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Week Ending April 16, 2010


Mortgage Fraud News

Case Activity

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
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
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

Date Defendants State Amount Overview News
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.

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

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


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


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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