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Search mortgage fraud news by keyword.
News, analysis and statistics about mortgage fraud.
Stories about individual mortgage crime cases.
Statics by year about real estate fraud.
Quarterly index based on case activity.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
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The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.
Archive of FraudBlogger.com entries going back to 2005. |
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Mortgage Fraud Archives
Week Ending April 16, 2010
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Mortgage Fraud News
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Case Activity
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April 16, 2010
Fraud Dogged WaMu to the End
Washington Mutual Inc. was never able to recover from its expansion at Long Beach Mortgage.
read story from Puget Sound Business Journal
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April 6, 2010
Service Predicts Fraud Before it Occurs
A new solution from Wolters Kluwer Financial Services helps "financial institutions predict and prevent financial crimes before they occur."
read announcement from Business Wire
Wells Fargo Implements Fraud Prevention Technology
Wells Fargo has implemented First American CoreLogic's LoanSafe Fraud Manager.
read full announcement at PRNewswire.com
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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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| Date |
Defendants |
State |
Amount |
Overview |
News
Publication |
| April 16 |
Michael Samuda, Monique Mitchell, Sheldon Martin |
FL |
sale price of $1,250,000 |
Charges filed. Regions Bank was victim |
Justice.gov |
| April 16 |
Stafford A. Hilaire |
CO |
restitution of $397,237 |
32-month sentence. |
IRS.gov |
| April 16 |
Brandon S. Flavin, Nathan J. Nordvik, Jonathan Matheson, Brian Matheson, Richardt Fleischmann, John David Searle, Burton Edward Joseph |
MN |
$40,000,000 |
Charges filed. |
Star Tribune |
| April 16 |
Mary Pat Harper |
IA |
4 properties |
Guilty plea |
Quad-City Times |
| April 15 |
Fred A. Johnson Jr.
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PA |
$1,000,000 |
Charges filed. |
FBI.gov |
| April 15 |
Marilyn James |
KS |
$60,000 |
Charges filed in reverse mortgage case. |
KCTV5.com |
| April 14 |
Jamie Nails, Maria T. Lopez, Irina J. Ball |
FL |
$510,000 |
Arrest warrant issued for form NFL player. |
Official Wire
Miami Herald
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| April 14 |
John Randolph Errazo Bernabe, Sam Bowley, Maria Comfort, Jeanie Cusing, Ginger Daniel, Ciu Du, Marilyn Infante, Norberto Agustin, Broyles, Roy Cervantes, Cleofe Soledad, Wilfredo Pascual, Leonora Pomar, Joseph John Pugliese, Wazhma Rahimi, Clarin Tambot-Querimit, Ricardo Tang, Gina Tchikovani |
CA |
losses exceed $10,000,000 |
Arrests. Publiese was former Countrywide Home Loans employee. |
Bay City News
Associated Press
marinij.com
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| April 13 |
Terrence Cole, Victoria Bennett, Wildor Washington Jr. |
KS |
$14,000,000 |
37-month sentence for Cole, 2-year sentence for Bennett. |
Associated Press
KansasCity.com
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| April 12 |
Greta Medina, Ricardo Estrada, Dania Arguelles, Fernanda Abrea, Obed Hernandez, Martin Mere, Nestor Collantes, Alfonso Velasco, Adan Vasquez, Yohamel Caballero, Ana Aviles, Leismy Barcia, Christian Gomez |
FL |
$16,900,000 |
Indictements. |
Justice.gov |
| April 12 |
Brian Rickert |
MO |
restitution of $700,000 |
27-month sentence. |
IRS.gov |
| April 12 |
Douglas Skibicki, |
MD |
$2,800,000 |
Charges filed. CitiMortgage among victims. |
Gazette.net |
| April 12 |
Jeffery Tye Brown |
NV |
multi loans |
Guilty plea. |
MesquiteLocalNews.com |
| April 11 |
Akin Ayorinde, Umana Oton, Anthony Onua, John Star, HERVIN HENRY, MAX SHIMBA, ANTHONY SUAZO, MARISOL VASQUEZ |
NY |
$10,000,000 |
Indictments. Victims included American Home Mortgage, Fremont Bank, BNC Mortgage, WMC Mortgage |
Brooklyn Daily Eagle
Ethiopian Review
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