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Search mortgage fraud news by keyword.
News, analysis and statistics about mortgage fraud.
Stories about individual mortgage crime cases.
Statics by year about real estate fraud.
Quarterly index based on case activity.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
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The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.
Archive of FraudBlogger.com entries going back to 2005. |
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Mortgage Fraud Archives
Week Ending May 21, 2010
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Mortgage Fraud News
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Case Activity
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June 18, 2010
The $2 Billion Mortgage Fraud Sting
More than a thousand defendants who helped close more than $2 billion in fraudulent mortgages have been charged as part of a federal crackdown. Among the defendants were many who are mortgage brokers.
Seeking to show victories against the kind of ground-level fraud that contributed to the housing crash, federal authorities said Thursday that they had filed criminal charges in recent months against 1,200 mortgage brokers and others accused of cheating banks and borrowers of $2.3 billion.
White-collar crime experts said the size and scope of what the government presented Thursday -- dubbed Operation Stolen Dreams -- represented an unprecedented crackdown on mortgage fraud.
read full story at MortgageDaily.com
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June 17, 2010
Mortgage Fraud Rose and Getting Worse
An annual report from the government indicates mortgage fraud continued to increase last year, is even worse this year and is expected to deteriorate further. Areas of rising concern are schemes tied to reverse mortgages, commercial mortgages and distressed mortgages.
read full story at MortgageDaily.com
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June 8, 2010
Valuation Fraud a Growing Problem
A spike in the risk of appraisal fraud has pushed the overall risk of mortgage fraud higher, according to the latest quarterly index. Five states were identified as potential problem spots for mortgage lenders. Chances that a borrower is lying about occupying a property, however, have declined.
read full story at MortgageDaily.com
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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
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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
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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
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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
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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
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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
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| Date |
Defendants |
State |
Amount |
Overview |
Source |
| May 21 |
Melva Massey |
MD |
$1,205,267 |
Guilty plea. |
FBI.gov |
| May 21 |
Anthony G. Symmes, Garret G. Gililland |
CA |
$21,000,000 |
Guilty plea by Symmes. |
Justice.gov |
| May 21 |
Lawrence Davis, Joel Clark,Bill |
CA |
$6,000,000 |
Indictments, arrests. |
Justice.gov |
| May 21 |
Jeremiah Andrew Martin, Darrin Arthur Johnston, Todd Allen Smith, Cheryl Ann Hitomi Peterson |
CA |
losses in excess of $1,000,000 |
Indictments, arrests. |
Justice.gov |
| May 21 |
Brian K. Bowling, Jason Khodadad, Joseph Bowman, Joshua Hughes, Richard Hurkman |
WI |
$1,730,000 |
Guilty plea likely. |
Justice.gov |
| May 21 |
Aleksandr Abramovich, Derek Czerniak, Anthony Palermo, Jimmy Pililimis |
IL |
scheme. |
Indictments. |
Pioneer Press |
| May 20 |
Bonnie Sweeten |
PA |
$700,000 |
Indictment. |
FBI.gov |
| May 20 |
Andrew La Porte; Daniel John Schuetz; Michael Wayne Wickware; Roxanne Yvette Hempstead; Darryl Anthony Wallace, aka Darryl Anthony White; Terrence Smith, aka Terry Lee Smith |
CA |
$20,000,000 |
Indictment unsealed. |
FBI.gov |
| May 20 |
Patricia Morgen |
CA |
restitution of $9,000,000 |
15-year sentence for former fugitive. |
FBI.gov |
| May 19 |
RANDALL PENBERTHY |
MO |
na |
33-month sentence. |
Justice.gov |
| May 19 |
Daryl Fernandes, Obrian Fernandes |
IL |
$887,000 |
Arrests. |
FBI.gov |
| May 19 |
Kathy Chen, Richard Salgado Gonzalez, Daniel Gonzalez |
CA |
$17,500,000 |
Conviction on Chen. |
FTB.CA.gov |
| May 19 |
Kathy Puckett |
IN |
losses of $200,000 |
Charges filed. |
FBI.gov |
| May 19 |
Joel Rosabal, Chadwick Amsden, Timothy Hills, Misti Wallis aka Misti Cowart, Gerald Wallis, Jo Schermerhorn |
OR |
losses of $3,500,000 |
Indictment returned by grand jury. |
Justice.gov |
| May 19 |
Mark Kellogg |
OH |
$5,800,000 |
14-year sentence. |
cuyahogacounty.us
wtam.com
|
| May 18 |
Charles Davis, Scott Kassebaum, Cheryl Kassebaum, Steven Spencer, Shanda Moore |
MO |
$1,200,000 |
Sentences handed down. |
IRS.gov |
| May 18 |
R. Shoop |
OR |
$92,985 |
Guilty plea. |
Justice.gov |
| May 18 |
Amsden, Hills, M. Wallis, G. Wallis & Schermerhorn |
OR |
$1,400,000 |
Indictments. |
Justice.gov |
| May 18 |
Rosabal & Amsden |
OR |
$3,022,778 |
Indictment. |
Justice.gov |
| May 17 |
William D. Timberlake |
VA |
$2,200,000 |
Guilty plea. |
FBI.gov |
| May 17 |
ROSA GARCIA, Jose Guzman |
CT |
200 loans, losses of $3,600,000 |
Garcia pleaded guilty. |
FBI.gov |
| May 17 |
Angela R. Clark, Jerry R. Emerick, 16 defendants total. |
MO |
$12,600,000 |
Guilty plea by Clark. |
Justice.gov |
| May 17 |
Ania Nowak, Zbigniew Cichy, Kim Salvemini |
NJ |
$2,700,000 |
Charges filed, arrests. |
FBI.gov |
| May 17 |
Lawrence Marshall, co-defendants |
IL |
$203,000 |
Marshall convicted. |
Pioneer Press |
| May 17 |
Melody Delgado, Andrew Lewi, Durel Castil, Michael Smith |
IL |
$1.5 million |
Delgado convicted. |
Pioneer Press |
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