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Week Ending June 4, 2010

 

Mortgage Fraud News

Case Activity

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
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
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
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
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
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
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
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
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

Date Defendants State Amount Overview Source
June 4 Michael Joseph Chadwick FL $211,500 Information filed. Justice.gov
June 4 Ahmad Z. Abbasi VA $4,500,000 46-month sentence. FBI.gov
June 4 Lourdes Rojas Almanza, Litcia Linares, Ruben Rojas, Juan De La Cruz Aguayo VA $24,000,000 77-month sentence for Almanza, 27-month sentence for Linares. FBI.gov
June 3 Venable OR $185,000 Indicted. Justice.gov
June 3 Shute OR $249,000 Indicted. Justice.gov
June 3 Cooper OR $185,000 Indicted. Justice.gov
June 3 A.J. ADEWUNMI, CHRISTIAN JOEL JUAN, PATRICIA DENISSE OLMOS MO 7 counts. Indicted. Justice.gov
June 3 AL CARSON ROCKETT, JERRY EUGENE PARKER AL $1,090,046 Guilty plea. Justice.gov

FBI.gov

June 2 Hall & VanBeenan OR $652,500 Indictment. Justice.gov
June 2 Ruben Hernandez, Joel Rodriguez CA 2 purchase and 1 HEL transaction 12-year sentences da.co.la.ca.us
June 2 RAB NAWAZ CT losses of $2,500,000 Charges filed. FBI.gov
June 2 ERIC L. LEVINE, J. DANIEL LINDLEY, ERNST APPOLON, DANIEL APPOLON, LATOYA HALTIWANGER MA $10,600,000 Guilty convictions. Justice.gov
June 2 Clinton Bruce Darden NC multiple transactions w/profits of around $350,000 each Charges filed. WCNC.com
June 2 Lynn Marriott, Kandace Marriott, Karen Hayes TX HUD losses of $4,000,000 Guilty plea by Lynn Marriott. Corsicana Daily Sun
May 30 Brian K. Bowling, Eric Hill, WI losses of $800,000 Guilty plea by Bowling. Madison.com

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