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Last Updated Friday, March 27, 2009 10:00 PM Texas Time
 

March 27, 2009

Living a Fraud

Seven people have been named in a 40-count indictment that charges them with running a multimillion-dollar mortgage fraud scheme, which allowed them to spend $9 million on themselves to buy a 32-foot Bayliner boat and luxury cars, including two Lamborghinis and other luxury items.


Proceeds were Personal Bank Account

An independent real estate closer and notary has been accused of using mortgage proceeds to pay personal debts of hers and her family members.


Money Store Madam

More details are arising out of the ashes as a former stripper pleads guilty to a multimillion-dollar mortgage fraud scheme.


Not Her House

A woman was arrested after allegedly trying to sell a house out from under the homeowner.


Party's Over

The former silent partner of an exclusive nightclub pleaded guilty to mortgage fraud charges.


Scantily-Clad Fraud

A $50 million mortgage fraud scheme in the Hamptons has the makings of a scandal fit for the silver screen. A former county legislator; the publisher of SoHo Journal; and his wife, the former editor of a dominatrix adult magazine who appeared in an adult film have all been accused of participating in a seven-year scam.


Attorney Proclaims Innocence

A real estate attorney on trial for mortgage fraud-related charges says she was taken advantage of; that she was just an innocent pawn in a scheme ran by greedy men. The prosecutors, however, are giving the jury a different story.


Just Helping the Borrower Qualify

Five people have been arrested for fraudulently helping mortgage borrowers secure financing by falsifying employment and income records.


All Hands on Deck

One state is declaring a war on mortgage fraud and is asking for all the help it can get.


Civil Suit Dropped

A civil suit alleging the fraudulent purchase of about 50 properties in a flipping scheme that used stolen identities to qualify was dropped after the plaintiffs failed to appear in court.


March 26, 2009

Operation Madhouse Uncovers Insider Fraud

An undercover operation in Illinois produced nine indictments against professionals within the mortgage industry responsible for at least $1.4 million. Altogether, 24 defendants have been charged with over $4 million in the Chicago area.


Off the Air

A real estate broker who hosted a radio talk show is accused of using the show to solicit potential mortgage fraud victims. Officials said radio show topics included foreclosures and that she encouraged people to call her for help.


Tricky Lending

A woman pleaded guilty to a mortgage fraud scheme that involved getting unqualified borrowers approved and then charging them excessive origination fees and high interest rates. She faces up to 20 years in prison for the $14 million fraud scheme.


Going Down with the Ship

The president of a popular mortgage company pleaded guilty to participating in a $35 million mortgage fraud scheme. Prosecutors said she used proceeds from the fraud to pay for luxury items and an $800,000 wedding.


Republican Proposal Addresses Mortgage Fraud

In addition to the revival of a $15,000 tax credit for first-time home buyers, House Republican leaders are proposing additional resources be given to law enforcement agencies to investigate and prosecute mortgage fraud.


March 25, 2009

FBI Update

The Federal Bureau of Investigation said that it will continue to dedicate resources to violent crime but must also focus on economic crimes such as mortgage fraud. FBI Director Robert S. Mueller III addressed the Senate Judiciary Committee with an update on the agency's progress, which includes increasing agents and new technology to help combat mortgage fraud.



Thumbs Up on New Law

A new law in Illinois requires notaries create a record that contains specific identification information and the thumbprint of the property seller when property transfers are notarized. The four-year pilot program begins June 1 and was designed to help prevent and detect mortgage fraud.


Missing Something

A man sentenced to two years in prison for assisting in a foreclosure rescue mortgage fraud scheme said the scam was executed without full disclosure of how each transaction worked, and that most of the equity stripped from the victim's homes went to another entity, not him.


Houses Made of Straw

A straw buyer recruiter who also fraudulently obtained a house to live in for himself was sentenced to nine years in prison for his role in a mortgage fraud scheme involving multiple properties in North Carolina.


March 24, 2009

Task Force Busts Fraud Scheme

An appraiser that admitted to participating in a mortgage fraud scheme could face up to 20 years in prison and a fine of $250,000. The Mortgage Fraud Task Force in Pennsylvania conducted the investigation that led to his arrest.


Mortgage Broker Pleads Guilty

A mortgage broker pleaded guilty to submitting false information on loan applications in order to secure purchase loans for her borrowers. Money that was borrowed to make the down payments on the purchases was also not included in the liabilities. The Mortgage Fraud Task Force in Pennsylvania also conducted the investigation that led to her arrest.


Same-Day Flipping

The trial began for a real estate attorney accused of participating in a mortgage fraud flipping scheme involving 270 properties.


Nice Assist

A 51-year-old man was sentenced 15 months in prison for assisting in a $12 million mortgage fraud scheme.



Tough Sentence Could Lead to Life for Mom

A 52-year-old wife and mother has been sentenced to 99 years in prison for her role in a mortgage fraud scheme that cost taxpayers more than $3 million. The harsh sentence is more than 10 times the sentence Enron's Chief Financial Officer Andrew Fastow received for his role in the infamous company's multibillion-dollar scandal.



Give It Back

Five men have been ordered to forfeit millions of dollars in order to payback the victims of their mortgage fraud scheme. At least three of them have to pay over $5 million a piece.


Fraud Detectives Sought

The rise in mortgage fraud has some employers seeking those who have a knack for sniffing out fraudulent activity.


March 23, 2009

It's an Inside Job

Industry insiders are of priority concern when it comes to mortgage fraud, according to the Federal Bureau of Investigation. The agency's deputy director noted that in many cases it is the inside connection that allows the fraud to occur.


From Zero to Thousands in 2 Years

Mortgage fraud claims have gone from zero to over 4,000 in a matter of just two years, according to the Federal Deposit Insurance Corporation's chairman. Mortgage fraud-related lawsuits are on the rise as well.


The Blame Game

A mortgage insurer and lender are suing one another over denied mortgage insurance claims. The insurer claims the lender promoted mortgage fraud.


Fly-by Fraud

A subprime lender that was seized by the Office of Thrift Supervision last year realized another hit of half a million dollars due to mortgage fraud, as reported by MortgageDaily.com.


Mom Stole Daughter's Identity

A 43-year-old woman used her 26-year-old daughter's identity to apply for a mortgage.


Secret Agents Infiltrate Mortgage Industry

Undercover agents are going to be playing a role in mortgage fraud investigations. The latest efforts by the Federal Bureau of Investigation include strategic placement of agents into companies to fight fraud.


Lawyer Loses License

A south Florida attorney has been disbarred after a guilty plea on charges relating to mortgage fraud and his work as a closing and title agent.


Alleged Flipper Dies, Associates Sued

A bank is suing appraisers and attorneys they say helped a now-deceased man accused of flipping at least a dozen condos.


She Knew Too Much

A former mortgage broker may have been given a harsher sentence for her role in a mortgage fraud scheme because she facilitated the scam by sharing her knowledge of what needed to be done to get loans secured.




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