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Last Updated Friday, May 18, 2007, 04:49 PM Texas Time

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

read archived blog entries

  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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