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Last Updated Friday, June 29, 2007, 4:49 PM Texas Time
photo of Coco Salazar

July 5, 2007

RE Agent Accused of Fraud
Real estate agent Raymond Talan was charged with defrauding commercial lenders and the Department of Housing and Urban development by falsifying documents to qualify clients for mortgages.

read story from WREX-TV

Homebuilder Under Fire
In a lawsuit against Beazer Homes, homebuyers are alleging that the homebulder's management must have participated or condoned fraudulent tactics that got borrowers into loans they could not afford.

read story from the Atlanta Journal-Constitution

Attorney in Felony Case
Disbarred attorney Vincent J- Whibbs Jr. pleaded no contest to charges of mortgage fraud and theft.

read story from WTVY

FBI Needs Funds to Fight Fraud
The government is failing to give the FBI the resources it needs to fight the growth in mortgage fraud, leaving most cases to go without investigation.

read story from the Seattle Post-Intelligencer

July 3, 2007

Couple Accused of Mortgage Scam
A Florida couple is being blamed for a string of homes being bought through suspicious mortgage deals that used inflated property values to get bigger loans and pocket the extra proceeds.

read story from the United Press International

Mortgage Fraud Strikes Abroad
The effects of mortgage fraud -- which sucks $4 billion out of the U.S. economy annually -- are felt even by consumers who are not direct victims.

read story from the Florida Times-Union

Man Sentenced for Deed Fraud
Russell Jenkins Daniel was sentenced to serve three to 20 years in prison for a scam in which the unoccupied homes were sold to legitimate buyers through fraudulent quit claim deeds.

read story from The Detroit News

Ponzi Scheme Lands Mortgagee in Prison
Salvatore "Sam" Favata, who owned National Consumer Mortgage, was sentenced to five years in prison for stealing $32 million from more than 200 investors through a Ponzi scheme.

read story from the Los Angeles Times

Foreclosure Rescue Scams on the Rise
Equity stripping scams that pray on borrowers who fall behind on their payments are common, have turned up in almost every state, and will be a growing problem as foreclosure rates worsen.

read story from the Boston Globe

Prisoner Accused of Mortgage Fraud
Scott W. Hilgers, a prison inmate with a history of theft, is facing new charges in connection with his practices as an agent at Tri-West Mortgage, where he allegedly arranged several fraudulent loans for Todd Jeremy Rice, who also faces similar charges.

read story from the Helena Independent Record

Credit Freeze to Prevent Mortgage Fraud
Thirty-seven states and the District of Columbia have passed laws that allow consumers to freeze their credit, which ensures thieves cannot obtain mortgages in the consumer's name because access to his or her credit report and score is denied until the consumer lifts the freeze.

read story from the USA Today

Broker Admits Fraud
Ronald C. Joseph admitted he devised and carried out a mortgage fraud scheme to conceal $2.5 million in payments from lenders to himself and others through methods such as inflating property values that generated extra mortgage proceeds.

read story from the Star Tribune

Fraudster Still Associated with Mortgages
Kenneth C. Ketner was recently sentenced to prison and ordered to repay $9.27 million he stole in a mortgage fraud scam that ended about six years ago, but the man allegedly still does "consulting work" for a mortgage marketing company.

read story from the Orange County Register

July 2, 2007

Mortgage Fraud Red Flags
Avoiding falling prey to mortgage fraud can be as simple as researching the values of different properties in the neighborhood where the home that is going to be purchased is located and questioning any last minute changes to a home sales contract.

read story from the Miami Herald

Mortgage Co. Guilty of Fraud
EquiHome Mortgage Corp. was found guilty of predatory lending by and could pay $220,000 in home equity it allegedly stole from an elder man.

read story from The Star-Ledger

Broker Mortgage Fraud Technique
Brokers can commit mortgage fraud through convincing an investor that his or her good credit will be used for an investment when instead the broker will pressure an appraiser to value a home for more than it is worth, pocket extra proceeds generated by the larger mortgage and never make a payment on the mortgage.

read story from the Miami Herald

Fraud Victim Blames Lax Underwriting
A man claims lax underwriting at JP Morgan Chase allowed loan approval on an application in which the only correct data was his stolen Social Security number.

read story from the Miami Herald

Appraiser Pressures Infect Neighborhoods
Entire neighborhoods in Southeast Florida could be polluted with properties that were overvalued due to the pressures appraisers face by mortgage insiders.

read story from the Miami Herald

AZ Mortgage Fraud Bill Lingers
On its way to the Arizona governor is a bill that targets cash-back deals in which a borrower receives a mortgage for more than a house is worth and would not only be one of the toughest white-collar crime laws to pass but could make prosecution easier against mortgage fraud.

read story from The Arizona Republic

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 News 25

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

e-mail: MortgageWriter@aol.com

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