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Fraud News Wire

Last Updated Thursday, April 26, 2007, 04:49 PM Texas Time

April 26, 2007

MA Proposes Foreclosure Help Laws
Plan focuses on criminalizing mortgage fraud; increasing consumer protection and assistance.




MA Seeks Tougher Mortgage Fraud Laws
Massachusetts Attorney General Martha Coakley unveils plans against mortgage fraud.




IL Presents Act Against Fraud
Obama, Durbin introduce bill to fight mortgage fraud and abuse.




Subprime Market Concerns Increase Fraud
Investor alert: Carnahan cautions Missourians real estate scams are a growing problem.




Widespread Mortgage Fraud Fuels Foreclosures
The Office of Thrift Supervision stated that the lying on mortgage applications, which occurs everyday but is rarely punished, will prolong the current environment in which foreclosures are increasing as decreasing house prices make it hard for troubled borrowers to refinance.

read story from The New York Sun




FBI Arrests Financial Advisor
Timothy Stabile was arrested for allegedly attempting to misappropriate over $400,000 of money belonging to Lee Bennett, a man who Stabile long provided financial advise to and who recently died, but questionable actions also include Stabile taking out mortgages on a home and later purchasing a building with cash.

read story from the Ottumwa Courier




Mortgage Owner Accused of Securities Fraud
Jason Keigley, owner of First Place Mortgage, was charged with violations of the Indiana Securities Act that involved selling loans to investors, including Countrywide Bank of California.

read story from the Indianapolis Star




Man Unaware of $300K Mortgage Debt
Leobardo Flores, allegedly an identity theft victim, learned he had a $320,000 mortgage in his name when he tried to borrow $5,000 for a car and was denied.

read story from the Hickory Daily Record




Couple Sued for Title Co. Fraud
Angela P. Raposo owner of Title America Closing Services LLC, and Marco P. Raposo are being accused of stealing $800,000 from escrow account funds, which reportedly is the reason behind the company closing down and being placed in receivership.

read story from The Providence Journal




Woman's Mortgage Fraud Case Grows
The case against Ida Mae James, who is accused of stealing identities to secure about $3 million in loans for homes, named a new defendant, Holly Jo Jackson who allegedly assisted in some of the purchases and lived in one of the homes.

read story from Star Tribune




Typical Mortgage Fraud Techniques
Flipping, straw buyers, appraisal fraud and foreclosure schemes are among the most common variations of fraud for profit, according to Ann Fulmer, an attorney and activist against mortgage fraud.

read story from Yahoo! Finance




Fraud Hits Over 12 Lenders
Ten men were accused of defrauding more than a dozen lenders, including Lehman Bros. Holdings Inc., HSBC Holdings and Fremont General Corp., through New Generation Funding, a mortgage brokerage the ring leaders ran and used to create false identities and credit ratings for straw borrowers.

read story from the Los Angeles Times




Siblings Await Fraud Sentence
Darren Todd Moyer and Jennifer Moyer Henson, of Baltic Mortgage Co., will be sentenced for allegedly defrauding Indymac Bank by filing phony HUD settlement papers that misrepresented sales prices and down payments.

read story from The Chattanoogan




April 24, 2007

New Services Combat Loan Fraud
Enhanced Fraud Review and Organizational Framework incorporate best practices to streamline fraud detection processes and identify more fraud.




DOJ Outlines Efforts Against ID Theft
Fact Sheet: The Department of Justice’s Efforts to Combat Identity Theft.




Gov't Issues ID Theft Fighting Agenda
The president’s identity theft task force releases comprehensive strategic plan to combat identity theft.




2,900 Potential ChoicePoint Fraud Victims
FTC targets additional group of ChoicePoint identity theft victims who may qualify for redress.




Fiduciary Fraud
Real estate lawyers in Georgia, New Hampshire and Brooklyn are facing charges they stole from clients and lenders.

read story from MortgageDaily.com




TX Mortgage Fraud Law Near
A bill to change the Texas Finance Code to reduce mortgage fraud passed the House, is expected to find Senate approval and is supported by the Texas Mortgage Bankers Association.

read story from the Houston Business Journal




Legality of Unaffordable Loans Questioned
A financial consultant and speaker implies that putting trusting borrowers in unaffordable loans is equivalent to breaking the law yet the perpetrators, or mortgage lenders, walk away freely while borrowers and their communities suffer the consequences.

read story from the American Chronicle




Mortgage Manager Admits Fraud
The alleged leader of a mortgage fraud ring overstating income and assets on mortgage applications, Kourosh Partow, pleaded guilty to charges of falsifying documents while he was a manager at branches of Countrywide Home Loans and American Home Mortgage.

read story from KTVA11




April 23, 2007

Midwest Biggest Foreclosure Risk
The ten markets most at risk of foreclosure because of mortgage fraud are all in the Midwest.

read story from MortgageDaily.com




Lenders Push Mortgage Fraud
While the increase in mortgage fraud largely centers around inflated appraisals, lenders are also to blame -- as 90 percent of appraisers claim that they have received from lenders coercion such as threats to stop doing business with them and not paying them due fees if they don't assign the value necessary for a property finance to be approved.

read story from Village Soup




AZ Fights Foreclosure Rescue Fraud
An Arizona task force is being formed to draft new legislation to deter foreclosure-rescue fraud, after one legislation aiming to do so did not go through because some did not think more laws are the answer to stop the growing problem.

read story from The Arizona Republic




Foreclosures Attract Rescue Fraud
A family facing foreclosure in Colorado, which has the nation's second highest foreclosure rate, unwittingly signed papers that allowed a woman, who claimed to represent their mortgage lender, to buy their home in the next day's auction for $109,000 less than they owed on the mortgage.

read story from CBS4




April 20, 2007

Broker Guilty of ID, Mortgage Fraud
Mark D. Musselman, who ran mortgage brokerage Phoenix Funding Inc., was found guilty of using the identities of recently dead people and forging appraisals, among other tactics, to obtain fraudulent mortgages that caused Interfirst Mortgage Lenders losses of over $1 million.

read story from the Dayton Daily News




Mortgage Borrowers Susceptible to ID Theft
Authorities advise recent customers of an Albertson's in Alameda, Calif., to check with their banks to make sure they were not among the victims of an identity theft ring that could leave some with insufficient funds to pay their mortgage.

read story from CBS 5


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  Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowl ey@FraudBlogger.com
 
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