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June 22, 2007
ID Warns
of Foreclosure "Rescue"
Idaho is warning consumers of foreclosure help
schemes, after a finance regulator, in this
month alone, has received six phone calls involving
consumers who unknowingly signed over the deed
to their home to scammers that promised to help
cure their financial mortgage woes.
read story from Idaho Statesman
CO to Crackdown
on Appraisals
The Colorado Division of Real Estate will launch
a full-blown investigation of real estate appraisals
in the southern part of the state due to the
high incidence of foreclosures in recent years.
read story from Chieftain Denver Bureau
Broker Accused
of Fake-Loan Attempt
Regions Bank is accusing Groves Funding of owing
$5.2 million worth of mortgage loans that never
closed.
read story from Cincinnati Business Courier
Man in ID,
Mortgage Fraud
Jose Valadez will admit he acted as a straw
buyer in the sale of a home and used another
man's identity to obtain a mortgage he never
made payments on.
read story from Janesville Gazette
Avoiding
Mortgage Fraud
The Federal Deposit Insurance Corp. has some
suggestions about how mortgage lenders can avoid
the fallout from a host of mortgage fraud schemes.
read story from MortgageDaily.com
Fraud
Detection Training Video Awarded
Fraud Scheme Investigation video/film has scored
13 awards.
Protecting
Data to Prevent Fraud
Lenders should improve authentication techniques
to prevent ID theft.
2 Brokers
Charged with HE Scams
Michael Fiorito and Kristin Louise Jerde were
indicted on charges that they used physical
intimidation and other techniques to strip the
home equity from financially distressed and
vulnerable homeowners.
read story from Star Tribune
June 21, 2007
States Stiffen
Licensing
Three more states are toughening regulations
as mortgage licensees across the country face
disciplinary actions. One branch operation that
has faced regulatory actions in multiple states
appears to be out of business.
read story from MortgageDaily.com
Technological
Success
Enhancements to fraud prevention and loan lead
generation topped the latest mortgage technology
innovations.
read story from MortgageDaily.com
The Fraud
Report
From his perch over the country's biggest managed
mortgage portfolio, a Fannie Mae executive recently
testified about where mortgage fraud is worst,
what schemes are being used and how to avoid
getting caught up in them.
read story from MortgageDaily.com
Foreclosure
Help Focuses on Blacks
Black-owned financial institute helps African
Americans avoid mortgage fraud and predatory
lending.
House Awaits
NC Anti-fraud Bill
The Senate passed North Carolina legislation
that defines mortgage fraud and would give prosecutors
more tools to go after fraud perpetrators.
read story from Builder Online
FBI Probes
Mortgage Banker
The FBI is investigating Head Financial after
allegations that the company promised to help
save a family's home from foreclosure but instead
stole the home's title and equity.
read story from The Garden Island
Woman Accused
of HE Scam
A family will be evicted from their home even
after prosecutors have charged that Nam Tran
allegedly falsely promised to use the family's
home equity to keep up with mortgage payments.
read story from CBS 5
MA Seeks
Foreclosure, Fraud Prevention
With fraud on the rise and a wave of foreclosures
sweeping the state, Massachusetts has filed
legislation to prevent foreclosure scams and
criminalize mortgage fraud.
read story from The Winchester Star
June 19, 2007
NJ Fraud
Rising Rapidly
New Jersey holds the fastest growth of mortgage
fraud and lately saw a scheme in which the same
buyer and seller closed on at least three mortgages
for the same property through different mortgage
insiders who were unaware of the different deals.
read story from The Star-Ledger
Ginnie Gets
Restitution
The First Beneficial Mortgage Corp. home loan
scam case that bilked taxpayers and the government
out of millions of dollars made its final restitution
payment through a $4.4 million check to Ginnie
Mae.
read story from Charlotte Observer
Sites Out
to Dupe Lenders
Mortgage fraud has in part been fueled by Web
sites that offer to provide documents, bank
accounts or better credit scores so unqualified
consumers can appear creditworthy to mortgage
lenders.
read story from New York Times
AZ Criminalizes
Mortgage Fraud
Arizona's governor signed a bill that criminalizes
"cash-back" loans that involve an
inflated house value that allows the borrower
to pocket the difference between the loan amount
and the actual property value.
read story from InjuryBoard
Ex-senator's
Son Charged with Fraud
Michael O'Keefe Junior, founder of Citywide
Mortgage Co. and son of a former Senate president,
is charged with participating in a house-flipping
scheme that cost the federal government nearly
$600,000.
read story from KATC 3
June 15, 2007
Unmatched
Fraud Risk Management
Interthinx expands lender access to FraudNET
Technology.
Fraudster
Tied to CIA
Emmanuel Constant, a Haitian also known as “Toto”
Constant and who admitted to charges of mortgage
fraud that affected numerous lenders, was at
one point associated with the CIA.
read story from Blogger News Network
Fraud Wave
Hits Home Values
San Diego neighborhoods have been hit by foreclosures
resulting from mortgage fraud that includes
multiple properties being sold to one buyer
at one time.
read story from Fox 6 News
Child SSNs
Used in Mortgages
A mortgage fraud investigation that showed several
children's identities were misused prompted
Utah officials to the idea that many more children
have had their social security numbers stolen
for access to credit.
read story from Deseret News
Bank Entangled
in Developer Scam
Capital Bank is among four banks that have reported
concerns related to a North Carolina real estate
scheme that allegedly bilked consumers of $100
million and defrauded the banks as well.
read story from The News & Observer |
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News By: MortgageDaily.com
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