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Search mortgage fraud news by keyword.
News, analysis and statistics about mortgage fraud.
Stories about individual mortgage crime cases.
Statics by year about real estate fraud.
Quarterly index based on case activity.
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The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.
Archive of FraudBlogger.com entries going back to 2005. |
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Mortgage Fraud Archives
Week Ending July 23, 2010
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Mortgage Fraud News
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Case Activity
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July 16, 2010
Mortgage Fraud Shifts from Brokers to Borrowers
In 2005 the worst 3 percent of mortgage brokers accounted for 100 percent of mortgage fraud. More recent studies indicate borrowers are the cultprit.
read full story at ocregister.com
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July 14, 2010
FHA Fraud Twice as Bad as Conventional
Mortgage fraud is more than twice as high on government-insured loans than on conventional mortgages, according to a new report that also indicated fraud is playing a big role in repurchase demands. The study highlighted a single street in Florida with the highest risk of fraud where prices have tumbled from more than $200,000 to less than $30,000.
read full story at MortgageDaily.com
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June 18, 2010
86 South Florida Defendants Charged
Since March 1, federal charges have been filed against 86 people in South Florida for mortgage fraud.
read full story at Miami Herald
The $2 Billion Mortgage Fraud Sting
More than a thousand defendants who helped close more than $2 billion in fraudulent mortgages have been charged as part of a federal crackdown. Among the defendants were many who are mortgage brokers.
read full story at MortgageDaily.com
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June 17, 2010
DOJ in NC Creates Task Force
A mortgage fraud task forces has been created by the U.S. Attorney’s Office for the Eastern District of North Carolina.
read article at Triangle Business Journal
FBI Opposes HUD Rule
In its annual mortgage fraud report, the FBI said that it opposes HUD's waiver of the FHA 90-day property flip rule because illegal schemes usually happen within a 90-day period.
read full story at MortgageDaily.com
1,215 Charged with Mortgage Fraud
Operation Stolen Dreams has netted 1,215 defendants of which 485 have been arrested since March 1. Mortgage lenders had losses of more than $2.3 billion from the related cases, while $147 million has been recovered and 191 civil cases have been filed.
read full announcement at Justice.gov
25 Defendants Charged in Eastern Michigan
Between March 1 and June 17, 25 individual have been charged with mortgage fraud, 10 have pleaded guilty and 11 have been sentenced. The actions are the result of Operation Stolen Dreams.
read full announcement at FBI.gov
Mortgage Fraud Rose and Getting Worse
An annual report from the government indicates mortgage fraud continued to increase last year, is even worse this year and is expected to deteriorate further. Areas of rising concern are schemes tied to reverse mortgages, commercial mortgages and distressed mortgages.
read full story at MortgageDaily.com
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June 8, 2010
Valuation Fraud a Growing Problem
A spike in the risk of appraisal fraud has pushed the overall risk of mortgage fraud higher, according to the latest quarterly index. Five states were identified as potential problem spots for mortgage lenders. Chances that a borrower is lying about occupying a property, however, have declined.
read full story at MortgageDaily.com
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May 28, 2010
The Rise and Fall of Mortgage Fraud
During the middle part of the decade, the real estate market was on fire. As soon as an agent had a property listed -- multiple offers came in, ultimately leading to a quick sale above the listing price. This lasted for about four to five years, when unfortunately it all came crashing down.
read full story
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May 27, 2010
Miami-Dade Fraud Unit Launched
Miami-Dade State Attorney Katherine Fernandez Rundle announced the launch of a mortgage fraud unit to fight mortgage related crimes.
read announcement at MiamiSao.com
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May 4, 2010
Fraud Initiative Yields $350 Million in Mortgage Fraud Convictions
The U.S. Attorney’s Office Mortgage Fraud Strike Force has prosecuted more than 300 mortgage fraud defendants in cases involving around $350 million in fraudulent loans.
read announcement from U.S. Department of Justice
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May 3, 2010
MASS. Senate Passes Mortgage Fraud Bill
A bill that would make mortgage fraud a crime has made it through the Massachusetts Senate
read full story at 95.9 WATC-FM
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April 29, 2010
HUD OIG Creates New Region to Address Growing Fraud
CHICAGO -- Mortgage fraud in the Midwest has gotten so bad that the U.S. Department of Housing and Urban Development's watchdog had to break up the region.
read full story at MortgageDaily.com
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| Date |
Defendants |
State |
Amount of Loans |
Overview |
Source |
| July 23 |
Stefan M. Guerra, Jerome Shade Howard, Michael Conrad Smith, Gerald D. Williams, Judith E. Williams, James F. Simpson, Cheryl Ann Romero |
MO |
$12,600,000 |
7 sentences. |
Justice.gov |
| July 23 |
Nancy Barlet |
GA |
$400,000 |
18-month sentence. |
FBI.gov |
| July 22 |
DERRICK REUBEN SMITH, MICHAEL GIPSON, TRINA TAHIR |
OK |
purchase prices $860,000 |
Indictments. |
FBI.gov |
| July 22 |
Edward Olimpio, Rachell Fischbein |
NJ |
multiple loans. |
Guilty pleas. |
FBI.gov |
| July 22 |
Kenneth Steward, James Wilson, Vanessa Mayes, William Bart Rusk, Stephen Iwerebon, Emmit Suddoth, Lennell Willis |
IL |
$35,000,000 |
Indictments. |
FBI.gov |
| July 21 |
Darrell Lynn Marriott |
TX |
HUD losses of more than $3,000,000 |
28-year sentence. |
Texasattorneygeneral.gov |
| July 21 |
Jessica Murilloa |
FL |
purchase price of $345,000| |
Guilty conviction. |
Justice.gov |
| July 21 |
Sixto Figueroa, Susy Figueroa, Rolando Herrera, Manuel Garcia |
FL |
$832,118 |
Conviction. Wachovia victim. |
Justice.gov |
| July 20 |
Stanley Gabart |
FL |
losses of $7,000,000 |
Charges filed. Bank of America and JP Morgan Chase Bank were victimes. |
FBI.gov |
| July 20 |
Michelle Fletcher |
FL |
$200,000 |
12-month sentence. |
FBI.gov |
| July 20 |
Ahmed Shahid |
FL |
restitution of $1,313,030 |
8-month sentence. |
FBI.gov |
| July 20 |
Timothy Reed |
MD |
$3,830,418 |
51-month sentence. |
FBI.gov |
| July 19 |
Timothy Lynn Beliveau, Shelley Lee Milless |
MN |
$2,400,000 |
7-year sentence for Beliveau. |
Justice.gov |
| July 19 |
Troy Bossert, Tyler Forrey, Ryan O'Brien, Stephen Petrovich, Steven Reese, James O’Brien, Sang Min a/k/a “Sonny” Kim |
FL |
$4,200,000 |
18-month sentence for Bossert. |
news-press.com |
| July 18 |
Deven Haslam, Matt Witt, Mikel Mewbourn |
CO |
$3,000,000 |
Case pending. IndyMac-First United was victim. |
The Denver Post |
| July 17 |
Dean Juhl, Charles Brandt, Flora Carmona, Jessica Feliciano, JC Distinguished Finance |
CO |
damages $629,200 |
Civil default judgment entered. |
MortgageDaily.com |
| July 17 |
Michael T. Dyer, Julian James Ruiz III |
OR |
restitution of $65,000 |
Conviction of Dyer. |
statesmanjournal.com |
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