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Mortgage Fraud News
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Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.

Mortgage Fraud Archives

Week Ending June 11, 2010

 

Mortgage Fraud News

Case Activity

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 11 Peter N. Price FL restitution of $1,608,247 Guilty plea. Justice.gov
June 11 Susana Marrero, Keith Walker, Pricila Mercado, Roland Cherasard, Leona Womack FL $2,000,000 Arrests made. flofr.com
June 11 Lloyd Mallory VA losses exceeded $2,700,000 60-month sentence. Justice.gov
June 11 Wildor Washington Sr., Emma Jean Holmes KS 3 properties 36-month sentence for Washington. Justice.gov
June 11 Kirksey J. "Mark" Newton Jr. CA losses of $8,560,000 Settlement reached with Fremont in civil case against appraiser. MortgageDaily.com
June 10 Omar Martinez, Joaquin Calderon IL single home Martinez convicted. Pioneer Press
June 10 Hoda Samuel, 10 total CA losses f $5,500,000 Indictment. FBI.gov
June 10 Ernest Lee Taylor, Darsha Harrod IL $4,000,000 Charges filed. FBI.gov
June 10 Ralondria Stafford, Necole Ward CA $1,475,000 Guilty pleas. FBI.gov
June 10 Gary A. Noble CO multiple properties Indictment. Justice.gov
June 10 Earline Rawls MS $1,000,000 Guilty conviction. FBI.gov
June 9 Joseph Daniele FL $630,900 Criminal complaint. Justice.gov
June 9 Joseph Tookes PA multiple properties Indictment unsealed FBI.gov
June 9 Kasalauskas OR $559,920 Information filed. Justice.gov
June 9 Fawaz Mahmoud Wazwaz, Genevieve Marie McCullough MN $2,500,000 Indictments Justice.gov
June 9 Case E. McCalla MI $3,335,000 Guilty plea for former Fifth Third executive. mlive.com
June 5 Warren Clifton Pierce MS $1,600,000 Guilty plea. Justice.gov
June 7 Monica Cardona NJ restitution of $174,714 1-year sentence. Justice.gov

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