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May 15, 2009
A 33-year-old man admitted guilt in one of the most notorius mortgage fraud cases in Maryland. The licensed real estate agent served as a closing agent on more than 60 homes whose deeds were given to straw buyers. He made more than $100,000 in kickbacks and now faces a maximum of 30 years in prison and a $1 million fine.
Combating fraud is a work in progress as the Justice Department prepares to set new ground rules for mortgage fraud.
May 14, 2009
A new study offers a closer look at the motivations and steps taken by those who commit mortgage fraud crimes. The Financial Crimes Enforcement Network has released a report that connects mortgage loan fraud with other financial crimes.
A Houston mortgage broker has been convicted for his role in a $12 million mortgage fraud scheme that spanned six years. He faces up to 100 years in prison and a fine of up to $250,000 at his sentencing August 17.
A Maryland real estate agent was sentenced to nearly four years in federal prison for participating in a mortgage fraud scheme, defrauding lenders out of about $3 million. He was ordered to pay full restitution, and forfeit his interest in a Rolls Royce.
Five people, including a father and son, have pleaded guilty to a mortgage fraud scheme that involved 210 residential properties. The group assisted one another in falsifying documents in order to obtain mortgage loans and pocket the proceeds.
A lot of proposed and new legislation regarding mortgage fraud has hit the media in recent days. Here is an update on the latest three bill to be approved by Congress last week.
An alert county assessor noticed 11 houses in the same county were deeded to the same man for extremely low prices over a six-week period. He became suspicious.
Two of three defendants charged in one of Boston's largest alleged predatory mortgage fraud schemes have been let off with just an order to pay $5,000 in damages and a ban on working within the industry. The third defendant's former owner might not be so lucky, it appears she has fled the area -- authorities can't find her.
A California man indicted for participating in a $12 million mortgage fraud scheme has apparently changed his mind about pleading guilty. The judge, however, said the plea sticks.
Two lawsuits have been filed against multiple defendants for taking advantage of borrowers. In one case, loan documents were allegedly falsified and forged in order to secure a mortgage loan in the name of a 78-year-old woman living on $500 per month social security.
May 13, 2009
A 39-year-old Maryland woman who participated in a $70 million mortgage fraud scheme that duped more than 1,000 people has pleaded guilty. Prosecutors said she reassured investors that everything was alright, while knowing the company was not generating any revenue.
Once the Senate agrees to some changes in a new bill on the table and President Obama gives his stamp of approval, as expected, the Federal Bureau of Investigation could see its staff and resources double. The new bill provides $532 million for mortgage and securities fraud investigation.
A Colorado developer facing 23 counts relating to mortgage fraud failed to reach an agreement with prosecutors and now will go to trial mid-June.
May 12, 2009
A Florida lawyer said he made a huge mistake after his participation in a multimillion-dollar mortgage fraud scheme resulted in a five-year prison sentence for him. The judge said he got what he deserved.
A Minnesota mortgage originator was fined $2.2 million and had his license revoked for running a mortgage fraud scheme that paid straw buyers to purchase homes at inflated values.
May 11, 2009
An Ohio homebuilder has pleaded not guilty to a multimillion-dollar mortgage fraud scheme after federal agents gathered information against him - including an audio recording obtained secretly by his mistress. The homebuilder's wife pleaded guilty and the mistress struck an undisclosed deal with prosecutors.
New legislation was introduced that will help fund more resources for local District Attorneys to use in the fight against mortgage fraud.
A Massachusetts woman who supplied two lenders with at least 22 property appraisals admitted that she was not licensed and falsely represented herself as a legitimate appraiser.
The only good news on the mortgage fraud front seems to be it uncovered countless fraud schemes and raised awareness to the fact the mortgage industry was loosely regulated by the state and federal governments.
New legislation will prohibit borrowers from lying about their income in order to qualify for a loan, stop predatory mortgage loan practices and will make sure the industry follows sound lending practices.
A Tennessee county is waiting for an okay from its Board of Commissioners to file a lawsuit against national mortgage lenders.
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