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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.
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Archive of FraudBlogger.com entries going back to 2005. |
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Mortgage Fraud Archives
Week Ending May 28, 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 27, 2010
Miami-Dade Fraud Unit Launched
Miami-Dade State Attorney Katherine Fernandez Rundle announced the launch of a mortgage fraud unit to fight mortgage related crimes.
read announcement at MiamiSao.com
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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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| Date |
Defendants |
State |
Amount |
Overview |
Source |
| May 28 |
S. Inouye |
OR |
$150,000 |
Information filed. |
Justice.gov |
| May 28 |
Daniel Sporrer, Robert Arakelian, Karen Atkison, |
PA |
multiple transactions |
Guitly plea by Sporrer in case tied to Pittsburgh Home Loans |
FBI.gov |
| May 28 |
Robert Danenberg, |
PA |
$5,000,000 |
2-year sentence. |
FBI.gov |
| May 28 |
Anthony G. Symmes |
CA |
$21,000,000 |
Guilty plea by Symmes pursuant to a previously filed plea agreement. |
FBI.gov
FBI.gov
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| May 28 |
Thomas Komasa, Heidi Komasa |
VT |
$2,000,000 |
Pleas of not guilty. |
FBI.gov |
| May 27 |
Jeffrey Michael Taylorn |
MN |
$588,201 |
30-month sentence in case where CitiMortgage was victim. |
Justice.gov |
| May 27 |
John A. Sanzone Sr. |
NY |
mulitple loans |
Indictment unsealed. |
banking.state.ny.us |
| May 26 |
Lloyd H. Gardley, Candis Gardley, Suzanne McAllister, Arcell Mitchell Jr., Sharon Wagner |
NV |
$18,900,000 |
Indictments. |
StopFraud.gov |
| May 26 |
Jimmy Pililimis, Anthony Palermo, two unidentified co-defendants |
IL |
$710,000 |
Indictments. |
statesattorney.org |
| May 26 |
Peter Hartofilis, Jason Vitulano, Steve Vento, Joseph Miller, |
FL |
$5,000,000 |
Guilty plea by TopDot manager Hartofilis. |
Justice.gov |
| May 25 |
Seth M. Harris |
IL |
$5,725,068 |
Charges filed. State Bank of Countryside was victim. |
FBI.gov |
| May 24 |
John W. Lebron |
FL |
$1,562,800 |
Complaint filed. |
Justice.gov |
| May 24 |
Cynthia D. Jordan, Anahit Nshanian, Jerry R. Emerick, Jerome Shade Howard, |
MO |
$12,600,000 |
Guilty pleas by Jordan and Nshanian. |
Justice.gov |
| May 22 |
Charles R. Engle |
VA |
losses exceeded $400,000 |
Indictment and arrest. |
Justice.gov |
| May 22 |
Ron Bordelle Williams |
AL |
na |
Guilty plea. |
AL.com |
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