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Last Updated Friday, April 17, 2009 10:00 PM Texas Time

April 17, 2009

FHA Fraud Tools

New data suggests fraud-tainted FHA originations resulting in delinquencies and defaults could rise to $7.5 billion for 2009. A few companies are developing ways to help the Federal Housing Administration minimize the costs associated with the expected massive mortgage fraud volume.

Calculating Mortgage Fraud

A developer who participated in a multimillion-dollar mortgage fraud scheme was sentenced to 41 months in prison said he is grateful the judge gave him less than 60 months. The sentence was determined after almost three days time calculating lender losses.

Twin Cities Fraud: More Details

The pair recently sentenced for pulling off one of the largest mortgage fraud schemes in Minnesota owned several companies.

Sentencing in Twin Cities Fraud

Two men were sentenced to years in federal prison for their roles in one of the largest mortgage fraud schemes Minnesota has ever seen.

Ignorance is Bliss

A man who pleaded guilty to his role as a straw buyer in a mortgage fraud scheme said he didn't know it was illegal to do so.

April 16, 2009

4th Defendant Pleads Guilty

The last of four people accused of running a mortgage fraud scheme pleaded guilty yesterday. All four individuals could face up to 20 years in prison for participating in the scam that cost dozens of people their homes.

Doctored Fraud

A nursing professor was found guilty by a jury of her peers for her involvment in a million-dollar mortgage fraud scheme. The doctor and was indicted last June with her husband, who subsequently died shortly thereafter. She is accused of helping a straw buyer fraudulently obtain $2.4 million in loans on a $1.5 million home.

Attorney General Takes to the Net

A new Web site launched by Florida Attorney General Bill McCollum has been designed to help keep homeowners safe from mortgage fraud.

CPA Stamp of Approval

Five Florida residents have been charged with running a multimillion-dollar mortgage fraud scheme with the help of a certified public accountant who provided false employment verification letters.

Evergreen Trials Ensue

The trial for a business associate of former Evergreen Corp. President David B. Willan was cut short after he pleaded guilty to charges relating to a massive mortgage fraud scheme soon after the court session began.

Devils in L.A.: More Details

The real estate workers accused of targeting non-English speaking victims also forged loan applications and falsified income information without the victim's knowledge, according to prosecutors.

April 15, 2009

Massive Straw Buying Scheme Explained

A 50-year-old man is accused of convincing about two dozen people to lend him their credit to purchase 81 condo conversions. As the accusations fly, 74 of the properties have fallen into the first stage of foreclosure.

Woman Who Alleged Abuse Sentenced

A woman who said she only participated in a multimillion-dollar mortgage fraud scheme out of fear has been sentenced to more than three years in prison.

Another Pleads Guilty in Lee's Summit Scheme

A Missouri home builder is pleading guilty to his role in a multimillion-dollar mortgage fraud scheme that involved 25 luxury homes in an upscale development in Lee's Summit.

Devils in the City of Angels

The Los Angeles City Attorney has filed charges against two separate entities that are accused of taking advantage of and deceiving non-English-speaking first-time homebuyers and others seeking to refinance.

Mortgage Fraud Strike Force Launched

The Nevada Attorney General is warning residents to be on the lookout for mortgage fraud and those seeking to deceive homeowners in the state that is number one in the nation for foreclosures.

April 14, 2009

Loan Modification Trap

Distressed homeowners may get more than they bargained for when submitting an application for loan modification. Some people are finding themselves stepping in hot water when they submit loan data that doesn't match the original application and lenders are making a call to the FBI with accusations of mortgage fraud.

Partners in Fraud Litigation

An addition at an Atlanta law firm will help expand its legal counsel into the mortgage fraud arena. The new attorney has focused on special litigation which include mortgage fraud, identity theft and white collar defense.

Mortgage Fraud Modification

Servicers are reportedly turning in mortgage fraud suspects uncovered during the modification approval process, according to a news update at MortgageDaily.com.

FHA Gets Fraud Prevention Boost

A new software solution has been developed to help the U.S. Federal Housing Administration combat mortgage fraud by offering an instant Qualification Assessment against FHA loan guidelines for each mortgage application submitted. This solution also provides a detailed report on any fraud-related risks that could cause borrower default or delinquency on the loan.

Sentencing for Ring Member

Another member of a mortgage fraud ring has been sentenced to four years in prison, ordered to pay a $15,000 fine and perform 150 hours of community service once released.

Getting a Fair Shake

A Cape Coral man is seeking to change his plea in a $30 million mortgage fraud case, one day before sentencing. His new attorney said his previous attorney was incompetent in regards to his type of case, but was not allowed to withdraw.

April 13, 2009

Choppy Waters for Mortgage Co. Owner

A man who nearly lost his life after falling overboard from his motor boat returned from his rescue to find he is being accused of mortgage fraud and running a Ponzi scheme.

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