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

Mortgage Fraud Archives

Week Ending May 7, 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
May 4, 2010


Fraud Initiative Yields $350 Million in Mortgage Fraud Convictions
The U.S. Attorney’s Office Mortgage Fraud Strike Force has prosecuted more than 300 mortgage fraud defendants in cases involving around $350 million in fraudulent loans.
read announcement from U.S. Department of Justice
May 3, 2010


MASS. Senate Passes Mortgage Fraud Bill
A bill that would make mortgage fraud a crime has made it through the Massachusetts Senate
read full story at 95.9 WATC-FM
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
Date Defendants State Amount Overview Source
May 7 Ruben Rojas, Lourdes Rojas Almanza, Litcia Linares, Grovert Rojas, Jaime Nino Rojas, Juan De La Cruz Aguayo VA $24,000,000 60-month sentence for Ruben Rojas. U.S. Department of Justice
May 6 DOUGLAS BALLARD, JOSEPH FOSTER, GUY MITCHELL GA $80,000,000 Indictement. FBI.gov
May 6 ELIZABETH SON MA 2 properties Sentenced to supervised released. FBI.gov
May 5 Gelasio Alberto Diaz, Claudia Glaser, Nereida Ramos, Antonio Pinto, Emilia Fortes, Pura Machado Aguila, Carlos Orellana FL $5,000,000 Charges filed. Justice.gov
May 5 James O’Brien FL $593,750 Guilty plea by police sergeant. News-Press.com
May 5 Taleb Mahamed Wazwaz MN $1,900,000 Guilty plea. U.S. Department of Justice
May 5 Juan Calbara MN multiple loans Indictment. Pioneer Press
May 5 Calvin Townsend IL na Defendant in fraud case charged with looting fixtures from foreclosed homes. WBBM780.com
May 4 LEE OR $523,000 Indictment. Justice.gov
May 4 Michael Ramos, Paula Ramos FL losses between $7 mil and $20 mil Son sentenced to 63 months, mother sentenced to 51 months. U.S. Department of Justice
May 4 EDWARD WILLIAM FARLEY, WALTER JULIUS HERMANN GA $23,000,000 in losses. 25-year sentence for Farley, 2-yr sentence for Hermann.. U.S. Department of Justice
May 3 Calvin Harris PA Losses of more than $400,000 Guilty plea. FBI.gov
May 3 Gerald James Greenfield, Nicholas Ryan Delon Smith MN $2,500,000 Guilty pleas. U.S. Department of Justice
May 1 Brianna Valle, Tony Ianne CO na Charges against Valle dismissed. Pueblo Chieftain

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