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Last Updated Friday, June 22, 2007, 4:49 PM Texas Time
photo of Coco Salazar

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

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: MortgageWriter@aol.com

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