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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 |
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Paula Parisot
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