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Last Updated Friday, May 8, 2009 10:00 PM Texas Time
 

May 8, 2009

Former RE Agent and LO Indicted

Two men are accused of fraudulently creating and submitting false information to secure mortgage loans on three home purchases totaling $1.1 million. All three homes have went into foreclosure resulting in at least $500,000 in losses to lenders. Both men are out on bail.


Man Wanted in Alleged Mortgage Fraud Scheme

A California woman was duped into giving almost $12,000 to a man who claimed to be a mortgage broker. The mystery man is nowhere to be found after convincing the homeowner to wire funds and overnight checks made payable to him.


Fraud Prevention Tool

A New Jersey county offers a new online database the public can access to help prevent mortgage fraud.


Deed Transfers Led Mortgage Fraud

A Florida man admitted to befriending owners of vacant houses only to steal personal information so he could forge a deed transfer of the properties to himself.


LOs Charged in Multimillion-Dollar Fraud

Four people from Wisconsin and one from Illinois have been accused of participating in a $14 million mortgage fraud scheme that involved at least 40 properties. All the properties have defaulted or gone into foreclosure.


Sunshine State Ramps Up

Tampa Bay law enforcement authorities are beefing up their resources to investigate and prosecute mortgage fraud.


FBI Gets a Raise

The U.S. Justice Department is including more funding in 2010 for FBI agents to investigate mortgage fraud.


May 7, 2009

House Speaker Sounds Off on New Act

Speaker Nancy Pelosi issued a statement regarding the Fraud Enforcement and Recovery Act, reassuring Americans that its passage is a step in the right direction towards economic recovery. The Act which provides funding and resources for law enforcement to pursue and prosecute mortgage fraud also establishes a bipartisan commission to investigate the causes of the current economic collapse.


New Service for PMI Companies Addresses Fraud

A risk management service is adding Private Mortgage Insurance Investigations to its Fraud and Special Investigations Unit division to help protect PMI companies from losses due to mortgage fraud.


Nationwide Mortgage Fraud Task Force Approved

The senate voted to approve a new bill that would establish a Nationwide Mortgage Fraud Task Force modeled after the current task force in Miami-Dade County.


Accused of "Cut and Paste" Fraud

The trial begins for a mortgage broker who is accused of cutting and pasting borrower signatures to documents in order to fraudulently secure mortgage loans.


May 6, 2009

Couple Sentenced to Decades in Prison

A husband and wife accused of taking advantage of Spanish-speaking borrowers in a multimillion-dollar mortgage fraud scheme were sentenced to two decades in prison.


May 5, 2009

Automated Income Verification

Lenders are now able to verify borrower income automatically by validating the income directly from the borrower's IRS tax filings. The independent verification could help lenders detect mortgage fraud by catching income misrepresentation.


Three Plead Guilty in Kickback Scheme

Three Ohio residents pleaded guilty to conspiracy to commit bank fraud after being accused of participating in a scheme to fraudulently purchase luxury homes at inflated prices. All the loans involved defaulted causing losses up to $7 million.


Ohio Woman Admits Fraud

The wife of a homebuilder at the center of a multimillion-dollar mortgage fraud scheme has pleaded guilty to conspiracy to commit money laundering. She admitted that she, her husband, his mistress and others secured mortgage loans by falsely misrepresenting her income and assets.


Straw Buyer Recruiter Pleads Guilty

A 49-year-old Indiana woman who pleaded guilty to mortgage fraud-related charges has agreed to cooperate with the government and testify before a grand jury or at trial.


Fraudsters Plead Guilty to Avoid Maximum Penalties

Pleading guilty in lieu of a jury trial might be one of the smartest decisions a fraudster can make. Public outrage over the billions in mortgage fraud makes it nearly impossible to find a completely unbiased jury of their peers.


May 4, 2009

Lawsuit Terms Unfulfilled

Poconos homebuyers have yet to see any results from a tentative settlement with those being held responsible for defrauding almost 100 victims.


Former Employees Seek Money Due

A mortgage company that paid out more than $1 million after a judge ruled they were liable for mortgage fraud is now accused of withholding pay from its former employees.




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