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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
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