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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.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
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 30, 2010
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Mortgage Fraud News
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Case Activity
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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
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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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| 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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