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Last Updated Friday, March 7, 2008 5:30 PM Texas Time

March 6, 2008

Mortgage Fraud Investigations Soar
Active mortgage fraud cases at the Federal Bureau of Investigation have recently ballooned, according to congressional testimony yesterday.
read story from MortgageDaily.com

March 5, 2008

Why Is It Important that Mortgage Fraud Is on the Rise?
For the past two decades, mortgage fraud has been a growing problem, and it often occurs when real estate prices in urban neighborhoods drop drastically in some neighborhoods but stay much higher in surrounding areas. Sometimes mortgage lenders are the victims of the scandals, but they can also be key players of conspiracy. Henry Fernandez, a Senior Fellow at the Center for American Progress suggests ways for cities to fight this type of fraud.
read story from Center for American Progress

Mortgage Fraud Is Factor in Housing Fiasco
It turns out mortgage fraud was a large contributing factor in the national housing dilemma that took many Americans out of their homes. An estimated $4.2 billion was lost to mortgage fraud in 2006, and the amount for 2007 is expected to be significantly higher.
read story from Yahoo! News

Four Men Indicted for Mortgage Fraud in Houston
Four men were indicted for their involvement in a mortgage fraud scandal in Houston that brought millions of dollars into their hands. The suspects’ arrests followed the discovery of their pocketing of cash loans they received after recruiting others to apply for mortgage properties.
read story from KHOU.com

March 4, 2008

Two Women Face Charges of Mortgage Fraud
Beverly Ross and Donella Locke were indicted and arrested for mortgage fraud on 36 properties in Hamilton, Marion and Hancock counties in Indiana.
read story from Indianapolis Business Journal

Mortgage Fraud Continues to Grow
Experts have found that mortgage fraud is on the rise, and the FBI reported that the number of mortgage fraud cases is three times that of 2003. An estimated 80 percent of all mortgage fraud cases feature the involvement of an industry insider (i.e. an appraiser, a realtor, broker or closing attorney). Currently, there are more than 1,200 pending cases of such fraud.
read story from News 14 Carolina

Florida Man Guilty in Fraud Scam
Lazaro Villalba pleaded guilty to charges of conspiracy for his participation in the Southwest Ranches-area fraud scheme in South Florida. Villalba is one of 15 defendants charged with purchasing homes through straw buyers inflated prices and then getting money back at the closings. He faces a prison sentence of up to 20 years and a fine of up to $250,000.
read story from South Florida Business Journal

March 3, 2008

Conforming Appraisal Overhaul
In an effort to curb the use of inflated appraisals, sweeping changes have been made to residential appraisal requirements on conforming mortgages. Among the changes is the prohibition of appraisals ordered by mortgage brokers and loan originators.
read story from MortgageDaily.com

Man’s Sentence Postponed in Case of Mortgage Fraud
Robert L. Dodsworth, one of five charged in a mortgage fraud case in Erie, Pa., faces up to 25 years in prison for his involvement in the scandal that involved nearly 200 properties and cost victims more than $1 million between 2003 and 2006. His sentence has been postponed. Frank Kartesz II, Gregory A. Finney, Francis R. Conti and Keith A. Rice also face charges in the case.
read story from Erie Times-News

Mortgage Broker Caught for Fraud in Baltimore
Robin Snyder, a mortgage broker in Baltimore, faces up to 20 years in prison on 15 counts of fraud charges. With the knowledge that he would not lend money as promised, he collected $650,000 in advance fees from commercial loan applicants and even used his Web site to collect fees after he was arrested.
read story from Examiner.com

New York Brothers Charged with Mortgage Fraud
Brothers Bobby and Richard Amico were convicted in 2003 of committing mortgage fraud on lenders, and they brought almost $60 million for homes built in New York. The convictions were overturned in May based on a technicality. At their re-sentencing, Bobby was sentenced to 11 years in prison, while his younger brother received 41 months time served. Both must also pay restitution of $15 million.
read story from RochesterHomepage.net

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