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Mortgage Fraud Archives
Week Ending April 23, 2010
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Mortgage Fraud News
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Case Activity
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April 23, 2010
Detroit Ranked 10th in SARs Filings
The number of Detroit residents named in Suspicious Activity Reports make the city the 10th worst.
read announcement frrom the Department of Justice
Michigan a Fraud Hot Spot
Michigan is ranked by the U.S. Department of the Treasury as the eighth worst state for mortgage fraud.
read full story from Michigan Public Radio
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April 20, 2010
Closer Look at Mortgage Fraud
Article outlines how mortgage fraud works the motivation behind the players.
read full story from Investopedia
New Fraud Solution for Mortgage Lenders
Two mortgage fraud prevention service providers have a new offering for mortgage lenders.
read announcement from CoreLogic
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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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| Date |
Defendants |
State |
Amount |
Overview |
News
Publication |
| April 23 |
Louis Gholar, Undrea Harris, Santiago Sutton, Carla Wilson |
MS |
restitution of $1,521,842 |
3 guilty pleas. |
hattiesburgamerican.com |
| April 23 |
Diana Marks |
CA |
$336,000 |
Guilty plea. |
KLIV.com
MyMotherlode.com
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| April 23 |
Troy David Chaika, Dustin Lee LaFavre |
MN |
$43,000,000 |
Indictment unsealed. |
Star Tribune |
| April 22 |
Kirk H. Kirby |
PA |
$17,000,000 |
Charges filed. |
FBI.gov |
| April 22 |
Frank J. Dattilo, Michael Giello, Jason Megow |
PA |
losses exceeded $1,000,000 |
Charges filed. |
FBI.gov |
| April 22 |
Nathan Anderson, Kyle Wine, Jeffrey Wine |
KS |
$23,324,114 |
Guilty pleas for Anderson and Kyle Wine. |
Kansas City Business Journal
infoZine
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| April 21 |
Lyle Clay Smith, Ronald Haycock Sr., Jamis Johnson, Lawrence Skinner |
UT |
restitution of $2,384,974 |
56-month sentence for Smith. |
IRS.gov |
| April 20 |
Bonner |
OR |
$120,000 |
Indictment. |
Justice.gov |
| April 20 |
William T. Bridge, Paul Bridge, Joel Blanford, John Ngo |
CA |
multi loans |
21-month sentence for William for bribing Long Beach Mortgage employee. |
MortgageDaily.com |
| April 20 |
Fred Loewinger, Mitchell Loewinger, Mark Petti, Heather Shipley |
OH |
$1,400,000 |
Indictment for Loewinger. |
Sun News |
| April 19 |
Romel Esmail, Bassam Haj Yousif |
IL |
$73,500,000 |
Indictments. CIB Bank was victim. |
FBI.gov |
| April 19 |
Melody Delgado, Andrew Lewi, Durel Castil, Michael Smith |
IL |
$1,500,000 |
Castil convicted in Operation Stolen Dreams |
Pioneer Press |
| April 19 |
Jason Vitulano, Joseph Miller, Peter Hartofilis, Robert Hofler, Steve Vento |
FL |
$5,000,000 |
Guilty plea. WaMu among victims. |
South Florida Business Journal |
| April 19 |
F. Jeffrey Miller, Hallie Irvin |
KS |
$5,000,000 |
108-month sentence for Miller, 24-month sentence for Irvin. |
WIBW.com |
| April 17 |
Michael J. Pallozzi |
NY |
pp=$375k, hid 2nd of $124k |
Guilty plea. |
Times Union |
| April 17 |
John Pereless, Susan Pereless |
NJ |
$4,000,000 |
Conviction of son and mother. |
Associated Press |
| April 17 |
Melody Delgado, Andrew Lewi, Durel Castil, Michael Smith |
IL |
na |
Lewis convicted in Operation Stolen Dreams |
Pioneer Press |
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