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Last Updated Friday, January 9, 2009 10:00 PM Texas Time

January 9, 2009

Lenders Required to Establish Procedures for Fraud Risk Factors

In an effort to prevent mortgage fraud by identity theft, lenders will have to put into place a protocol for dealing with loan applicants and address discrepancies at the credit bureau level. The Mortgage Bankers Association's Residential Technology Steering Committee addresses this mandate and how lenders can best implement the procedures.

Fake Social Security Numbers Used

A 39-year old Missouri man pleaded guilty to participating in a $12.6 million mortgage fraud scheme and using phony Social Security numbers to obtain three of the 25 properties involved.

Broker Could Face 180 Years Imprisonment

A Georgia man is accused of fraudulently issuing "seller's second mortgages" to convince lenders to approve loans. He is also charged with making it appear that borrowers more assets than they truthfully did.

Foreclosure Rescue Alleged Ponzi Scheme

A Texas man is accused of taking money from investors in order to pay other investors while they believed homes were being purchased and rent was being paid to them.

January 8, 2009

Brothers, Husband and Wife Team Defraud Lenders

Two brothers and a married couple have been accused of running a mortgage fraud scheme that involved inflating the values of five homes in New Hampshire, effectively stealing $300,000 from the $1 million in loans submitted to big name lenders.

Mortgage Fraud Takes Backseat

Contrary to what readers of this blog might believe, mortgage fraud is not the prime suspect for the current credit crisis. That is, according to a new survey of bankers conducted between Nov. 5 and Dec. 10 by Grant Thornton LLP with Bank Director magazine.

Wells Fargo Defrauded

A 39-year-old St. Louis man pleaded guilty to defrauding Wells Fargo Home Mortgage and admitted he would have bilked more if he wasn’t caught.

January 7, 2009

Time to Bargain

A real estate developer charged with 23 counts of theft and forgery, including felony racketeering has a few months to decide whether or not he wants to strike a plea bargain before his trial date in June.

Closing Attorney to Lose License

The closing attorney for an alleged mortgage fraud ring pleaded guilty to charges of mail fraud and money laundering conspiracy related to mortgage fraud and drug dealing.

FHA Defrauded in $12 Million Scam

A Kansas City man pleaded guilty to participating in a mortgage fraud scheme that bilked FHA and other lenders out of more than $12 million.

January 6, 2009

Mortgage Fraud Taking Front Seat

The Department of Justice is redirecting its Corporate Fraud Task Force towards mortgage fraud investigation to help combat the current housing crisis.

Plea for Leniency Denied

A man who was sentenced to three years in prison for mortgage fraud dashed out of the courthouse after telling the judge he was too sick to serve any prison time. The judge denied his request. News cameras followed the man as he tried to hurry away.

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