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Last Updated Thursday, July 5, 2007, 4:49 PM Texas Time
photo of Coco Salazar

July 12, 2007

An immediate threat to home owners and local communities
A partner of the Home Ownership Roundtable suggest lenders and originators should be more scrutinizing about who they accept business from.

Refinance YSPs Ripping Off Lenders
Originators are raking up commissions by enticing borrowers into refinancing their loans every three months by splitting the yield spread premium commission received on each loan obtained through a different lender each time.

read story from Best Syndication

MI Seeks Team to Fight Fraud
The city in Michigan may soon house a special task dedicated to investigating mortgage fraud.

read story from The Heritage

Brokers Among 26 Accused of Fraud
Among 26 people charged with fraudulently acquiring over 1,000 mortgages and home equity loans, were three mortgage brokers, including the owner of AGA Capital NY Inc., Galina Zhigun.

read story from CNN Money

July 11, 2007

Lawsuits Tackle Fraud 203(k) Loans
M&T Mortgage Corp. is involved in litigation over its alleged participation in a scheme that defrauded the U.S. Department of Housing and Urban Development out of millions of dollars. But in court documents, M&T says it was a victim -- and not a perpetrator.

read story from MortgageDaily.com

Licenses Legislated, Lost
An Oregon trade group defeated a bill that would have increased mortgage regulation in the state. But bills in other states passed, including one restricting trigger leads, one requiring mortgage brokers to have at least three years' experience and another criminalizing mortgage fraud.

read story from MortgageDaily.com

RE Agent Denies Mortgage Fraud
Raymond Talan, a real estate agent, denied allegations that he defrauded commercial lenders and HUD by helping to obtain loans for unqualified borrowers.

read story from WREX-TV

CA County Seeks Investigator Funds
A pending $2 fee on each property document recorded in Santa Barbara County will allow the hiring of a full-time investigator who would solely handle cases of fraud involving sales or purchases of real estate.

read story from The Lompoc Record

Mortgage Fraud Incidents Proliferate
Within the hey stack of growing mortgage fraud incidents is one by now defunct First Financial Equities that alleges a former loan officer of the company conspired with a borrower who got three refinance loans that went bad.

read story from The Record

The Blame Game
Some blame the subprime mess on mortgage brokers who were able to put borrowers in ill-suited loans due to lack of oversight from lenders and regulators, but brokers say mortgage banking employees are just as able to cheat borrowers.

read story from Wall Street Journal

E-Signatures Expected to Reduce Fraud
Fidelity National Financial Inc. hopes to help lenders reduce fraud through technology that will allow refinance borrowers to view and sign a power-of-attorney document online only after first answering multiple security questions.

read story from SmartPros

NC Seeks Laws to Combat Foreclosures
Two new North Carolina laws make mortgage fraud a felony and require the creation of a public record listing the originator of each mortgage loan, but legislation that would better address the foreclosure crisis is still pending.

read story from The Charlotte Observer

Mortgage Fraud Investigator Shortage
There is a shortage of individuals who can investigate and prosecute mortgage fraud -- and it is estimated that more than $6 million is needed to add sufficient resources to combat the problem.

read story from Seattle Post-Intelligencer

Fraud Resulting from Breaches Unknown
While identifying information gets stolen everyday, few identity thefts are linked to data breaches because it is difficult to trace how stolen data are used.

read story from Detroit Free Press

Ex-fraudster Now on Good Side
After spending four years in prison for fraud involving securities and mortgages, Michael J. Sichenzia is now an investigator who helps prevent foreclosures.

read story from South Florida Business Journal

Scoring Adjustment Won't End Fraud
In response to borrowers with bad credit being added onto the credit card accounts of people with good credit to improve spotty credit, the creator of the FICO score will adjust algorithms for more accurate credit risk profiling -- but this would still have loopholes.

read story from MarketWatch

Straw Buyer Comes Clean
Mark Slagen admitted he conspired in a mortgage fraud scheme by allowing his identifying information to be used for loans from Union Planters Bank.

read story from EmpireStateNews

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

e-mail: MortgageWriter@aol.com

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