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Last Updated Friday, July 11, 2008 10:00 PM Texas Time

July 11, 2008

Nine Indicted Using 80/20 Loan Scheme
Joy Johnson, 33, Cory Whalen, 33, Elizabeth Carrion, 38, Lenin Galeano, 32, Carmen Galeano, 30, Angelito Evangelista, 39, Clarisa Ang, age 43, Cris Ang, 46, and Lydia Ang, 71, have been indicted in connection with a mortgage fraud scheme involving the purchase of 13 real estate properties in Solano County in 2006.

Fraud Suspect on the Loose
White City, Oregon police are on the lookout for a man who claims to help mortgage applicants save money on their loan but then disappears with the paperwork and a $300 fee. The suspect, Bart Arthur Blahosky is described as a 50-year-old white male, 5 feet 11 inches tall and weighing 170 pounds.
Read story at Mail Tribune

July 10, 2008

Seven Indicted in $10 Million Scheme: 28 Counts
Anthony Dehaney, 56, and Andrea Dehaney, 42, both of Coral Springs, FL; Howard Gaines, 57, of Delray Beach, FL; Marcia Mestre, 51, of Lauderhill, FL; Beverly Ireland, 51, of Plantation, FL; Donna Patricia Grant, 49, of Wilton Manors, FL; and Angela Manalaysay, 37, of Plantation, FL have been indicted in for mortgage fraud. If convicted, they face up to 30 years in prison.

Used Car Salesman Pleads Guilty to Mortgage Fraud
Raymundo Geraban, 37, of Henrico County, Virginia, pleaded guilty on multiple charges. If convicted, he faces a maximum of 40 years in prison for duping investors out of $100,000 and leaving $450,000 in mortgages due.
Read story at InRich.com

2 Indicted in Foreclosure Buyout Scam
Timothy Hampton, 41, operated a business called Home Corp. and Mia Weir, 43, was a mortgage broker for AK Mortgage, both out of Indiana. The scheme involved 31 properties valued from $30,000 to $60,000.
Read story at IBJ.com

Kudos to Operation Malicious Mortgage
The Illinois Association of Mortgage Professionals president, Paul Lueken sounds off on the efforts of the latest mortgage sting.
Read story at The Daily Herald

July 9, 2008

72-Year-Old Broker Sentenced
Wesley A. Snyder of Oley, Penn. was sentenced to 12 years in prison and ordered to pay $29.2 million in restitution for a mortgage scheme that defrauded more than 800 homeowners that he was collected mortgage payments from and then supposedly paying the lenders. He ran out of money.

Six of 31 Convicted in Mortgage Fraud Scheme
Jaqueline Perez-Castillo, Yanny Cruz Pavon, Lizabeth Perez, Erick Clavijo, Aurora Ramentol, and Ester Crespo were convicted of mortgage fraud in South Florida. All 31 charged in the "Torrens" $15 million fraud scheme have been found guilty. Sentencing is set for December, they all face up to 20 years in prison on each wire fraud count as well as penalties and restitution.

12 in Chicago Sting Claim Innocence
Twelve of the 67 recently arrested for mortgage fraud say they are not guilty of defrauding lenders out of $16 million on 33 mortgage loans in Nevada and California. The alleged ringleader Bobbie L. Brown, Jr. is on house arrest and also pleaded not guilty.
Read story at The Times

New Charges Surface for Familyís Fraud Scheme
Mariana Navarrete, Jose Rodriguez and Luis Navarrete have been charged with grand theft and organized fraud. The trio stole their handymanís identity to obtain a mortgage and home equity loan on a home in Florida. They are accused of profiting from more than $6 million in mortgage fraud.
Read story at Local 10 News

Governor Approves Tougher Mortgage Fraud Laws
Pennsylvania Governor Ed Rendell signed into law requirements of all mortgage brokers to be licensed and to continue education, which will hold brokers accountable.
Read story at The Morning Call

Mortgage Fraud Whistleblowing
Georgia has been riddled with mortgage fraud and some are crying foul-play when it comes to race. Michael McCray discusses an inequality heís found when it comes to mortgages and fraud.
Read story at OpEdNews.com

July 8, 2008

Fraud Prevention Integrated AVM
Interthinx and iMortgage Services have integrated FraudGUARD in their automated valuation program for ease of use and advanced fraud detection.

Digital Enhancements Improve Originations
Recent technological advancements are helping lenders prevent mortgage fraud and enhancing the ability of originators and applicants to identify the most appropriate wholesale programs. Other innovations include improved ease of compliance with new conforming appraisal standards, FHA credit reports and correspondent loan disclosures.
Read story at MortgageDaily.com

Mortgage Fraud 101
Washington lawyer Benny Kass answers a readers question about false information that she just discovered on her loan application Ė coincidentally, she is falling behind in her debts and is wondering if she has any recourse.
Read story at The Washington Post

July 7, 2008

Ringleader Still Under House Arrest
Bobbie L. Brown, the alleged ringleader of the Chicago-area $111 million mortgage fraud case is under house arrest at his motherís and will not be jailed at this time, as long as he refrains from contacting anyone involved in the investigation and anyone from one of three gangs he may be associated with.
Read story at Southtown Star

Developer Guilty of Mortgage Fraud
Todd Phillips pleaded guilty to defrauding lenders out of $14.5 million from 20 different banks in Mississippi over three years.
Read story at Enterprise Journal

Tales of Texas Mortgage Fraud
Houstonís been hit hard with fraud. Hereís the story of one $24 million fraud scheme that involved the inflated sales prices on the Bristol Condominiums near the Galleria, the Rutland Lofts in the Heights and the high-rise Tremont Tower in Montrose.
Read story at Houston Chronicle

An In-depth Look at Mortgage Fraud
As mortgage fraud continues to grow in Texas and around the country, Fort Worth Business Press writer Aleshia Howe takes a look at how it came to be and what might be expected in the future.
Read story at Fort Worth Business Press

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