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Fraud
News Wire
| Last Updated |
Thursday, April 26, 2007, |
04:49 PM |
Texas Time |
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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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Paula Parisot
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