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Last Updated Friday, February 1, 2008 5:00 PM Texas Time

February 1, 2008

Countrywide Accused of Firing Whistleblower
A former regional vice president of a Countrywide Financial Corp. affiliate has filed a lawsuit against the company alleging that he was fired for alerting executives that he wouldn't approval fraudulent loans.
read story from MortgageDaily.com

FBI Investigates 14 Lenders And Investors
The FBI has announced that it is working with the securities and Exchange Commission to investigate 14 mortgage lending and investment banking companies for fraudulent activity related to the subprime market.
read story from The Star Tribune

January 31, 2008

Whistle Blower Sues Countrywide KB Home
Mark Zachary, the Regional Vice President and Manager of Countrywide KB Home Loans Houston division, has filed a lawsuit accusing the lender wrongly fired him after he refused to approve mortgages that he claims were submitted by unqualified applicants.
read story from The Star Tribune

Loan Officer Agrees To Testify
Dwayne L. Carter has taken a plea deal and agreed to testify against eight other co-defendants involved in an Ohio based mortgage fraud scheme that caused more than 200 homes to go into foreclosure due to over inflated appraisals and falsified loan documents.
read story from The Columbus Dispatch

January 30, 2008

60,000 Reports of Fraud Likely in 2008
This year, reports of mortgage fraud are on track to reach 60,000, according to the Federal Bureau of Investigation -- which had more than 1,000 open cases last year.
read story from MortgageDaily.com

Utah Officials Urge Passage Of Mortgage Bill
The Utah Legislature and the Utah Mortgage Lenders Association are recommending the passage of Senate bill SB134 which would increase penalties against people convicted of mortgage fraud.
read story from The Deseret Morning News

Appraiser Sentenced For Fraud Scam Involvement
Darryl L. Cooper, a former appraiser on trail for submitting fraudulent appraisals on incomplete houses, was sentenced to one year and six months in prison by a Georgia court. Cooper, along with coconspirator Jeffery Alan Teague, defrauded mortgage lenders out of more than $4.7 million.
read story from National Mortgage News

Fraud Expert Exposes Rescue Scams
Richard Hagar, an expert on real estate and mortgage fraud recently gave a presentation that focused on revealing the tactics used in foreclosure rescue and mortgage elimination schemes, where he states "people who run 'foreclosure rescue' operations are the lowest of the low.
read story from The Bee News

January 29, 2008

Free Mortgage Fraud Prevention Training
The leading provider of risk mitigation and fraud prevention tools for the mortgage industry is offering a free DVD training video. Interthinx is providing the course in efforts to stress the importance of quality control and corporate integrity during the mortgage market correction.

Eliminating Mortgage Fraud Losses
A fraud prevention company has released a White Paper that discusses how mortgage companies can reduce losses resulting from mortgage fraud.
read story from MortgageDaily.com

Foreclosure Scam Legislation Being Reviewed
House Bill 3104 and Senate Bill 3026 are currently being heard by lawmakers who are fighting to protect homeowners facing foreclosure and who are vulnerable to home rescue scams.
read story from KHNL.com

January 28, 2008

Preventing Fraud Is Key To Success
BasePoint Analytics has released a new white paper titled "Rebuilding the Mortgage Industry - the Path Back to Profitability" which outlines and suggests changes in policies and risk management for lenders to consider when identifying and preventing mortgage fraud's impact to the bottom line.

Mortgage Broker Admits To Crossing The Line
William D. Edgar, a mortgage broker who ran Monreoeville, PA. based America's Mortgage Outlet, has been sentenced to three years in prison for submitting false information on 72 mortgage loan applications that defrauded lenders out of nearly $1 million.
read story from The Chicago Tribune

Defrauded Investors Wait For Accounts To Thaw
A Nevada County, CA. court and more than one hundred investors are waiting for Thomas Tamietti to submit the original insurance binders for accounts that were frozen and handed over to his company, Villa Mortgage, earlier by the same court. His brother, Robert Tamietti and his company Loan Sense, the original holders of the accounts, are under investigation for real estate fraud.
read story from The Union

Broker Convicted For Falsifying Loan Applications
Freedom Financial Services owner Nelson Miller, a former broker in Little Rock, Arkansas, has been convicted on one count of conspiracy and 15 counts of wire fraud for falsifying mortgage loan applications and masking the actual credit worthiness of his clients.
read story from ArkansasBusiness.com

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

e-mail: MortgageWriter@aol.com

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