home mortgage fraud newsletter full stories advertise mortgage industry newsletter RSS about us
HOT Topics Fraud Resources Fraud Prevention Mortgage Litigation News Appraisal News
twitter linkedin
facebook google+
Mortgage News

Search mortgage fraud news by keyword.

Mortgage Fraud News
News, analysis and statistics about mortgage fraud.

Local Mortgage Fraud
Stories about individual mortgage crime cases.

Mortgage Fraud Statistics
Statics by year about real estate fraud.

Mortgage Fraud Index
Quarterly index based on case activity.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage Fraud Feedget RSS code
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.

Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.

Mortgage Fraud Newswire

send your comments or links

Last Updated Friday, May 2, 2008 5:30 PM Texas Time

May 2, 2008

Former Police Officers Indicted on Federal Mortgage Fraud-related Charges
Richard Alvarez, 38 and Marcus Adkins, 32, former officers of the Lakewood Police Department have been charged with conspiracy to commit wire fraud and wire fraud after purchasing 13 properties, inflating the purchase prices and falsifying legal documents. Twelve of the 13 houses, all in Cuyahoga County, Ohio, are in foreclosure.
Read story from The Plain Dealer

Ex-Nighclub Owner and Restaurateur Commits More Than $3.8 Million in Fraud
John A. Tsiaoushis, 40, using phony documents allegedly bought and sold at least two homes in Vienna and Fairfax County, Va. that still had liens and/or belonged to someone else to make millions. He could face seven to nine years in prison. Tsiaoushis’s partner in one of the scams, Khalil Salim Arbid, was recently sentenced to 16 months in prison.

CitiFinancial, Accredited Home Lenders, Wells Fargo and First Franklin were listed as lenders that Tsiaoushis used to complete some of the transactions.
Read story from The Washington Post

May 1, 2008

Nationwide Mortgage Licensing System Launching
Seven states are on board with the new system that tracks licensed loan originators. Eleven more states are slated to be part of the system by year’s end and by 2009 consumers should be able to access the database.
Read story from HeraldNet

New Missouri Law Defines Mortgage Fraud as a Crime
False statements or failing to disclose material facts could get you seven years in prison and fines of up to $5,000 per violation in Missouri. The new bill which also addresses mortgage fees and interest rate policies has some critics are saying the new bill doesn’t reach far enough.
Read story from The Examiner

California Man Steals Identity to Purchase $1million Home
Micah Bachman, 37, took out a mortgage loan and equity line of credit from Chase Bank and Flagstar Bank through a broker in San Diego in the amount of $960,000. Bachman stole the social security number of a child in Kentucky and is charged with bank fraud, money laundering, false use of a social security number and aggravated identity theft.

Bachman then obtained a primary mortgage and a line of credit last August from Chase Bank and Flagstar Bank to purchase a residence in Lake Forest through a mortgage broker in San Diego. Sentencing is set for July 18.
Read story from Fox 6 News

April 30, 2008

Stiffer Penalties For Those Who Commit Mortgage Fraud in Florida
Florida recently passed legislation that pushes the charge of mortgage fraud on home loans for more than $100,000 to a second-degree felony instead of a third-degree, which is punishable by up to 15 years in prison and up to $10,000 in fines.
Read story from The Miami Herald

April 29, 2008

Four Indicted for Running Bait and Switch Scheme
Gregory Cooper, Lawrence Burke, Riccardo White and Zachary Cutler were arrested after allegedly misrepresenting mortgage terms to homeowners in the New York metropolitan area. The indictment included charges of conspiracies to commit mail and wire fraud.

The four men, who worked out of Cooper’s home office in Central Valley, N.Y., are also accused of selling bad lead lists to residential mortgage brokers across the U.S. The men face a maximum of 20 years in prison per count, if convicted.
read story from Mid-Hudson News

Bond Insurer Ambac Looking for Signs of Mortgage Fraud
Ambac might be asking some issuers to buy back loans that have evidence of fraud. The company has lost $834.5 million on securities made up of second mortgages and Goldman Sachs estimated Ambac’s total losses could top $11.8 billion.
read story from CNN

Straw Buyer Scam In Stockton
A Colorado man pleaded guilty to felony fraud charges for using straw buyers and false documents to obtain mortgages on 10 residential properties in Stockton.

Iftikhar Ahmad, 36, owner of I&R Investment Properties, falsely obtained more than $1.5 million in loan proceeds from Orange County-based Long Beach Mortgage. Ahmad is said to be the fourth defendant involved in the scheme. Sentencing is scheduled for July.
read story from The Denver Post

April 28, 2008

Three Accused of Defrauding Countrywide in Ohio
William Bowling Jr., 46, Georgia Bowling, 64, and Gregg Russell, 54, are scheduled for arraignment April 29 on charges of conspiring to defraud Countrywide Financial Services of about $3.5 million in order to purchase 24 four-unit apartment buildings in Kettering, Ohio.

The trio could face up to 20 years in prison and fines up to $250,000 plus three years of supervised release and restitution.
read story from Middletown Journal

Foreclosed Homes Center of New Scams
Houses in foreclosure have become the center of new scams as their numbers keep edging up. Authorities have new fraud schemes generated by homeowners renting their houses while in foreclosure, selling the home or arranging a third-party sale as the foreclosure is proceeding.
read story from Sun-Sentinel

Stewart Title Insures Against Mortgage Fraud Losses
Additional premiums on title policies will provide insurance for a lender and any successor to its title in the mortgage. The company will begin offering a range of policies to insure title for lenders.
read story from Insurance Business Review

read archived blog entries

Mortgage Fraud Litigation

Q4-2012 | Q3-2012
Q2-2012 | Q1-2012

Q4-2011 | Q3-2011
Q2-2011 | Q1-2011

Q4-2010 | Q3-2010
Q2-2010 | Q1-2010

Q4-2009 | Q3-2009
Q2-2009 | Q1-2009

Q4-2008 | Q3-2008
Q2-2008 | Q1-2008

full-year 2007
Red Flags Rule
News about the Fair and Accurate Credit Transaction Act.
Analysis of Fraud Enforcement and Recovery Act
The Mortgage Graveyard
Reverse Mortgage Blog
Mortgage Compliance Newsletter
Free compliance newsletter from MortgageDaily.com.

Copyright © 2014 MortgageDaily.com
MortgageDaily.com Subscribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan officer compensation rule

loan originator compensation rule


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

sales blog

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

wireless mortgage news