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Mortgage Fraud Archives

Week Ending July 30, 2010


Mortgage Fraud News

Case Activity

July 24, 2010

Mortgage Fraud Helps Topple MN Bank
Mortgage fraud by a builder of upscale homes helped bring down a Minnesota bank on Friday.
read story at MortgageDaily.com
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
Date Defendants State Amount of Loans Overview Source
July 30 Shawn Portmann WA $495,000,000 Verified complaint for forfeiture in rem filed. www.MortgageDaily.com
July 30 AARON HAND, KENNETH LAW, ERIC SHIELDS NY $100,000,000 Guilty verdicts. www.manhattanda.org
July 30 HEATHER BLISS CT losses exceed $1,240,000 Guilty plea. Justice.gov
July 30 Roberto Caro, Sergio Caro, Orlando Dominguez, Hugo Oliva, Ilan Reyes, Manuel Caro FL multiple properties Charges filed in connection with grow houses. Justice.gov
July 30 Jerry R. Emerick MO $12,600,000 30-month sentence. Justice.gov
July 30 John Gilbert Mendoza HI restitution of $881,514.98 5-year sentence. Star-Advertiser
July 29 JOHN JACKSON CT $280,000 Guilty plea. Mortgage Lender Network USA Inc. was victim. FBI.gov
July 28 STEVEN J. KOTTAGE, GENARO R. HATHAWAY, MARY ELLEN DURSO CT losses exceeded $500,000 Charges filed. Wells Fargo Home Mortgage was victim. FBI.gov
July 28 Paul Wagner NV seeking the forfeiture of $2,700,000 One of 123 defendants who were charged, convicted or sentenced in Las Vegas during Operation Stolen Dreams Las Vegas Review-Journal
July 27 Emma Jean Holmes, Wildor Washington Sr. KS 3 properties. 12-month sentence. Justice.gov
July 26 Gilberto Ernesto Lopez CA $232,750 Guilty plea. Californian
July 26 Guadalupe Ramirez, Augustine or Agustin Ramirez CA $4,100,000 Arrest. Californian
July 26 Kandace Marriott TX na 99-year sentence overturned. Corsicana Daily Sun
July 26 Tyler Forrey, Stephen Petrovich, Steven Reese, Troy Bossert, Ryan O’Brien FL $4,200,000 18-month sentence for Forrey. news-press.com
July 26 Timothy Wayne Johnson AL 40 homes. Guilty plea. The Birmingham News

archived case entries back to 2005

 
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