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June 29, 2007
Course
Creates Specialists Against ID Fraud
Identity theft risk management training and
certification course available.
Fraud Research
Off
Experts are finding fault in research that ranked
Enid, Okla., second in the nation in potential
mortgage fraud involving subprime loans.
read story from Enid News
Man Admits
Mortgage Fraud Role
Michael Rodd pleaded guilty to conspiring in
an alleged mortgage fraud scheme involving the
sale of former Jackson County Executive Katheryn
Shield's home.
read story from the Kansas City Business Journal
RE Agents
to Lose License
Stonewood Consulting Inc. and its broker, Hendrix
Moreno Montecastro, will forfeit their real
estate licenses after accusations that they
used inflated appraisals to get commissions
off of fraudulently-obtained mortgages intended
for investor homes.
read story from Press-Enterprise
Unlicensed
Loan Impostor Strikes
Kentucky banking regulators warned that Kentucky
Title Loans Inc., which is not licensed as a
mortgage broker or lender, appears to be defrauding
consumers by requiring an upfront payment on
offerings of mortgage loans.
read story from the Business First of Louisville
Dozen Charged
in Mortgage Scam
Twelve individuals in Ohio are facing criminal
charges for participating in a scam that used
false identities and paperwork to steal about
$2 million from mortgage brokers.
read story from NBC 4
Man Gets
10 for Fraud
Ishmael Grant was sentenced to 10 year for being
involved in a mortgage fraud and identity theft
ring that used stolen IDs to obtain more $10
million in home loans.
read story from the South Florida Sun-Sentinel
June 27, 2007
States Tackle
Fraud with Legislation
Several states -- including the mortgage fraud
hotbeds of Florida and Georgia -- have toughened
mortgage laws in efforts to continue crackdowns
on mortgage fraud.
read story from MortgageDaily.com
FHA Violators
Settle with HUD
The U.S. Department of Housing and Urban Development
is touting hundreds of
thousands of dollars in settlements it has extracted
from originators of
government-insured loans over mortgage fraud
and other operational issues.
read story from MortgageDaily.com
Man Indicted
on Mortgage Fraud
Within the 14 felonies George M. Riley Sr. was
indicted on, is one in connection to defrauding
Manhattan Mortgage Co. of over $100,000 through
misrepresenting facts for a residential mortgage.
read story from the Newspaper Network of Central Ohio
Developer's
Money for Protection
Homebuilder Gene Percudani will pay $250,000
that will be used for consumer protection campaigns,
but the borrowers he is accused of defrauding
through deceptive ads and appraisals will not
get restitution.
read story from The Philadelphia Enquirer
June 26, 2007
Anti-money
Laundering Initiative Begins
FinCEN to adopt new examination for community
banks on anti-money laundering.
Free
Credit Monitoring Service Launched
Company partners with Experian Consumer Direct
to help protect its customers from identity
theft.
Appraiser
to Contest Suspension
Julie M. O'Gorman, president and owner of Front
Range Real Estate Consultants, will fight the
license suspension Colorado regulators imposed
for allegedly overvaluing properties.
read story from The Tribune
Ex-investment
Chief Gets Sentence
Maurice Bethea, former chief of investment firm
Alexis Enterprises, received an 18-year prison
sentence for allegedly using investor money
to buy land through fraudulent mortgage applications.
read story from the Charlotte Observer
Poor Originator
Regulation Fuels Inflated Values
Appraisers blame poor regulation of mortgage
brokers and lenders for the pressure they receive
to inflate home values in order to keep getting
business.
read story from Yahoo! Finance
June 25, 2007
Man Gets
Mortgage with Rented ID
A domestic battery complaint led police to discover
that Joel Garibay-Urbina obtained a job and
a mortgage through a birth certificate he rented
for $800.
read story from KSFM 5
Mortgage
Troubles Solved, Rewarded
Anna Marks will soon be sentenced to prison
after using the mortgage money of her elderly
aunt for gambling -- but the aunt and the agency
that tipped off Wells Fargo Home Mortgage to
the scam were rewarded.
read story from News 25 |
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Paula Parisot
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