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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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