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Last Updated Friday, January 18, 2008, 5:00 PM Texas Time
photo of Coco Salazar

January 18, 2008

PA Man Bilks 3 Lenders Out Of $1 Million
Matthew McConaghy has been indicted by a federal grand jury in Pittsburgh for falsifying loan documents and defrauding mortgage lenders First Commonweath Bank, IndyMac Bank, and Countrywide Home Loans out of a total of $1 million.
read story from The Pittsburgh Tribune

Broker Accused Of Deceptive Practices By State
The State of Maine charges that licensed mortgage loan broker Maine Mortgage Group falsified documents and deceived a lender by making a short term loan for $7,000 to a prospective borrower in order to make the borrower's assets seem larger, and able to qualify for a mortgage.
read story from MaineToday.com

Texas Jury Indicts 16 For Real Estate Fraud
A federal grand jury in Austin, Texas has indicted a group of sixteen people comprised of real estate agents, loan officers, bankers, and attorneys that the FBI accuses of a mortgage fraud scheme involving 24 properties that cost lenders millions of dollars in losses. Officials with the Texas Real Estate Commission claim that simmilar fraud scams are causing honest people their chances to qualify for affordable home loans, and costing everyone in lost tax revenues.
read story from KXAN.com

January 17, 2008

Escrow Officer Charged With Theft Of Funds
Las Vegas police arrested escrow officer Sheila Katherine Williams after a six month investigation into a $568,000 mortgage transaction that the authorities claim she pocketed during the exchange of funds from the title company to the firm handling the escrow account.
read story from The Review Journal

Appraiser Admits To Roll In Atlanta Condo Scam
Appraiser Julian Perez is awaiting sentencing for his participation in Atlanta home developer Phillip Hill's mortgage fraud scheme where he overvalued 33 unfinished condominiums by more than $7.5 million all together, nearly twice what they were actually worth, costing home buyers who lost equity due to the inflated prices.
read story from Bloomberg

Frank Is Back And Fighting Fraud
BasePoint Analytics co-founder and chief fraud strategist Frank McKenna has released his fifth edition of "Fighting Fraud with Frank" which covers current trends in mortgage fraud and early payment defaults.
read story from BasePoint Analytics

Drug Probe Defendant Charged With Mortgage Fraud
Rodney Claro, already serving time behind bars on marijuana growing charges, has now also been charged with mortgage fraud. Claro and his father allegedly obtained two home mortgages totaling $269,900 on a Fort Pierce, Florida property by falsifying stated income figures on the loan documents.
read story from TCPalm

January 16, 2008

Vermont Broker Pleads Not Guilty
Richard Shumway, owner of South Burlington, Vermont based mortgage brokerage TSC Funding has pleaded not guilty to federal charges of mail and bank fraud that accuse him of skimming thousands of dollars from each of over 200 loans he brokered in the 1990's up to 2005.

Contractor Bilks Bank of Prairie In Loan Scam
Construction contractor Jared Minor pleaded guilty to charges that he conspired with home builder Steve Middleton in bank fraud. Minor falsified documents through Middleton's company, Somerset Homes, to acquire a property in Stilwell, Kansas that defrauded Bank of Prairie on a $950,000 home loan.

Stolen ID Used To Purchase Home and Garage Stuffer
Denise Williams was sentenced to 8 years in prison for using identity information found in a stolen wallet to purchase a Chicago home worth $173,000 and a $24,000 Chevrolet.
read story from The Chicago Tribune

Mortgage Fraud Ring Defendant Sentenced
Dack Daugherty will serve 44 months behind bars for defrauding 21 different banks and lenders out of more than $500,000 in a mortgage fraud scheme based in St. Louis, Missouri.
read story from The St. Louis Business Journal

Sacramento Broker Charged For Loan Fraud
Sennett Swift has been accused of defrauding two lenders and two homeowners by forging refinancing documents and submitting false statements to the lenders without the homeowners knowledge so that he could receive a $38,594 brokerage commission.
read story from The Sacramento Bee

January 15, 2008

Free Training Offered For Document Fraud Prevention
Interthinx(R) a leading mortgage fraud prevention and risk mitigation provider for the mortgage lending industry is offering free online training on document fraud and how to recognize the red flags that signal a loan might be corrupted.

January 14, 2008

Lending Company Issued Cease-and-Desist Order
Needham, Massachusetts based Mass Lending LLC, has been issued a cease-and-desist order from the state's Division of Banks due to allegations that the company falsified loan documents and mortgage applications. In one case, a borrower's income was recorded at $74,556 per year when in reality the borrower only made $22,057. Nearly 800 loans the company made over the last two years are being investigated.
read story from The Boston Globe

NC Reforms Sentencing For Fraud Convictions
North Carolina has stepped up it's efforts to protect it's $70 billion home mortgage industry from fraud by enforcing tougher regulation in two new laws that make punishments tougher and sentencing more severe for those convicted of fraudulent lending practices.
read story from The Triangle Business Journal

Missouri Governor Pursues Mortgage Fraud Prevention
Missouri residents at risk of loosing their homes to foreclosure have a new resource for information thanks to their Governor Matt Blunt's efforts to educate consumers on how to avoid predatory lending and fraudulent mortgage practices. Along with the new toll free information hotline, Governor Blunt is introducing legislation that would make punishments for mortgage fraud more severe.
read story from The Kansas City Business Journal

FBI Anticipates More Fraud In 2008
Amidst the record numbers of mortgage fraud claims, and the creation of 34 task forces to combat real estate related crime last year, the FBI is bracing for an expected increase in mortgage scams in 2008, in which relatively new kinds of bad lending, such as predatory reverse mortgages and foreclosure rescue ploys, will target the elderly and those struggling to save their homes, while stretching the resources of authorities trying to prevent the illegal schemes.
read story from The Tucson Citizen

Bank Accuses Two Mortgage Companies Of Fraud
Quad City, Iowa based Valley Bank has filed lawsuits against two mortgage companies claiming that they provided fraudulent information for loans totaling $853,000 which eventually went into default.
Andy Green and Martin Oh, employees at Excel Mortgage and Investment Services, are listed in one of the lawsuits for a bogus property sale in Upper Marlboro, MD.
The other lawsuit names Peach State Home Mortgage LLC. employees Guy Eric Atheba and Maise Parkinson for a botched home loan in Norcross, GA.
read story from The Quad-City Times

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: MortgageWriter@aol.com

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