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Mortgage Fraud Archives
Week Ending April 2, 2010
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Mortgage Fraud News
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Case Activity
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April 1, 2010
Firm Loses FHA Approval Over Old Fraud Case
A 1982 mortgage fraud conviction by the owner of a Gorgia mortgage firm led to a denial for a Georgia license and of FHA approval
read full story at MortgageDaily.com
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May 28, 2010
The Rise and Fall of Mortgage Fraud
During the middle part of the decade, the real estate market was on fire. As soon as an agent had a property listed -- multiple offers came in, ultimately leading to a quick sale above the listing price. This lasted for about four to five years, when unfortunately it all came crashing down.
The crash in the real estate market was mostly due to the fact that those who had bid on these homes had no real way of paying for them. They might have had a few months worth of cash on hand to hold the property, but the new home buyers figured that since prices were appreciating so rapidly that they would surely make a quick profit by selling the house in a few months.
The reason that so many buyers were able to secure financing was because of widespread mortgage fraud.
read full story
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March 26, 2010
AZ Gets $1.7 mil for Mortgage Fraud
Another $1.7 million funds to fight mortgage fraud brings to nearly $8 million the amount distributed from a federal task force budget.
read story at The Arizona Republic
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March 15, 2010
Mortgage Fraud Summit
U.S. Attorney General Eric Holder announced at a mortgage fraud summit that the U.S. Department of Justice is leading an effort to stomp out mortgage fraud.
read full announcement
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March 15, 2010
SC Fraud "Staggering"
Former U.S. attorney for South Carolina, Reggie Lloyd, said mortgage fraud cases "are staggering right now."
read story from The Greenville News
Foreclosure Mortgage Fraud Rising
A new type of scheme has listing agents form separate partnerships buying foreclosed or short-sale properties from the banks at a huge discount and quickly sell at a big profit.
read story from Modesto Bee
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March 10, 2010
Detecting Occupancy Fraud
FraudGUARD has been enhanced to detect occupancy fraud as a result of an increase in such schemes.
read full announcement
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March 7, 2010
SC Among Top-10 Mortgage Fraud Hot Spots
South Carolina has been recognized by the FBI as on of the nation's worst states for mortgage fraud.
read story at GreenvilleOnline.com
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| Date |
Defendants |
State |
Amount |
Overview |
News
Publication |
| April 2 |
Esshan Samuel Agha |
TX |
restitution of $4,100,000 |
51-month sentence. |
Courier-Gazette |
| April 2 |
Brinson Allen, Adriene Newby-Allen |
GA |
$2,475,000 |
Conviction appeal denied. |
Leagle.com |
| April 1 |
Freddie Young Jr., Angelo Williams |
MI |
seized $74,000 |
Sentenced to probation. |
Jackson Citizen Patriot |
| March 31 |
Tom Ryder |
NH |
Restitution of $296,354 |
21-month sentence. |
FBI.gov |
| March 31 |
Garth Celestine |
NJ |
$10,000,000 |
Guilty plea for Home Savers owner. |
MortgageDaily.com |
| March 31 |
Edward Seung Ok,Cynthia Valenzuela, Vladimir Stefanovic and Maria G. Juarez |
CA |
$40,000,000 |
15-year sentence for Seung. |
MortgageDaily.com |
| March 31 |
Garry Souffrant, Yvonne Souffrant |
FL |
$6,000,000 |
Convictions for minister, wife. |
The Miami Herald |
| March 30 |
Jerry Huff |
UT |
restitution of $264,050 |
12-month sentence |
IRS.gov |
| March 30 |
Marina Dubin |
NY |
losses of $11,600,000 |
3-year sentence |
New York Law Journal |
| March 30 |
Jeffrey Crandell, Jake David Whitman, Frederic Crum, Tyson Young, Erin Leastman |
AZ |
$6,000,000 |
Sentencings for 4 defendants. |
East Valley Tribune
FBI.gov
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| March 30 |
Todd Leary |
IN |
$2,700,000 |
Trial scheduled for July. |
Associated Press |
| March 29 |
Kamau Herndon |
OR |
$1,500,000 |
2-year sentence. |
IRS.gov
Portland Business Journal
FBI.gov
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| March 29 |
Patrick Downey |
AZ |
1 transaction, $100,000 judgment |
Judgment against American Home Mortgage for allegedly aiding and abetting. |
www.MortgageDaily.com |
| March 29 |
Roberta Stutzman |
PA |
$4,414,538 |
Charges filed. |
www.MortgageDaily.com |
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