factor in the decline is that mortgage loan originations sank to their lowest levels since 2001 last year, reflecting a sharp drop in sales of new and previously occupied homes.
Another is that fewer mortgage fraud schemes are taking place at the point where a buyer tries to get a home loan. Mortgage fraud involving the buying or selling of homes in some stage of foreclosure is becoming more common, according to the FBI.
Mortgage fraud investigations by the FBI resulted in 1,082 convictions in fiscal 2011, the agency has said.
Loan application and home appraisal fraud and misrepresentation made up the largest category of fraud type being investigated by lenders last year, according to the LexisNexis study.
Among the trends identified in the report: Instances where buyers and sellers potentially colluded in a home sale or purchase transaction are running at an elevated pace.
One red flag of collusion in a real estate transaction is when there is an undisclosed relationship between buyer and seller, or agent, which could potentially lead to a conflict of interest.
Unless disclosed, real estate transactions are expected to be arm's-length, or with buyer and seller having no relationship to each other.
In 2011, lenders reported that transactions where such a relationship was not disclosed declined to 6.8 percent from 9.7 percent in 2010. In years past, that percentage has been below 5 percent, LexisNexis said.
The decline in the overall number of reported mortgage fraud cases by institutions does not necessarily mean mortgage fraud is on the wane, however.
Reports of suspected mortgage fraud activity posted an annual increase of 31 percent to 92,028 last year, according to the Financial Crimes Enforcement Network.
Still, that spike likely reflects loans made years ago. That's because many banks investigated housing-boom era residential mortgage transactions last year for signs of fraud.
Investors have pressed banks to buy back loans made during the boom years and eventually bundled into securities. The investors claim such loans were made improperly.
Among states, Florida had the highest incidence of reported mortgage fraud, according to the LexisNexis study, followed by Nevada, Arizona, Michigan and Rhode Island.
2009 Mortgage Fraud Report “Year in Review”
http://www.fbi.gov/stats-services/publications/mortgage-fraud-2009/
Scope Note
The purpose of this study is to provide insight into the breadth and depth of mortgage fraud crimes perpetrated against the United States and its citizens during
2009. This report updates the 2008 Mortgage Fraud Report and addresses current mortgage fraud projections, issues, and the identification of mortgage fraud “hot
spots.” The objective of this study is to provide FBI program managers with relevant data to better understand the threat, identify trends, allocate resources,
and prioritize investigations. The report was requested by the Financial Crimes Section, Criminal Investigative Division (CID), and prepared by the Financial
Crimes Intelligence Unit (FCIU), Directorate of Intelligence (DI).
This report is based on FBI, state and local law enforcement, mortgage industry, and open-source reporting. Information was also provided by other government
agencies, including the U.S. Department of Housing and Urban Development-Office of Inspector General (HUD-OIG), Federal Housing Administration (FHA), the Federal
National Mortgage Association, and the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Industry reporting was obtained from the
LexisNexis Mortgage Asset Research Institute (MARI), RealtyTrac, Inc., Mortgage Bankers Association (MBA), and Interthinx®. Some industry reporting was acquired
through open sources.
While the FBI has high confidence in all of these sources, some inconsistencies relative to the cataloging of statistics by some organizations are noted. For
example, suspicious activity reports (SARs) are cataloged according to the year in which they are submitted and the information contained within them may
describe activity that occurred in previous months or years. The geographic specificity of industry reporting varies as some companies report at the zip code
level, and others by city, region, or state. Many of the statistics provided by the external sources, including FinCEN, FHA, and HUD-OIG, are captured by fiscal
year; however, this report focuses on the calendar year findings. While these discrepancies have minimal impact on the overall findings stated in this report, we
have noted specific instances in the text where they may affect conclusions.
SpringHill Group: Retirement Community News – Recent News – Springhill Group, group of korean springhill medical -LIVEJOURNAL - BLOGFC2 -TUMBLR « Hotaru CMS
SpringHill Group: National News – Recent News – Springhill Group, springhill group health and medical -LIVEJOURNAL- BLOGFC2 -TUMBLR « Hotaru CMS
Retirement Community News – Recent News – Springhill Group, group of korean springhill medical -TUMBLR- BLOGGER - The-looser-it-s-me
National News – Recent News – Springhill Group, springhill group health and medical- BLOGFC2 -TUMBLR -BLOGGER - The-looser-it-s-me
Retirement Community News – Recent News – Springhill Group, group of korean springhill medical- BLOGFC2 -TUMBLR- BLOGGER : A Jetpak created by isabelamber : Jeteye
National News – Recent News – Springhill Group, springhill group health and medical- BLOGFC2 -TUMBLR -BLOGGER : A Jetpak created by isabelamber : Jeteye
New boiler technology promises cleaner energy -LIVEJOURNAL : A Jetpak created by isabelamber : Jeteye
Dozens of NK defectors booked for insurance fraud -LIVEJOURNAL : A Jetpak created by isabelamber : Jeteye
Springhill Group: New boiler technology promises cleaner energy -LIV...
Springhill Group: New boiler technology promises cleaner energy -LIV...: http://springhillgroup.livejournal.com/23482.html SOUTH KOREA Despite success and promise, the wide-scale deployment of integrated gasifi...
Springhill Group: New boiler technology promises cleaner energy -LIV...
Springhill Group: New boiler technology promises cleaner energy -LIV...: http://springhillgroup.livejournal.com/23482.html SOUTH KOREA Despite success and promise, the wide-scale deployment of integrated gasifi...
Springhill Group: Dozens of NK defectors booked for insurance fraud ...
Springhill Group: Dozens of NK defectors booked for insurance fraud ...: http://springhillgroup.livejournal.com/23205.html Dozens of North Korean defectors have been booked for committing insurance fraud here,...
Springhill Group: Dozens of NK defectors booked for insurance fraud ...
Springhill Group: Dozens of NK defectors booked for insurance fraud ...: http://springhillgroup.livejournal.com/23205.html Dozens of North Korean defectors have been booked for committing insurance fraud here,...
New boiler technology promises cleaner energy -LIVEJOURNAL
http://springhillgroup.livejournal.com/23482.html
SOUTH KOREA Despite success and promise, the wide-scale deployment of integrated gasification combined-cycle IGCC in South Korea is a few years away.
The country has negligible domestic coal production, only possessing 149 million tons of recoverable coal reserves, and must import coal to satisfy demand. Over the years, South Korea has become the world's second-largest coal importer, after Japan. The electric power sector accounts for more than half of coal consumption, though IGCC promises a much cleaner future for coal-fired power plants.
While IGCC is in line with South Korea's new and renewable energy program, the country cannot afford to wait for new technology to be employed, nor drastically decrease imports in favor of emissions reduction.
Currently, most of the world, including South Korea, employs pulverized-bed boilers PBB in coal-fired power plants and these, along with past types of boilers, have given coal-powered plants very poor reputations. PBB plants require that coal be ground into a fine dust before being fired at high temperatures escaping emissions, such as sulfuric oxides and nitric oxides, are ineffectively collected by scrubbers. Coal plants have the reputation of being among the most pollution-inducing types of power plant.
A new boiler technology is rapidly taking hold in the world of coal-derived energy, and this new technology may serve as a more-than-suitable bridge between PBB and IGCC. Circular fluidized-bed combustion, known better as FBC, utilizes fluidized-bed boilers FBB that do not require coal dust or extremely high temperatures. Granulated coal is loaded onto a suspended boiling before held aloft by upward-blowing air currents, tumbling the coal. This tumbling motion allows for more effective combustion and requires lower combustion temperatures. Combustion in FBBs occurs below the threshold temperature at which nitric oxides are produced, thus eliminating the need for that type of emissions capture. Internal limestone beds capture sulfuric oxides within the boiler instead of relying on external capture units, effectively reducing emissions up to 95. FBC plants require less in the way external emissions capture units and are therefore more cost-effective than past types.
Coal-fired plants utilizing FBBs now emit less in the way of greenhouse gases than oil-fire power plants, rendering the latter obsolete.
South Korea has wasted little time and has started converting existing oil-fired and PBB coal-fired power plants to FBC plants. Korea South-East Power Company, one of the government-controlled subsidiaries of Korea Electric Power Corporation KEPCO, is in the middle of replacing an oil-fired boiler at its Yeosu power plant. The $310 million, 340-megawatt FBB is expected to be brought online sometime late next year.
Another important characteristic of FBBs is the ability to burn solid fuels other than coal. This includes biomass, which is becoming an important alternative fuel in South Korea as many of the local governments and a few big name companies develop refused-derived fuel RDF production plants. RDF has a caloric value similar to that of coal at a fourth of the cost, and can be produced domestically as it's generated from municipal solid waste. Assuming that South Korea remains on track with its plants to utilize IGCC in the future, plants using FBBs can switch easily to the use of RDF and biomass, allowing the country to rely less on coal imports.
Industrial Info Resources
Dozens of NK defectors booked for insurance fraud -LIVEJOURNAL
http://springhillgroup.livejournal.com/23205.html
Dozens of North Korean defectors have been booked for committing insurance fraud here, in which they gained more than 1 billion won ($874,737), police said Tuesday. The Seoul Metropolitan Police Agency said they applied for arrest warrants for two North Korean defectors, including a 28-year-old woman whose identity is being withheld, on suspicion of getting falsely hospitalized to win insurance money. Twenty-five more North defectors were also booked for insurance fraud, the police said. The suspects held a large amount of insurance policies and got hospitalized for a variety of false diseases before winning a total of 1.04 billion won in compensation from 2007-10, according to the police. Police investigations found that while hospitalized they frequented saunas, restaurants and even night clubs. The insurance money was mostly spent on living expenses or sent through Chinese brokers to their families in the North, the police also noted. The police added that they have also booked a 71-year-old doctor and five other hospital employees for falsely admitting them, and two brokers who helped them transmit the money to the North. The doctor and his staff earned more than 100 million won from the national health insurance agency through the fraud. "The suspects found the doctor's hospital through word of mouth that he easily let people in for hospitalization," a police official said. "We will expand our investigation as there is intelligence on similar cases at more hospitals." More than a thousand defectors come into the South every year in search of political freedom and economic prosperity, but many fail to adjust to the new system. (Yonhap) |
