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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
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