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Archives January 1, 2006

 


 
Fraud Stories From
Patrick Crowley



Fraud Wire



LO Steals Down Payment
Bruce and Martha Miles thought they were putting down $53,000 with a North Carolina mortgage loan officer to buy a new house.

Instead, they lost their money, were forced to file and bankruptcy and don't have a new home.

"It's a not a good situation," the Raleigh, N.C., lawyer representing the couple, told MortgageDaily.com. "I'm just surprised how easy it is to (allegedly) steal money in the mortgage industry."

A loan officer and her associate are facing charges that they duped the couple into putting up the money for a mortgage and then spending the money on themselves.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)


Citigroup Unit Stung by Chicago Gangs
When financial services giant Citigroup purchased Associates First Capital Corp. in 2000, it got more than one of the nation's largest subprime lenders.

Citi, as the New York-based company is known, was also left with a $10 million fraud ring that touched the violent world of Chicago street gangs.

"Citigroup was left to clean up this inherited situation," a Citigroup spokesman told MortgageDaily.com. "And we have cooperated fully with law enforcement and the investigation of this case."

Chicago police and prosecutors have tied some of the fraud that allegedly took place at Associates to a $70 million fraud ring that totaled more than 100 phony mortgage applications and involved members of the Traveling Vice Lords street gang.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)

December 30, 2005


Revised Appraisal Forms Prevent Fraud
New residential appraisal forms are making it easier to detect mortgage fraud.
read story from MortgageDaily.com
(subscription required)


Trio Tricks Countrywide
Tam Nguyen, Xuyen Nguyen and Myna Tran have been convicted of defrauding Countrywide Home Loans and face prison terms of up to 105 years.
read story from Broker Universe .


December 29, 2005


Drug Dealer Got Mortgage License
Deangelo McMahan, who in April 2004 was indicted for running a curbside heroin, cocaine and marijuana market in Chicago, was given a provisional mortgage loan originator's license from Illinois in September of that same year.
read story from the Chicago Tribune .


December 28, 2005


Couple's Massive Empire Disintegrating
The sale of millions in assets of Joanne and Alan Schneider, who allegedly bilked investors out of $7 million and issued at least 15 mortgages totaling $879,004 on one Cleveland rental home that sold for $76,850, has left them with just a single home.
read story from the Plain Dealer .


Trial of 4 Defendants Delays Sentencing on 3 Others
Convicted mortgage fraud defendants Todd Kolbe, Amy Samelson Kolbe and Kirk McVey saw their sentencings delayed following the scheduling of trials for defendants Kelly Abercrombie, Mary Bolan, Todd Kerber and Taya Parodo.
read story from the Bradenton Herald .


December 25, 2005


Credit Fraud
Firms that suggest they have a special connection with the three primary credit bureaus, promise they can convince lenders to remove bad ratings or imply they can get a potential mortgage applicant a new credit file are among five types prospective borrowers are advised to avoid.
read Bankrate.com story .

 
Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowley@FraudBlogger.com
 
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