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Last Updated Friday, April 10, 2009 10:00 PM Texas Time
 

April 10, 2009

Stung with a Sentence

A 29-year-old former loan officer has been sentenced to serve three and a half years in federal prison after being caught in an FBI sting operation. The buyers agreed to let him fraudulently inflate a homes sales value by $2 million, all the while they were cooperating with the FBI.


Manufactured Homes, Fabricated Loans and Dropped Charges

The manufactured home business owner and vice president of a mortgage company who just pleaded guilty to one count of conspiracy to commit wire fraud might have had help. The FBI had arrested seven people, but charges were dropped against six people charged in the case.


Let the Trial Begin

A 60-year-old man who has been jailed for almost a year is finally getting his day in court to challenge mortgage fraud charges.


Whole Gang Pleads Not Guilty

Nineteen of the suspects from one of the largest mortgage fraud cases in Southern California have pleaded not guilty to the charges.


Manufactured Homes and Fabricated Loans

Two people are accused of putting money in borrowers' bank accounts to inflate their income and assets in order to fraudulently secure mortgage loans for mobile homes they were selling.


Upped the Ante

A homebuilder pleaded guilty to a mortgage fraud scheme that inflated the sales prices of homes he built so that he could kickback some of the money to the buyer.


Cross Country Scam

Two men who have become infamous for their participation in multimillion-dollar mortgage fraud and ponzi schemes are being sued by a Florida mortgage lender.


April 9, 2009

One Home Purchase, Four Indicted

Four women are accused of participating in a mortgage fraud scheme to purchase a home using fraudulent information. The home was foreclosed on and recently sold at a sheriff's sale for about half of the original purchase price.


April 8, 2009

Biggest Bust in Southern Cali

The largest mortgage fraud prosecution in Southern California involves 23 suspected gang members, 200 houses and millions in losses to banks. Prosecutors are charging this case under the Racketeer Influenced and Corrupt Organizations Act (RICO), possibly the first time ever this law has been used to prosecute mortgage fraud.


Changing the Rules

New software solutions are enabling lenders to customize data for compliance and fighting mortgage fraud. The mortgage fraud prevention platform allows lenders to keep up with the fast-changing market conditions and compliance regulations.


No Love for Mortgage Fraud

An $800 million fortune belonging to the family of a late rock star has been compromised by greedy associates of the late rocker, according to the family. A lawsuit has been filed that includes acts of mortgage fraud, breach of contract and breach of fiduciary duty.


Heed the Warnings

Today's new scams can be avoided if consumers understand how the mortgage process works and what tricks con artists are up to these days.


Daring Charges

The convicted former head of the Urban League of Northeastern New York has pleaded guilty to more charges after being indicted again on mortgage fraud charges.


Mom Sprung from Jail

A family that is being investigated for running a $6 million mortgage fraud scheme is behind bars, with the exception of the mother who just posted bond.


Deed Fraud

A 52-year-old New York man allegedly forged the deed to a dead woman's Harlem brownstone so he could steal it.


Creative Financing

A new county fee that was approved to be added to filing fees will help generate enough funds to pay for a new real estate fraud prosecution unit.


April 7, 2009

Unreal Refi

An Ohio man might lose his home to foreclosure after a title company allegedly failed to payoff the original lien holder after a refinance.


Easy Money

To show how easy it is to steal a building, a reporter prepared a deed transferring the Lincoln Tower into Johnny Appleseed's name. The new scheme in mortgage fraud has thieves stealing property and then refinancing to strip its equity or selling it to another.


You're With the Banned

Two men who pleaded guilty in a mortgage fraud case are prohibited from ever working in the mortgage industry again.


One Extreme to Another

The mortgage fraud trend was for income was falsely overstated in order to qualify for loans, now those same type of cons are helping borrowers to falsely understate income to qualify for loan modifications.


A Lending Hand

A mortgage broker who made his borrower's down payments was just sentenced to 15 months in prison for the mortgage fraud scheme.


She Faked It

A Pennsylvania woman who pleaded guilty to passing counterfeit currency and mortgage fraud charges could face up to 25 years in prison.


April 6, 2009

Breach of Contract

A New York man violated a Housing and Urban Development mortgage agreement and is now being ordered by the court to repay almost $1 million to cover the mortgage that had fallen into foreclosure.


Wearing More than One Hat

Some federal agents have had to pick up double-duty to help cover mortgage fraud cases. The FBI expects the volume of investigations will continue to rise, necessitating a reassessment of priorities for agents.


Modern-Day Robin Hoods

Two mortgage companies were accused of helping unqualified borrowers get approved and then sold the loans to banks. One of the men who spearheaded the scheme was found guilty after a four-week trial.


County Auditor Charged

A 54-year-old real estate broker has been charged with eight felony counts including mortgage fraud-related charges and embezzlement of an elder or dependent adult.


Sentence Details

The five men sentenced for an $18 million mortgage fraud scheme in Provo, Utah, were chastised by the judge who handed down the sentences, which varied in length.


No Joke

An Oregon man used his accounting and tax preparation knowledge to defraud two mortgage lenders of over $750,000, according to an indictment forwarder to FraudBlogger.com from the Federal Bureau of Investigation. The arraignment was April 1.


Knowledge is Key

One city is seeking to stamp out mortgage fraud by educating its residents about the latest scams.


Guilty as Sin

A California couple has pleaded guilty to running a mortgage fraud scheme that included convincing church members to invest in hard money loans.


Make Your Own Rules

A man who tried to stop his foreclosure by filing bankruptcy and putting a $100 billion lien against himself was found guilty by a jury of his peers.


Developing Guilt

A developer pleaded guilty to running a mortgage fraud scheme that stripped equity from homes, duped investors and left homes without promised renovations.







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