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Last Updated Friday, March 13, 2009 10:00 PM Texas Time

March 13, 2009

Loan Mod Scam: More Details

The two New Jersey-based companies accused of defrauding homeowners in a loan modification scheme have had 23 consumer complaints filed against them with either the Division of Consumer Affairs or the Better Business Bureau.

Civil Charges Settled Against Appraiser

A 58-year-old woman is giving up her state-issued appraiser license as part of a consent agreement with the Pennsylvania Department of State after being identified as a participant in a mortgage fraud scheme.

Self-Professed Fraudster Indicted

The former mortgage broker who took claim to defrauding lenders and homeowners out of about $1 billion in mortgage loans was indicted on charges that he stole millions from one mortgage corporation.

Plan of Action, Little Details

As state governments and law enforcement ramp up to begin mass prosecutions of those who have committed mortgage fraud and other financial crimes, officials at the national level are still hammering out the details.

Straw-Buying Slum Lords

A father and son have been accused of running a mortgage fraud scheme. The pair was allegedly using falsified appraisals to bump up values, selling the homes to straw buyers while stripping the equity from homes they were renting out and then letting them fall into foreclosure.

Loan Mod Fraud Joins the Pack

Two companies have been accused of offering loan modification services without a license and another for blatant mortgage fraud.

March 12, 2009

Fraud Hotline

To help handle the rising flood in fraud complaints the Federal Bureau of Investigation has become more proactive by adding a mortgage fraud hotline.

Charges Dropped, Fingers Point at Countrywide

A former housing counselor with a history of mortgage fraud allegations was accused of lying about occupancy status and other items on his loan applications. He said, however, that he tried to change his mistakes but Countrywide and other lenders refused to make the corrections after the fact.

March 11, 2009

Preventing ID Theft

Helping to prevent mortgage fraud at the origination point, one company has created a risk assessment tool that could help lenders identify identity and occupancy misrepresentation when the credit report is ordered.

Early-Payment Default and Fraud

First-payment defaults are not necessarily tied to fraud, according to the U.S. Department of Housing and Urban Development. And reports of skyrocketing early defaults appear to be untrue.

Hiring Professor Delays Sentencing

A pair who pleaded guilty to $35 million in mortgage fraud had their sentencing postponed while a university professor analyzes the housing market to assess actual losses to the victims if the market not tanked.

Appraiser Faces Up to 30 Years

A North Carolina real estate appraiser pleaded guilty to participating in a $15 million mortgage fraud scheme.

Loan Modification Scam Busted

Eight people have been named as participants in a loan modification scam that defrauded hundreds of California residents from September 2005 until at least October 2007.

March 10, 2009

Net Branch Manager Used Straw Buyer

A 42-year-old woman could face as much as 360 years in prison and over $5 million in fines for lying about her income on a mortgage loan application, creating fake documents, using a straw buyer for a fraudulent purchase and other mortgage fraud related charges.

Fraud Tales from the Heart

A former mortgage broker and felon who spent almost two years in federal prison shares his story of how he was slowly introduced to the world of mortgage fraud. He spent seven months helping investors flip houses and then cut out abruptly to avoid getting into trouble, but it wasn't soon enough and his past caught up to him. Four years later he was arrested by the FBI. Now, the author of a tell-all book, here's an excerpt from his book with advice for those who might be willing to turn a blind eye in order to make a few extra bucks.

Foreclosure Scam Victim Loses Home

After trusting a friend's referral to use a company that supposedly helped homeowners fight foreclosure and paying them $10,000, a family found out their home was being auctioned and there was nothing they could do to stop it.

Change of Heart: More Details

One of the men who decided to admit his guilt in a multimillion-dollar mortgage fraud scheme allegedly doctored bank statements to make it appear that applicants had thousands in the bank when truthfully they only had about $2.

Bankrupt Broker Secured $500,000 Mortgage

A mortgage broker who has filed bankruptcy four times fraudulently obtained a $505,000 mortgage on a house with a 100 percent loan-to-value, with an inflated sales price, up $95,000 from its selling price just 14 months earlier.

Time-Consuming Fraud

One state said it has hit an 11-year high for mortgage fraud prosecutions in 2008. In 2006, the Federal Trade Commission ranked it No. 1 in per capita fraud complaints.

Fraud Victim Might Lose House to FDIC

A woman who was allegedly scammed in a foreclosure rescue scheme could be held responsible for a fraudulent mortgage now held by the Federal Deposit Insurance Company.

March 9, 2009

Mortgage Fraud Lawsuits Tumble

Mortgage fraud-related litigation showed signs of slowing down in the fourth quarter, according to an industry report of active cases covered by MortgageDaily.com.

Making Room for Fraud

One of the Big Apple’s district attorneys is planning to create a specialized unit to cover mortgage fraud only.

Change of Heart

Two men involved in an alleged mortgage fraud flipping scheme have decided to change their not-guilty pleas to guilty.

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