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Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.

Mortgage Fraud Archives

Week Ending July 23, 2010


Mortgage Fraud News

Case Activity

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
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
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
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
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
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
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
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
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
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
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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