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Last Updated Sunday, July 25, 2010 10:27 PM CST
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Mortgage Fraud News
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Case Activity
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July 16, 2010
Mortgage Fraud Shifts from Brokers to Borrowers
In 2005 the worst 3 percent of mortgage brokers accounted for 100 percent of mortgage fraud. More recent studies indicate borrowers are the cultprit.
read full story at ocregister.com
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July 14, 2010
FHA Fraud Twice as Bad as Conventional
Mortgage fraud is more than twice as high on government-insured loans than on conventional mortgages, according to a new report that also indicated fraud is playing a big role in repurchase demands. The study highlighted a single street in Florida with the highest risk of fraud where prices have tumbled from more than $200,000 to less than $30,000.
read full story at MortgageDaily.com
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June 18, 2010
86 South Florida Defendants Charged
Since March 1, federal charges have been filed against 86 people in South Florida for mortgage fraud.
read full story at Miami Herald
The $2 Billion Mortgage Fraud Sting
More than a thousand defendants who helped close more than $2 billion in fraudulent mortgages have been charged as part of a federal crackdown. Among the defendants were many who are mortgage brokers.
read full story at MortgageDaily.com
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June 17, 2010
DOJ in NC Creates Task Force
A mortgage fraud task forces has been created by the U.S. Attorney’s Office for the Eastern District of North Carolina.
read article at Triangle Business Journal
FBI Opposes HUD Rule
In its annual mortgage fraud report, the FBI said that it opposes HUD's waiver of the FHA 90-day property flip rule because illegal schemes usually happen within a 90-day period.
read full story at MortgageDaily.com
1,215 Charged with Mortgage Fraud
Operation Stolen Dreams has netted 1,215 defendants of which 485 have been arrested since March 1. Mortgage lenders had losses of more than $2.3 billion from the related cases, while $147 million has been recovered and 191 civil cases have been filed.
read full announcement at Justice.gov
25 Defendants Charged in Eastern Michigan
Between March 1 and June 17, 25 individual have been charged with mortgage fraud, 10 have pleaded guilty and 11 have been sentenced. The actions are the result of Operation Stolen Dreams.
read full announcement at FBI.gov
Mortgage Fraud Rose and Getting Worse
An annual report from the government indicates mortgage fraud continued to increase last year, is even worse this year and is expected to deteriorate further. Areas of rising concern are schemes tied to reverse mortgages, commercial mortgages and distressed mortgages.
read full story at MortgageDaily.com
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June 8, 2010
Valuation Fraud a Growing Problem
A spike in the risk of appraisal fraud has pushed the overall risk of mortgage fraud higher, according to the latest quarterly index. Five states were identified as potential problem spots for mortgage lenders. Chances that a borrower is lying about occupying a property, however, have declined.
read full story at MortgageDaily.com
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May 28, 2010
The Rise and Fall of Mortgage Fraud
During the middle part of the decade, the real estate market was on fire. As soon as an agent had a property listed -- multiple offers came in, ultimately leading to a quick sale above the listing price. This lasted for about four to five years, when unfortunately it all came crashing down.
read full story
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May 27, 2010
Miami-Dade Fraud Unit Launched
Miami-Dade State Attorney Katherine Fernandez Rundle announced the launch of a mortgage fraud unit to fight mortgage related crimes.
read announcement at MiamiSao.com
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May 4, 2010
Fraud Initiative Yields $350 Million in Mortgage Fraud Convictions
The U.S. Attorney’s Office Mortgage Fraud Strike Force has prosecuted more than 300 mortgage fraud defendants in cases involving around $350 million in fraudulent loans.
read announcement from U.S. Department of Justice
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May 3, 2010
MASS. Senate Passes Mortgage Fraud Bill
A bill that would make mortgage fraud a crime has made it through the Massachusetts Senate
read full story at 95.9 WATC-FM
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April 29, 2010
HUD OIG Creates New Region to Address Growing Fraud
CHICAGO -- Mortgage fraud in the Midwest has gotten so bad that the U.S. Department of Housing and Urban Development's watchdog had to break up the region.
read full story at MortgageDaily.com
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| Date |
Defendants |
State |
Amount of Loans |
Overview |
Source |
| July 21 |
Jessica Murilloa |
FL |
purchase price of $345,000| |
Guilty conviction. |
Justice.gov |
| July 17 |
Dean Juhl, Charles Brandt, Flora Carmona, Jessica Feliciano, JC Distinguished Finance |
CO |
damages $629,200 |
Civil default judgment entered. |
MortgageDaily.com |
| July 17 |
Michael T. Dyer, Julian James Ruiz III |
OR |
restitution of $65,000 |
Conviction of Dyer. |
statesmanjournal.com |
| July 16 |
Alicia Martinez, Morris Olmer, Marshall Asmar, Jo’Mell Thomas, big group |
CT |
$10,000,000 |
Martinez indicted and pending trial. Franklin American Mortgage Co. among victims. |
New Haven Independent |
| July 16 |
Val Taylor, Tyshe Bankston, Bernard Lawson, Jocelyn Joseph, Merrick Henry |
NY |
$1,700,000 |
Charges filed against 4. Flaherty Funding was victim. |
democratandchronicle.com |
| July 15 |
JOHN R. THOMPSON, Brian Steptoe, Natasha Steptoe |
GA |
$400,000 |
Guilty conviction for Thompson. Bank of America victim. |
Justice.gov |
| July 14 |
Alan Weitz, Brandon Weitz, Sean McCarthy, Brett Lewin, Corey Lewin, Daniel Scala |
FL |
$2,000,000 |
Arrests. |
myfloridacfo.com |
| July 14 |
Mayer Goldberger |
NY |
$2,300,000 |
Charges filed. |
nassaucountyny.gov |
| July 14 |
Richard A. Sand, Donald W. Krause, Brenda Epperly |
MN |
$2,500,000 |
Indictement. |
Pioneer Press |
| July 14 |
David Joseph Pikul, Donald Jacob Schiller Sr., Joseph L. Flood III |
NC |
$339,050 |
Pikul indicted. |
The Fayetteville Observer |
| July 14 |
Six defendants. |
FL |
$2,000,000 |
Arrests. |
The Associated Press |
| July 12 |
Brian K. Jackson |
CA |
losse of $111,103 |
Guilty plea. |
Justice.gov |
| July 12 |
Debra Landberg |
FL |
$388,000 |
Guilty plea. |
marconews.com |
| July 12 |
Paul Bosnyak, Brian Chili, Jeremy Hatlee, Trinity Ruffino, James Dalonzo, Erling Hall, Mark Wallen, Kim Jack |
FL |
$4,000,000 |
Plea hearing continued. |
news-press.com |
| July 12 |
Douglas Lee Carter Sr. |
FL |
$500,000 |
Sentenc of supervised release. Long Beach Mortgage Co. was victim. |
Naples Daily News |
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