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Last Updated Friday, January 30, 2009 10:00 PM Texas Time
 

January 30, 2009

Fraud Volume Nears Billions

National and local law enforcement continue to ponder whether earlier intervention may have averted the current mortgage fraud and credit crisis. Fraud volume is now estimated to be in the billions, affecting individuals from all walks of life.




5 New Fraud Schemes Identified

The current economic environment has brought mortgage fraud to a whole new level. Con artists are preying on lenders, borrowers and vulnerable homeowners in danger of losing their homes.




January 29, 2009

Murder-Suicide Follow Alleged Fraud

A family of seven was found dead after a California couple were accused of falsifying income records to qualify for a low-income program.




Double the Fraud, Double the Charges

A California couple has been charged with obtaining a mortgage loan on a house they purchased in 2004 and then using fraud again after it went into foreclosure.




Identity Thief Sentenced

A Minnesota man stole identities to run a million-dollar mortgage fraud scheme through three mortgage companies he operated, including one on the Internet. He was sentenced to more than seven years in prison.




Lack of Resources, Communication Displaced Fraud Investigations

As early as 2004, an official from the Federal Bureau of Investigation gave Congress an ominous prediction of a mortgage meltdown that would affect financial markets. The current Assistant Director for the agency said the FBI has made good strides.




January 28, 2009

Bankrupt Mortgage Firm Sues Defunct Brokerage

A California mortgage company that filed a Chapter 11 bankruptcy is suing some of the culprits that caused over $4 million in losses due to mortgage fraud.




Fraud Tripled Appraised Value

Two Michigan real estate professionals are charged with six felony counts relating to a mortgage fraud scheme.




Bogus Insurance Certificates Used in Scheme

A Kentucky man who defrauded homeowners and lenders CitiFinancial and American General in an insurance fraud scheme faces up to 200 years in prison on 10 counts of mail fraud.




January 26, 2009

Sisters Sold Properties to Straw Buyers

Two sisters have been indicted on charges relating to a mortgage fraud scheme in California. Prosecutors said they sold multiple properties they owned to straw buyers and submitted loan applications with false information on the buyer's behalf with promises to buyback the properties within six to 12 months.




Transparency, Revisions Set at Ginnie Mae

Ginnie Mae is evaluating and revising procedures related to the packaging of mortgage loans into securities to help prevent fraud-infested bonds. The agency is considering the use of automated tools to increase its efficiency, according to its president Joseph Murin, who said they are preparing to be the last line of defense.




Executive Mortgage Fraud

A former executive for a south Florida lender pleaded guilty to fraudulently altering information on almost 3,000 loans in order to boost his compensation.






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