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Last Updated Friday, March 6, 2009 10:00 PM Texas Time
 

March 6, 2009

$15 Million Fraud in One Year

Six people have been charged with a mortgage fraud scheme that involved more than 200 properties and about $15 million in mortgage loans. One of the defendants recently pleaded guilty to 21 federal charges.


Junk Fee Scam

A former mortgage broker was sentenced to four years in prison after pleading guilty to defrauding his customers by charging them extra fees.


Mentally-Challenged Son Used in Fraud

A mother used her son to impersonate her husband to refinance the family home behind his back. The Ohio woman told the judge that she was on so many medications at the time that she couldn't even function.


An Appealing Fraud

A second defendant is appealing his seven-year sentence for his alleged participation in a $100 million mortgage fraud.


Airing Fraud Updates

A fraud prevention solutions firm is taking its knowledge to advanced limits by airing news topics relating to mortgage fraud.


March 5, 2009

New Construction Kickback Scheme

Four men have pleaded guilty to a $12.6 million mortgage fraud scheme that involved more than two dozen new construction homes. The kickbacks paid out in the straw buying scheme were as much as $125,000. Each defendant faces up to five years in prison with no chance of parole.


Queen of Denial Sentenced

A 41-year-old Egyptian woman dubbed the "queen" of a multimillion-dollar mortgage fraud ring could be deported after serving a four-year sentence for three counts of engaging in a pattern of corrupt activity and five counts of money laundering.


Fake Web Site Verified Employment

Four people were indicted for their alleged participation in a $1 million mortgage fraud scheme that used a Web site to validate phony employment claims for borrowers.


Manipulated by Estranged Daughter

A judge sentenced a straw buyer to only three years probation after acknowledging that the man had been manipulated into participating in the mortgage fraud scheme ran by his estranged daughter.


Commercial Property Sham: More Details

One of the alleged leaders in the commercial property fraud scheme has been busy building a reputation for mortgage fraud in another high-profile case out of New York.


March 4, 2009

FDIC Weighs In

The Federal Deposit Insurance Corporation chairman briefed the Attorneys General on the position it is taking with today's mortgage fraud epidemic. MortgageDaily.com took a closer look at the warnings the Chairman had for the Attorneys General and what the agency intends to pursue.


Background Checks Approved

In an effort to squelch future mortgage fraud, one State representative has suggested a new measure for control.


Commercial Property Sham

A pair of alleged schemers promised investors they could as much as double their money within 60 days on commercial property investments, but they never invested the money. One of those accused is in federal custody for an unrelated subprime mortgage fraud case.


Company Owner Held Responsible

Three employees of a mortgage company allegedly wrote bad loans and had the mortgage brokerage owner sign-off on the loans, essentially holding him responsible for the mortgage fraud.


Poser Gets Millions in Mortgage Loans

A man who posed as a mortgage broker was able to defraud enough people in Indiana to rack up about $2 million in fraudulent mortgage loans.


Undue Influence on Appraisers Halted

One state's Attorney General is calling attention to the improper influencing of mortgage appraisers by others who inform them upfront of what a property value should reflect.


200 Fraudulent Purchases

A 63-year-old man has pleaded guilty to one count of conspiracy to commit mail fraud and wire fraud, although, more than 200 fraudulent mortgages were funded during the multimillion-dollar mortgage fraud scheme.


March 3, 2009

Mobile Homes and Empty Lots

A 46-year-old woman pleaded guilty for participating in a mortgage fraud scheme that involved securing mortgages on mobile homes and empty lots for unqualified borrowers. Three others are also guilty of participating in the scheme that also involved inflated property values.


Five Years for Identity Thief

A former loan officer was sentenced to five years in prison followed by five years supervised release. She must also pay over $91,000 in restitution for a mortgage fraud scheme that involved stealing identities and defrauding RBC Centura branches in Fayetteville and Lumberton, N.C.


Mortgage Company President Sentenced

Distressed properties in Indianapolis, bought at low prices and sold with inflated values, set the stage for a $1 million mortgage fraud scheme that duped investors and lenders alike.


Fighting Fraud on the I'net

Washington State has taken to the Internet to help expose fake mortgage brokers and others that are defrauding consumers.


Habitual Con Man Pleads Guilty

A 40-year-old man pleaded guilty to three counts of engaging in a pattern of corrupt activity and five counts of money laundering in connection to a multimillion-dollar mortgage flipping scheme that involved several Ohio properties.


March 2, 2009

Investors Paid His Way

A 42-year-old man duped investors out of more than $9 million to pay for a luxurious lifestyle and fund a new mortgage company. He convinced investors their money was invested and making healthy returns; now he faces up to 80 years in prison and a $1 million fine.


No Down Payments for Anyone

A 62-year-old former loan officer who pleaded guilty reportedly demanded bribes in exchange for loan approvals. This accusation relates to a mortgage fraud scheme that allowed unqualified borrowers to purchase homes with zero down payment and has resulted in a dozen guilty pleas from residents of New Jersey including employees of two mortgage companies, an appraiser and a real estate agent.


Flipper in No Down Payment Scam Guilty Too

A 69-year-old man was one of a dozen New Jersey residents to admit his role in a mortgage fraud scheme that flipped properties to unqualified borrowers. The scheme used fraudulent documentation to show down payments that were never made.


84 Months Imprisonment for $27 Million in Fraud

A 39-year-old man pleaded guilty to his role in a multimillion-dollar mortgage scheme after he and his wife were indicted on charges of mortgage fraud. The pair, along with others, paid straw buyers to purchase homes that had inflated sales prices. His wife is set to be sentenced May 8.


270 Properties Used in Fraud

Two of six people accused of running a $15 million mortgage fraud scheme that involved 270 properties have been sentenced . One man will spend two years in prison and the other was sentenced to one year house arrest followed by five years probation.


Appraiser Tells Jury Appraisals Are Opinion-Based

An appraiser who based her defense on convincing the jury that appraisals are based on opinion was found guilty on nine counts of mortgage fraud.


Florida Fraud Examined

A Florida resident, educator and attorney exposes the underbelly of South Florida mortgage fraud after discovering his taxes were increasing due to unscrupulous acts of fraud surrounding his rental home.


Is Mortgage Fraud on the Rise?

All the media surrounding mortgage fraud has everyone on alert. But if one looks closely, they will notice the majority of fraud happened prior to 2008. The fact that it is all being caught and reported now undoubtedly gives the impression that mortgage fraud is a heightening epidemic.


How He Did It

The man who pleaded guilty to participating in a $27 million mortgage fraud scheme leaves behind at least 18 homes that have defaulted. The Seattle Times takes an inside look at how he perpetrated the fraud over a period of at least a year.




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