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Mortgage Industry Fraud
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January 5, 2006,
Legislator Accused of Foreclosure Fraud
The Maryland Attorney General is looking into claims that a state legislator duped a woman into selling her home to him.
In a lawsuit filed in Anne Arundel County Circuit Court, Teresa Milligan accuses Maryland State Delegate William "Tony" McConkey, a Republican and a real estate broker, of foreclosure rescue fraud.
McConkey has denied Milligan's claims that he somehow tricked Milligan into singing over her house to him.
Kevin Enright, a spokesman for Maryland Attorney General J. Joseph Curran, confirmed to MortgageDaily.com that the attorney general's office is "looking into the matter."
subscribers read Patrick's full story
A former mortgage executive who is under indictment
for selling the same loans multiple times on the
secondary market escaped when federal agents tried
to nab him.
Edward Batayeh, who is also known as Ed Bhataybh,
has been indicted by a federal grand jury in Oakland
on charges of masterminding a $13 million fraud
that included reselling loans multiple times.
But when federal agents tried to apprehend him on
Nov. 17, he fled in a 2003 BMW X3 with the California
license plate 5ETZ317.
"Defendant is a fugitive and should be considered
armed and dangerous," the U.S. Attorney for the
Northern District of California said in a statement.
subscribers read Patrick's full story
Lands Woman in Jail
Donna Abraham was sentenced to probation and
60 days in jail for allegedly using illegally-obtained
credit information to purchase property, and
amongst the victims were Alterna Mortgage Co.
and Countrywide Home Loans.
story from the New Jersey Herald .
Prospect Jailed for Fraud
Former Kansas congressional candidate Adam Taff
is serving a 15-month sentence for inflating
his monthly income, as well as using and keeping
$0.3 million in campaign money for a downpayment
on a loan for a $1.2 million home.
story from the Kansas City Star.
Exec Charged with Fraud
Former Jackson County Executive Katheryn Shields,
her husband, attorney Philip Cardarella, and
nine others were indicted on federal charges
of taking part in a scheme in which the value
of the couple's home, listed at nearly $0.7
million, was inflated and a fraudulent financial
information was used with the intent of having
a $1.2 million mortgage approved.
story from KCTV 5 News.
Fraud Ring Busted
Manhattan officials arrested 23 individuals
-- many of them Russian, and including brokers
and processors from AGA Capital NY Inc. and
Northside Capital NY Inc. -- who are blamed
for $200 million dollars in fraudulent home
loans in New York and New Jersey and cheating
lenders of at least $3.5 million.
story from WNBC.
Online Mortgage Scams Growing
The number of Internet scams involving mortgage
companies is increasing, according to Greylock
Federal Credit Union, which advised that consumers
can avoid being duped by being wary of red flags,
such as closing attorneys recommended by the
companies, an excessive number of fees and an
APR that is much higher than the interest quoted.
story from The Transcript.
Charged With Mortgage Fraud
Six dozens of companies and individuals were
indicted on 303 charges that they submitted
applications with false information to acquire
over $4 million in mortgages for 38 homes.
story from Fox 45.
Indicted for Mortgage Fraud
Kansas City Councilwoman and Trinity Mortgage
broker Saundra McFadden-Weaver and two others
received indictments for preparing material
false and fraudulent loan applications and documents
to obtain funding from MILA Inc., a conspiracy
that resulted in foreclosure on a property McFadden-Weaver
got a loan for but was for someone else to live
story from the Kansas City Business Journal.
Jailed 3 Times
Brian Christopher Dupree ended 2006 with a third
incarceration in a period of eight months, with
the latest arrest being for alleged unpaid child
support, the one prior being for renovating
a home without a permit and the first for allegedly
being at the center of a $7 million mortgage
fraud scheme of inflated home values and straw
story from Online Athens.
Sought for ID, Mortgage Fraud
Authorities are looking for Jorge Castan Camacho,
a fugitive in the past two or three months who
owned and controlled USA Mortgage Lending Capital
Corp. and is accused of illegally using people's
personal information to obtain funding for homes
then failing to make payments on the mortgages.
story from the Denver Post.
Accused of Defrauding Borrowers
Victims of Hurricane Isabel allegedly gave their
insurance and FEMA checks to Richard C. Pirozzi,
owner of National Restoration Specialists Inc.,
in exchange for home repairs, but these were
seldom made and funds were put into the company's
account instead of being sent to mortgage companies.
story from WVEC.
Gives Fraud-Prevention Tips
North Carolina officials gave consumers tips
to avoid scams, such as those in which a company
contacts a borrower with the promise of rescuing
a home in foreclosure trouble in exchange for
an up-front fee or those in which a buyer promises
to pay off the mortgage once the deed to the
property is signed over.
story from WITN 7.
Scam Takes Cake
First American Title Insurance Co. recently
was able to notify various lenders, ahead of
funding, that it received multiple title orders
on the same property, but that is not always
the case, as "shotgunning," a scheme
in which property owners apply for home equity
loans with various bankers at the same time
or in which a property is sold to multiple buyers,
has been labeled the fraud of the year.
story from the Los Angeles Times.
Charges for Reverse Scam
Michael Llamas, the owner of Property Line Investments
who was booked on four felony charges related
to an alleged reverse mortgage scam, may have
further charges filed against him.
story from Inside Bay Area.
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Crowley is fraud journalist for MortgageDaily.com
and a reporter and columnist
for The Cincinnati Enquirer.
Email Patrick at: PatCrowley@FraudBlogger.com