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Mortgage Fraud Newswire

By COCO SALAZAR


send your comments or links


Last Updated Friday, July 27, 2007, 4:05 PM Texas Time
photo of Coco Salazar
 

July 27, 2007

No More Paper
Mortgage lending, traditionally known for the pounds of paperwork generated with each transaction, is eliminating pulp from the point of prospecting through the servicing cycle. Interthinx Inc. said it integrated its loan-level fraud detection system a loan origination system.

read story from MortgageDaily.com




Woman Faces 15 for Loan Fraud
Ida Mathis admitted that she and the man she lived with, Larry D. Willis, defrauded New Century Mortgage by submitting documents with false information, including fraudulent income statements, to purchase a home and now faces 15 years in prison.

read story from The Kansas City Star




Woman Faces 15 for Loan Fraud
Ida Mathis admitted that she and the man she lived with, Larry D. Willis, defrauded New Century Mortgage by submitting documents with false information, including fraudulent income statements, to purchase a home and now faces 15 years in prison.

read story from The Kansas City Star




July 26, 2007

Businessman Admits Role in HUD Scam
Berne A. Watkins, a real estate developer and business owner, admitted he collaborated with Aaron R. Dare by submitting fraudulent documents to AMI Capital for $2.5 million in federally-insured loans.

read story from Times Union




July 25, 2007

Brokers May Lose Licenses
Poor business management and outright fraud have regulators in Arizona and California trying to revoke the licenses of mortgage brokers operating in their states.

read story from MortgageDaily.com




July 24, 2007

Mortgage Insiders Accused of Massive Fraud
Two former employees of Argent Mortgage Co. and three former owners, principals or employees of brokerages Advanced Mortgage Solutions and Consumer Lending Resources were arrested on charges of obtaining 180 fraudulent mortgages totaling $18 million that included home improvement loan borrowers.




MA Closer to Tougher Anti-fraud Laws
In an effort to deter foreclosures, the Senate endorsed legislation that would make mortgage fraud a felony and require mortgage brokers to be licensed in Massachusetts.

read story from WCVB TV




Arson Reveals Mortgage Fraud Scam
The burnt home of Michael Macomber led to his arrest as investigators allegedly found the property was set on fire as part of an elaborate mortgage fraud scam.

read story from KHOU




July 23, 2007

Expert Offers Book on Mortgage Fraud
Attendees of RISMedia's upcoming conference will receive a book focusing on how mortgage fraud is committed and how it can be avoided.




Stronger Laws Against ID Theft Sought
The government has proposed legislation that would provide restitution for time lost in repairing damages due to identity theft and would specifically address ID misuses of a corporation.




Suspicious Activity Prompts FBI Probe
Numerous reports of unusual real estate transactions, including suspected illegal flipping, have led federal investigators to probe for possible mortgage fraud in Minnesota.

read story from KARE 11




Man Concealed Scam, Faces Prison
Daniel Floyd faces up to three years in prison for failing to alert authorities to a scam he knew others were orchestrating to obtain fraudulent mortgages totaling almost $2.8 million.

read story from The Clarion-Ledger




Mortgage Co. Owner Admits Fraud
Benjamin Haughney, who owned Four Star Mortgage Service, pleaded guilty to a scam that caused up to $2.5 million in damages and in which he submitted phony documents and appraisals so lenders would qualify his customers for higher mortgages.

read story from The Times-Tribune





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

e-mail: MortgageWriter@aol.com



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