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Fraud
News Wire
| Last Updated |
Friday, May 4, 2007, |
04:49 PM |
Texas Time |
|
|
May 4, 2007
Mortgage
Co. Advises on Avoiding Fraud
National City provides free financial seminar
on budgeting, credit and identity theft at all
Southeast Michigan branches, 6-7 p.m. on Wednesday,
May 16, 2007.
Couple
Sentenced for Mortgage Fraud
Isaac Lee Woods and Regina Bailey Woods to serve
a combined 9 years in prison.
Realtors
Seek Mortgage Fraud Probe
Sacramento realtors are seeking a criminal investigation
of the local mortgage industry after a news
channel uncovered how Jim Martin and his business
partners at VFM Investment Group falsified applications
to qualify investors for more than $9 million
in loans they could not afford.
read story from KCRA 3
FL Loses
Mortgage Fraud Crown
After being in the top spot, Florida placed
second among all states in mortgage fraud.
read story from Orlando Sentinel
FBI Warns
of Cash-Backs
FBI officials warned consumers that it is illegal
to participate in cash-back deals, where a real
estate agent or buyer offers thousands more
than the asking price on a home that has been
on the market for a while under the agreement
that the seller gives back excess funds generated
from a mortgage obtained with an inflated appraisal.
read story from Anchorage Daily News
Police Chief
Accused of Fraud
Joseph Woods, the Carver Bible College police
chief who leads a number of officers facing
criminal charges such as murder, is accused
of stealing the home of a deceased grandmother.
read story from WSB-TV Atlanta
AZ: Fraud
Hot Spot
Arizona is the state with the most identity
theft and is seventh in mortgage fraud.
read story from Arizona Republic
Mortgage
Fraud's Unsuspecting Victims
At a hearing, officials said home sales fraud
in Pennsylvania includes many mortgage borrowers
who never find out they are victims because
they never see the fraudulent alterations made
to their loan documents.
read story from Pocono Record
Lawyer Admits
Mortgage Fraud
Ex-attorney Dennis Vourderis admitted stealing
more than $678,000 that came from mortgage borrowers'
checks that he would deposit into bank accounts
rather than sending to lenders.
read story from Staten Island Advance
May 2, 2007
Mortgage Co. Practices
Under Fire
The Illinois attorney general has filed a document
in court to demand extensive records from One
Source for an investigation of possible fraud
after borrowers claim the company misled them
about the terms of their loans.
read story from NBC 5
Trial Set for Foreclosure
"Rescuer"
A trial date has been set after four years since
Peter Rogers, the former president of Express
Consolidated Refinance and Mortgage Consultation
Inc., was accused of swindling 77 borrowers
in mortgage foreclosure out of $125,000 without
delivering a service to them.
read story from the Courier-Post Staff
7 Sue Mortgage "Investment"
Group
Seven investors have filed lawsuits against
James Martin and his business partners at VFM
Investment alleging that their credit and personal
information was manipulated to qualify for loans
on homes that were supposed to rake in profits
through tenants awaiting to occupy them -- but
instead no tenants were provided and foreclosures
followed.
read story from KRCA 3
Fraud Couple to Serve
Time
Isaac Lee Woods will serve seven years in prison
and his wife, Regina Bailey Woods, was sentenced
to two years for stealing over $1 million through
a scam that arranged government insurance on
false mortgages.
read story from WRAL
May 1, 2007
Ex-Mortgage Owner
Fined $6.7M
After being sentenced to 7.5 years in prison,
Tony Daniloo, ex-president and CEO of DreamLife
Financial, was ordered to repay $6.7 million
to lenders, and elderly, minority and bad-credit
borrowers he defrauded.
read story from Mercury News
MA Seeks Tougher Fraud
Laws
To mitigate the rise in mortgage fraud, Massachusetts
Attorney General Martha Coakley is exploring
more effective oversight and stronger regulations
to address fraudulent activity.
read story from Consumer Affairs
CA Tips to Avoid Fraud
Links through various areas of the California
Department of Real Estate's Web site can help
to avoid falling in the hands of fraudulent
originators and mortgage deals.
read story from KCRA 3
April 30, 2007
9
Charged with Mortgage Fraud
FBI Arrests 9 of 10 Charged in Widespread Mortgage
Fraud Scheme; Defendants Include Mortgage Brokers
and Straw Buyers.
Fraud Thrives Amid
Lax Regulation
Fraudulent loan originations continue to occur
amid an uptick in enforcement among banking
regulators and increases in real estate regulating
staff.
read story from the San Jose Business Journal
Common Schemes and
Prevention Tips
Using straw buyers to hide the identity of the
actual borrower, who would not qualify for the
mortgage sought, is one of the most common techniques
used to swindle lenders, while a commonly recommended
way to avoid being duped is to never sign any
documents with information left blank.
read story from The Telegraph
Georgia No Longer
Fraud Leader
After leading the nation for four consecutive
years, Georgia is no longer the state with the
highest number of reported mortgage fraud.
read story from the Atlanta Business Chronicle
Tactics for IDs for
Mortgages
Convincing people to give their names and credit
histories is a tactic that has repeatedly been
used to profit off of fraudulent mortgage deals
-- and this was also the game plan used by Phillip
Hill who sits in jail for allegedly defrauding
lenders out of $100 million in loans through
methods that involved luring people to fancy
cocktail parties and giving $10,000 checks for
those who would sign up for real estate deals
and give their personal information.
read story from the Chicago Tribune
How to Avoid Mortgage
Scams
Contacting the mortgage lender, avoiding the
payment of upfront fees and consulting with
a lawyer before signing documents are some ways
those in trouble of foreclosure can prevent
being duped by foreclosure "rescue"
and other mortgage scam artists.
read story from the Ventura County Star
Felon Behind Mortgage
Deals
Victor Thomas Clavizzao, a felon, recently opened
a mortgage office, despite an investigation
that connects people who did not know they had
purchased properties through loans he fixed.
read story from the St. Petersburg Times
NV Invites Mortgage
Fraud
Nevada's invitation to incorporate in the state
because of "minimal reporting and disclosure
requirements," and stockholders not being
public record, draws attention from those wanting
to defraud mortgage lenders.
read story from the Las Vegas Sun |
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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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