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February 20, 2009
Four people from have been indicted for participating in a subprime fraud scheme that used ex-cons living in a halfway house in New York and others from a public housing complex in Brooklyn as straw buyers. The four are charged with multiple counts and if convicted, face at least a maximum of 30 years in prison and a fine of at least $250,000 up to $1 million, or twice the gain or loss from the scheme.
A real estate agent who recruited straw buyers as well as was one on five properties pleaded guilty to defrauding lenders of at least $921,000. Prosecutors expect that losses from the scheme could reach as high as $2.5 million, though the defendant claims less. He faces up to 30 years in prison and $1 million in fines when sentenced May 11.
Three loan officers, a loan processor, a home improvement business owner, and an unlicensed appraiser have been accused of running a mortgage fraud scheme that involved at least eight houses and loans totaling more than $10 million.
A former loan officer is accused of recruiting two straw buyers, flipping one property twice and diverting the proceeds into his own company.
A real estate agent who pleaded guilty to bank fraud and money laundering had an apparent reputation for holding wild parties that would necessitate a visit from the authorities.
February 18, 2009
An appraiser who was named in a civil lawsuit filed by an Indiana mortgage corporation, along with 124 others, has permanently surrendered his license after an investigation by the Tennessee Real Estate Appraiser Commission. The mortgage corporation alleges the 125 defendants engaged in some form of mortgage fraud, which led to 89 mortgage loans defaulting.
A judge had no choice but to evict a family from their home even though they were the victims of fraud, not the perpetrators.
A governmental agency is putting the hit out on real estate professionals who have committed mortgage fraud as the Feds prepares to inject billions of dollars into the financial sector.
An Ohio mortgage broker was sentenced for committing $2.3 million in mortgage fraud on only two loans. He was ordered to pay at least $646,000 in restitution to the lender victims as well.
The basis on which mortgage originations were made at World Savings has been called into question by a former mortgage originator at the company's San Francisco Loan Origination Center. CBS 60 Minutes covered Paul Bishop's account of how he warned executives of the impending doom the company was about to face.
February 17, 2009
A mortgage sales representative at World Savings said he warned executives of the impending doom the company was bringing upon itself. Misleading and predatory loans were abound, he charged, and while executives dismissed his claims the company began its decent.
A third man has been sentenced after pleading guilty to a mortgage fraud scheme that involved providing false information to secure $300,000 in financing from a California lender.
The founder and chairman of the Association of Certified Fraud Examiners shares with CPAs and others the mortgage fraud schemes that are plaguing the home lending industry today.
February 16, 2009
A man and woman have been indicted on charges relating to mortgage fraud after they allegedly coerced a man to transfer the deed to them so they could take money out to invest in a company in 1990. He then traveled to the Philippines under their direction to collect an $80,000 commission and has not been seen since. The couple then moved into his home. Another loan was taken out on the home and officials say the woman made false claims on the loan application.
In an effort to track, and hopefully prevent mortgage fraud, loan originators and appraisers are now going to be required to provide their license or registration numbers on loans that Fannie Mae or Freddie Mac acquire.
Lawmakers are hoping to prevent additional fraud opportunities by beefing up mortgage fraud task forces before the Troubled Asset Relief Program's (TARP) $700 billion infusion hits the ground running.
A million-dollar fraud scheme in Alaska that involved all types of real estate professionals is taking some twists and turns as charges are dropped on one defendant and another changes his plea to not guilty.
Four people were arrested and a title company in Utah was searched in connection with an alleged straw buyer scheme that duped a woman who didn't understand what she was signing. Prosecutors allege that the fraudsters preyed on members of Utah's Polynesian community.
A husband and wife who run a mortgage company that ranked fourth in best small business in Hawaii to work for have been indicted on charges of mortgage fraud.
A 25-year-old man was sentenced 16 months in prison after pleading guilty to a multimillion-dollar mortgage fraud scheme in Minnesota. His cousin awaits his sentencing in the scam.
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