twitter linkedin
facebook google+
Mortgage News

Search
Search mortgage fraud news by keyword.

Mortgage Fraud News
News, analysis and statistics about mortgage fraud.

Local Mortgage Fraud
Stories about individual mortgage crime cases.

Mortgage Fraud Statistics
Statics by year about real estate fraud.

Mortgage Fraud Index
Quarterly index based on case activity.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage Fraud Feedget RSS code
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.

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

home mortgage fraud newsletter full stories advertise mortgage industry newsletter RSS about us
 
HOT Topics Fraud Resources Fraud Prevention Mortgage Litigation News Appraisal News

Sign Up for Free Mortgage Fraud Newsletter


Mortgage Fraud Archives

Week Ending July 1, 2011

Mortgage Fraud News

Case Activity

Over $2 Million in Loans on Same House Lands Borrower in Jail
June 30 -- In 2005, a Connecticut borrower closed on a $1.1 million mortgage secured by his residence. Less than two hours later, he closed on a$1.2 million loan secured by the same property. A prison sentence handed down by a federal judge now has the borrower in jail until he is 75-years-old.

The Manchester, Conn., man was sentenced in federal court Wednesday to three years in prison for bank fraud and money laundering after admitting he applied for and obtained two bank loans of more than $1 million by using the same property -- his former residence in Somers -- as collateral in both cases.

Sabir Moghul, 72, was accused of committing the fraud in 2005 and using about half a million dollars of the loans to buy a medical office building in Hamden. He later lost the office to foreclosure and it has been sold, federal prosecutors said.
read full story at MortgageDaily.com

Foreclosure Rescue Schemes Frequently Fraught with Fraud
June 30 -- In addition to charging huge up-front fees while offering little or nothing in return -- operators of foreclosure rescue schemes often bleed every bit of equity they can from the homes of distressed borrowers by using mortgage fraud.
read full story at MortgageDaily.com
(subscription required)
Nearly $10 Billion in Q1 Mortgage Fraud Reports
June 28 -- The dollar volume of reported mortgage fraud activity has spiked this year, as have the volume of filings. But much of the activity was tied to crimes that were committed more than three years ago. Repurchases played a big roll in the latest findings.
read full story at MortgageDaily.com
(subscription required)
Employees at Citigroup Unit Indicted
June 28 -- Nine former employees of a Citigroup Inc. subprime wholesale lending subsidiary -- including underwriters, account managers and supervisors -- are accused of colluding with appraisers, borrowers and mortgage brokers to fraudulently fund a hundred Ohio mortgages. The indictments are part of the biggest mortgage fraud case in U.S. history.
read full story at MortgageDaily.com
(subscription required)
AZ Escrow Officer Part of Dallas Fraud Scheme
June 27 -- An escrow officer for American Title Insurance was among five people indicted in scheme involving $8.8 million in mortgages on Dallas properties.
read full story at MortgageDaily.com
Date Defendants State Amount of Loans Overview Source
Jul 1 Michele Marie Mitchell, Jeremy West Pratt AZ $17,000,000 Indicted. Department of Justice
Jul 1 Heyward Kelly McKnight, Jr. GA $250,000 in restitution Sentenced to 15 months. Department of Justice
Jun 30 Kevin Lee Grady Sr., Lisa Lynn Walters, Jimmy Ladell Collins, Carlus Demond Bridgeforth MI Multiple properties Indictments. Department of Justice
Jun 30 Jason Heath Morrison, Marcus Jacob Rosenberger TX Combined $346,343 in restitution and assessments Sentences: Morrison 84 months; Rosenberger 33 months. Department of Justice
Jun 30 Sabir Moghul CT $3,000,000 Sentenced to 3 years prison. WaMu and Lehman Brothers Bank victim lenders. MortgageDaily.com
Jun 29 Paul Bergrin, Alejandro Barra-Castro (7 total) NJ Multiple properties Not guilty pleas from Bergrin and Barra-Castro. NorthJersey.com
Jun 29 Laney Earl Allen, Samuel Cowles SC $2,160,650 Guilty pleas. WmbfNews.com
Jun 29 Kenneth McGavitt PA $3,000,000 Convicted. Post-Gazette.com
Jun 28 Kenneth Egri, Dean Huffman NC $5,400,000 Indictments. Charlotteobserver.com
Jun 28 Glenna Tyler (part of Wax House) NC $1,400,000 Indicted. Charlotteobserver.com
Jun 28 Darryl Cobb AL Multiple properties Guilty plea. Department of Justice
Jun 28 Thomas Keller MI $2,000,000 Guilty plea. Department of Justice
Jun 28 Keith McCloud MI Multiple properties Indicted. Department of Justice
Jun 27 Isaac Jerome Smith, Alvita Karen Gunn MD $78,000,000 Sentences: Smith 6 years; Gunn 5 years. Wusa9.com
Jun 27 Denise O'Brock Kobus, Angela Pasternak, Michael Scola, Erin Foley-Ottaviano, David Mongriotis, Kirk Porter, Dee Anne Shaw (13 total) OH $13,000,000 Indictments. MortgageDaily.com(subscription required)
Jun 27 Frederick Donald "Don" Tropeano, Elektra Tropeano, Silvano Tropeano, John Kosta, Paul Voltaire, Harry Voltaire, Krista Selig NJ $7,500,000 Indictments. App.com
Jun 25 Robert Daniel Kelly, Michael Lane Fortenberry, Glenn Vaught SC $1,900,000 Guilty pleas from Kelly and Fortenberry. Vaught pleaded not guilty. TheSunNews.com

archived case entries back to 2005

 
Mortgage Fraud Litigation

Q4-2012 | Q3-2012
Q2-2012 | Q1-2012

Q4-2011 | Q3-2011
Q2-2011 | Q1-2011

Q4-2010 | Q3-2010
Q2-2010 | Q1-2010

Q4-2009 | Q3-2009
Q2-2009 | Q1-2009

Q4-2008 | Q3-2008
Q2-2008 | Q1-2008

full-year 2007
Red Flags Rule
News about the Fair and Accurate Credit Transaction Act.
Analysis of Fraud Enforcement and Recovery Act
The Mortgage Graveyard
Reverse Mortgage Blog
Mortgage Compliance Newsletter
Free compliance newsletter from MortgageDaily.com.


Copyright © 2014 MortgageDaily.com
MortgageDaily.com Subscribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan officer compensation rule

loan originator compensation rule

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

sales blog

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

wireless mortgage news