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Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.

Mortgage Fraud Archives

Week Ending April 2, 2010

 

Mortgage Fraud News

Case Activity

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

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
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
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
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


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
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
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

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

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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