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Last Updated Friday, April 24, 2009 10:00 PM Texas Time
 

April 24, 2009

Ringleader Decides to Plead Guilty

A man who solicited delinquent borrowers from information obtained from Countrywide Mortgage employees has decided to change his plea to guilty.


Five Plead Not Guilty to Sham Sales

Family and friends of five people arrested on mortgage fraud charges say the accused are honest people who don't know how to cheat. But, prosecutors say they participated in an alleged foreclosure bailout fraud scheme that stripped equity from homes in a failed attempt to save them.


Renovations Turned to Fraudulent Mortgages

Three men that were accused of flipping multiple homes in Florida and then helping buyers fraudulently obtain purchase mortgages have been sentenced to at least 12 months in prison.


Power of Attorney Used in Fraud Scheme

Fifteen properties were purchased in a mortgage fraud scheme that led to the indictment of a 43-year-old Minnesota man. He allegedly used the borrower's information and a power of attorney to submit loan applications on their behalf.


April 23, 2009

Automating Fraud Detection

A new mortgage fraud detection service automates the gathering and identity-linking activities that monopolize the majority of an investigator's time. The service can take existing data and uncover potential fraud activity.


Charges Dropped in Multimillion-Dollar Fraud

Ignorance really is bliss in the case of a man who said he didn't know he was participating in a mortgage fraud scheme. Charges were dropped after his attorney proved to the jury that he had no idea what he was pitching to investors involved fraud.


Charges of Conspiracy

A mortgage broker is accused of forging loan application documents to open a line of credit, preparing false verifications of deposits and submitting fraudulent loan documents to underwriters.


RE Agent Convicted Again

Celebrity support didn't help a real estate agent escape conviction. After a six-week trial, a Minneapolis man was convicted on charges of mortgage fraud for the second time. His five-year probation from the first conviction had just ended when he allegedly began to run another scheme.


Arrest Made in Straw Buying Scheme

A 37-year-old man was arrested yesterday for his alleged participation in a straw-buying mortgage fraud scheme that defrauded banks of almost $2 million.


April 22, 2009

Taking Action

One mortgage company has developed a new program to protect itself from borrowers who are seeking to secure mortgages by fraudulent means.


April 21, 2009

Vacation's Over

A woman who fled to Jamaica with her husband after being charged with mortgage fraud is being extradited to Florida to face the music. The pair are accused of participating in a $10 million mortgage fraud scheme that involved more than 30 homes.


Personal Property Attached

A California woman was convicted on mortgage fraud charges involving the refinance of her own home that netted the defendants more than $525,000. Lenders lost nearly $2 million in the scheme that encompassed multiple properties.


Less Talk, More Action

A personal perspective on mortgage fraud gives one critic the motivation to stand up and speak about the mortgage fraud that has continued to rise through 2008.


Appealing Change

A Pennsylvania man who gave up most of his rights to appeal when he bargained with prosecutors has changed his mind and is appealing his 53 month sentence for mortgage fraud.


Prosecutor Hotline

Law enforcement officials are hoping a new telephone tip line and Web site will help their bolster their efforts to prosecute mortgage fraud criminals.


Gun-Toting Felon Pleads Guilty to Mortgage Fraud

A man who was ordered to pay more than $113,000 in restitution for unlawful firearm possession omitted that payment liability from his mortgage loan application and was approved. He fraudulently obtained more than $243,000 in proceeds from the loan. Now he is pleading guilty to mortgage fraud.


Bad Advice Leads to Guilty Plea

The attorney representing a couple who pleaded guilty to mortgage fraud said that it was bad advice that led to the mortgage brokerage owners committing a crime.


HUD Picked Up Tab

A former mortgage company president admitted involvement in a property flipping scheme that used straw buyers, fake information and HUD-insured loans.


April 20, 2009

Weeding Out the Fraud

A mortgage company and its owner pleaded guilty to falsifying information to secure mortgage loans on homes that were discovered to be part of a marijuana manufacturing ring in Washington.


Title Co. Owner Sentenced

Lenders lost more than $8 million in a $40 million mortgage fraud scheme ran by the owner of a title agency. The Florida man was sentenced to 13 years in prison and ordered to pay $8.8 million in restitution.


Midwest State on Fraud Alert

Indiana law could be allowing mortgage fraud to occur and homeowners evicted from their own property.


Big Request from Big Apple

A New York senator is asking that the government authorize millions in grants for nationwide law enforcement to use to tackle mortgage fraud.


Fraud Dampens Sunshine State

Florida remains concerned about the volume of mortgage fraud it still has to contend with. Much of middle Florida has been hit hard, Lee County has the highest foreclosure rate in the nation and there are 30,000 homes are in foreclosure between Tampa and Orlando areas, due in part to mortgage fraud.




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