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Fraud
News Wire
| Last Updated |
Friday, May 18, 2007, |
04:49 PM |
Texas Time |
|
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May 18, 2007
NY Subpoenas
Appraiser
After announcing an investigation of subprime
lenders, the New York attorney general issued
a subpoena to appraiser Mitchell, Maxwell &
Jackson Inc. requesting information on whether
its appraisers have been pressured in their
dealings with mortgage lenders and brokers.
read story from Bloomberg
Economy to
Falter to Mortgage Fraud
Some believe the economy will eventually suffer
from rising mortgage fraud incidences, which
last year jumped 30 percent, cost lenders $1
billion in losses, and are expected to continue
being uncovered.
read story from NorthJersey.com
ID Fraud
Links to Loan Delinquency
While lax lending practices amid rising interest
rates and a slowed housing economy are the major
contributors to rising mortgage delinquencies,
identity theft and fraud play a role as well.
read story from CreditLock.com
May 17, 2007
Fraud Flourishes
in Florida
Mortgage fraud grew by almost one-third last
year, with the Sunshine State dethroning Georgia
as the state with the most fraud problems, according
to an annual review prepared for mortgage bankers.
The report indicates it could be five years
before fraud from the 2006 subprime vintage
is uncovered.
read story from MortgageDaily.com
MI
Sentences Mortgage Fraudster
Inflated income and false ID used for $3.8 million
in loans.
Notary
Conference to Address Fraud Prevention
National Notary Association educates on preventing
fraud in paper-based and e-notarization.
Siblings
Sue Broker
Two brothers are accusing Andrew Vaughey, a
mortgage broker and realtor, of duping them
into mortgages that are now in foreclosure,
saying income was inflated and signatures forged
on documents sent to the lender.
read story from King 5
9 Arrests
Involving Mobile Home Loans
Keith Raybon, owner of Emerson Manufactured
Homes, and eight others were arrested for allegedly
orchestrating a scam that consisted of obtaining
refinance loans from ABN Amro intended for mobile
home purchases by un-qualified borrowers.
read story from Houston Chronicle
AZ Scams
Fuel Foreclosures
Arizona's attorney general said the state's
foreclosure rate is 10 times the normal and
is in part due to a variety of mortgage schemes,
including foreclosure "rescue" scams
that steal troubled borrowers' homes rather
than helping borrowers keep them.
read story from Sedona Red Rock News
LO Admits
Falsifying Job Info
Mark Todd Hareless faces sentencing after admitting
he arranged fraudulent loans in which he charged
borrowers for falsifying employment on applications
by listing his girlfriend's store as the employer.
read story from The Oregonian
Greed Drove
the Fraudulent Deeds
In his trial, Scott Ashley, who allegedly lied
about his income and used another's personal
information to obtain $3.8 million in loans
from Wells Fargo Mortgage, Huntington Bank and
Comerica, admitted he was greedy in his effort
to make a difference for his family.
read story from the Detroit Free Press
FBI Probes
Mortgage Co.
The FBI is investigating Carnegie Financial
Group for possible abusive and fraudulent mortgage
lending after at least one elderly woman's refinance
loan was allegedly based on an inflated appraisal,
and she now faces foreclosure.
read story from KDKA 2
May 15, 2007
Cox's Scam
Restitution Begins
Nashville victims of the mortgage fraud scam
by Matthew Cox, who authorities say used as
many as 26 identities to defraud borrowers and
lenders, will be getting some restitution money,
although the effects are being felt through
foreclosures as well.
read story from MortgageDaily.com
ID
Fraud-Fighting Co. Launches
Stonebridge Bank is first customer, several
others in the pipeline.
Man
Sentenced for Mortgage Investment Scam
Kansas City business man sentenced for $17.5
million mortgage fraud.
Cox's Scam
Restitution Begins
Nashville victims of the mortgage fraud scam
by Matthew Cox, who authorities say used as
many as 26 identities to defraud borrowers and
lenders, will be getting some restitution money,
although the effects are being felt through
foreclosures as well.
read story from WSMV
Mortgage
Servicers Accused of Fraud
Mortgage servicers, including Wells Fargo and
Wendover Mortgage, are being accused of charging
illegal and unauthorized fees, such as for unproven
missed payments and a $5,000 "recoverable
corporate advance."
read story from WRDW
2 Men Admit
$2M Fraud
Matthew Kupic and Francis Thomas Disonell could
be sentenced to 30 years in prison, as they
admitted to submitting loan applications with
false information to divert $2 million in extra
proceeds from lenders through their former business,
Team Title Abstractors and Real Estate Consultants.
read story from NBC 3
MN Heading
for Tougher Fraud Laws
The governor of Minnesota is expected to soon
sign a bill that will give individuals and companies
the right to sue if they were taken in by dishonest
or predatory lending practices, including inflated
appraisals.
read story from the Star Tribune
Originators
Fuel CA Fraud
Originators putting people in subprime loans
who deserve lower-cost loans and inflating borrowers'
incomes are among the tactics contributing to
the rise in mortgage fraud in California, which
ranks eighth in the nation for mortgage fraud.
read story from ABC 7 News
May 14, 2007
Appraiser
Faces 5 Years for Inflating Values
Appraiser pleads guilty to mortgage fraud conspiracy
against Fieldstone Mortgage Corp.
Mortgage
Fraud Ruined RE Market
Nearly an over-whelming majority of Americans
polled believe mortgage fraud wrecked the real
estate market.
WA Foreclosure
Fraud Growing
The head of consumer services in Washington,
which recently passed laws requiring loan originators
to be licensed, said the state is seeing a lot
of foreclosure fraud involving flipped properties
and straw buyers.
read story from The News Tribune
Official's
Mortgage Fraud Case Continues
A judge found no evidence that the prosecution
of Jackson County Executive Katheryn Shields
and her husband, Philip Cardarella, was vindictive
or constitutionally flawed, and therefore rejected
motions to dismiss the mortgage fraud charges
they face.
read story from the Kansas City Star
Mortgage
Co.s Create Fraud Victims
Mortgage company employees are amongst the people
who unknowingly give identity thieves consumers'
personal information, says James Jackson, a
federal prison inmate who is considered the
"founding father" of identity theft.
read story from Eyewitness News Everywhere
Senior Scam
Alert
Organizations and officials advised seniors
to refuse buying securities from unregistered
companies to avoid having their retirement savings
snatched up in property that is not worth investing
in or in deals with false promises of high returns.
read story from Eyewitness News 3 |
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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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