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Archives June 11, 2006

 


 
Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Monday, June 12, 2006, 04:52 PM Texas Time


CO Broker Licensing Targets Fraud
Colorado, which has lagged behind most other states on tackling mortgage-related crimes and criminals, has enacted a new set of laws and regulations targeting mortgage fraud.

Gov. Bill Owens has signed a bill into law that for the first time regulates the mortgage industry.

Alaska remains the last frontier for unlicensed originators.

Under the new law, mortgage brokers will have to undergo background checks when applying for a license and post a $25,000 surety bond. Also, anyone convicted of fraud in the previous five years will be denied a license.

read Patrick's full story at MortgageDaily.com
(subscription required)


American Home Unit Settles Fraud Allegations
A subsidiary of American Home Mortgage Investment Corp. has agreed to pay $800,000 to settle civil allegations of fraud brought by the Department of Housing and Urban Development.

Columbia National Inc., which was based in Maryland, agreed to pay the settlement "and to change the way it reviews certain loan transactions for fraud," according to a statement from U.S. Attorney Patrick L. Meehan of Philadelphia.

In 1999, employees at Columbia's office in Bensalem, Pa., were fired for allegedly using phony documents to run a scam to defraud HUD, Meehan said.

Columbia was sold in 2002 for $37 million to Melville, N.Y.-based American Home Mortgage Holdings Inc. Following the acquisition, the name of the company was changed from Columbia to American Home Mortgage Servicing Inc. The alleged fraud occurred before the sale, according to prosecutors and American Home Mortgage Holdings.

read Patrick's full story at MortgageDaily.com
(subscription required)

June 7, 2006


2nd Fraud Arrest This Year for Woman
Lanamash Weslanda Mixon-Hampton is being held without bail after she was arrested during an FBI mortgage fraud sting while out on bail from a February mortgage fraud arrest.



Money for Nothing
Micaela Martin and Carteret Mortgage-employee Renee Wheaton pleaded guilty to scamming more than 70 people out of credit repair and mortgage fees with no intention of providing any services while pleaded Carrie Renee Tyson no contest.
read story from The Daily Reflector .



4 Arrested in $1 Million Scam
Darlene Hill, Joycelyn Lucas Easter, Kathy Frye and Antonio Devon Harrison were arrested and pleaded innocent to charges of defrauding Regions Bank on $1 million in mortgage loans.
read story from the Press-Register .



Pair Arrested After Bogus Mortgage Closed
Entour Ferguson and Steven "Cowboy" McClure were arrested for trying to buy a duplex with stolen identifications.
read story from The Columbus Dispatch .



2nd Time Around for Woman
Catherine Martino, who had already served time in prison for trying to dupe 13 senior citizens out of their properties, was sentenced to 2.5 to five years in prison for taking $50,000 in down payments from three prospective buyers on a property she didn't own.
read Associated Press story .



Husband, Wife Convicted of HUD Fraud
Isaac Lee Woods and Regina Bailey Woods were convicted of defrauding HUD through their mortgage company, Woodbai Inc.
read story from The Herald-Sun .



June 5, 2006


Bank Settles Fraud Allegations
Farmers Exchange Bancorporation and Farmers Exchange Bank have agreed to pay more than $2 million to settle allegations of filing fraudulent loan claims with the government.



CO Goes After Bailout Firms
Colorado's governor signed a bill into law that will protect delinquent borrowers from unscrupulous foreclosure bailout firms.
read story from the Chicago Tribune .



Little White Lie
The South Carolina Real Estate Commission said it will hold hearings to determine what, if any, action to take against two homeseller that falsified the down payment on mortgage documents.
read story from The Sun News .



IL Rescues Borrowers from Rescue Firms
Senate Bill 2349, designed to give homeowners added protections and rights when dealing with foreclosure bailout firms, was signed by the Illinois Governor last week.
read story from the Chicago Defender .



Fraud On Rise
Reported cases of mortgage fraud have quadrupled from 4,225 in 2001 to more than 17,000 during 2005.
read story from the Courier Post .



Sentences Handed Down in $7 Mil Case
Cynthia Eneanya, a mortgage broker through her company AMH Enterprises, and Realtor James Turner were sentenced to prison for committing $6.9 million in mortgage fraud on 12 transactions.
read story from the Fort Bend Herald .



Pair Arrested for ID Fraud on X-Wife
Paula Benhayon, as well as Salvatore Gramaglia, owner of A&G Fine Foods, was arrested after she tried to deceive a notary public into believing she was his ex-wife so she could sign a $795,000 mortgage to Argent Mortgage.
read story from the Courier News .



Mortgage Employee Alerts Police to Fraud
Derrick Gardner, Ronald Barnes, Kevin Gordon and Gary Anthony McIndoe were arrested and charged after an employee of American Mortgage Express Corp. called the police to notify them of a fraudulent mortgage closint.
read story from the Newton Citizen .



Florida Worst Fraud State
A 16-page mortgage fraud report indicates the Sunshine State had more fraud than the rest last year, though Colorado and Illinois have placed more prominently in the rankings during the past few years.
read story from MortgageDaily.com
(subscription required)



Backend Mortgage Fraud
Panelists at a recent real estate finance fraud conference talked about a new kind of mortgage fraud.
read story at MortgageDaily.com
(subscription required)



Escaped Fraud Convict Assaults Arresters
A Georgia man has been sentenced for committing mortgage fraud after escaping from the prison where he was serving a mortgage fraud sentence.
read full story at MortgageDaily.com
(subscription required)



Panelists Discuss Mortgage Fraud
WASHINGTON -- Nonprime mortgage executives recently listened to the FBI, a fraud mitigation firm and one of their peers talk about mortgage fraud and how to reduce it.
read story from MortgageDaily.com
(subscription required)

 
Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowley@FraudBlogger.com
 
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