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Archive of FraudBlogger.com entries going back to 2005.

Mortgage Fraud Archives

Week Ending April 30, 2010


Mortgage Fraud News

Case Activity

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.
read full story
April 29, 2010

HUD OIG Creates New Region to Address Growing Fraud
CHICAGO -- Mortgage fraud in the Midwest has gotten so bad that the U.S. Department of Housing and Urban Development's watchdog had to break up the region.
read full story at MortgageDaily.com
April 26, 2010

Appraisal Fraud Leaps
Lenders have made significant headway reducing fraudulent deposit and employment verifications, but appraisal fraud is way up. One-quarter of all mortgage fraud activity occurred in just three metropolitan areas.
read full story from MortgageDaily.com

Mortgage Fraud Rises 7% in 2009
LexisNexis Mortgage Asset Research Institute reported that the rate of increase for mortgage fraud reports fell to 7 percent last year from 2008's 26 percent.
read full story from the Associated Press

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
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
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
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
Date Defendants State Amount Overview Source
April 30 Jakale S. Freeman FL $229,006 Information filed. Victims included Wells Fargo, N.A.; SunTrust Bank, Bank of America Justice.gov
April 30 Russell E. Krouse, Jason E. Davis, Harry L. Gongloff, Steven M. Taylor OH $710,000 in losses Informations filed. Victims were Aegis Funding Corp., New Century Mortgage U.S. Department of Justice
April 30 Kimberly Wilson, Michael Boyce, Beyond Wynn, Darlena Rogers, Drummell Coffey, Lawrence Calloway, Gerald Ford, Nafessah Walker, Travis Haynes, Antoinece Robin Boyd, Lavon Ruderson, Wesley D. Rahmon, Robert M. Wilkes Jr. OH $3,250,000 Indictments. U.S. Department of Justice
April 29 Christy Yamanaka FL $37,000 Information filed. Wells Fargo Bank, N.A., victim. Justice.gov
April 29 John Star NY $10,000,000 Defendant jumps bail. NBCNewYork.com
April 29 Michael Fiorito MN $500,000 in equity converted 23-year sentence. U.S. Department of Justice
April 29 Mark Kellogg, Beverly Cody OH $5,800,000 Guilty pleas. Sun News
April 28 SHAQUINTA REANNE GATES, SILVIA D. MCBRIDE AL $145,100 Indictments. Wells Fargo was victim. U.S. Department of Justice
April 27 Jeremy Richardson OR $20,000,000 37-month sentence. Justice.gov


April 27 Rashaan Wilks IL multiple properties. Convicted. Pioneer Press
April 26 Brett Gibbs, Brett Depue NV restitution of $307,000, losses of $219,000 12-month sentence. U.S. Bank was victim. IRS.gov
April 26 Susan E. Newell, Edward L. Boler MN $2,800,000 3-year sentence for Newell. Star Tribune
April 24 MARK ANTHONY MCBRIDE aka Charles Conley aka Manuel Evans GA Restitution of $2,187,929 16-year sentence tied to Ommi National Bank failure. FBI.gov
April 24 Joseph John Pugliese, CA na Not guilty plea for former Countrywide employee. Marin Independent Journal

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