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Week Ending Aug. 7, 2009


Mortgage Fraud News

Case Activity

Aug. 4, 2009

FHA Suspends Taylor Bean
Taylor, Bean and Whitaker Mortgage Corp. lost its FHA approval, while its Ginnie Mae servicing portfolio was seized. The company allegedly hid the fact that its own auditor uncovered potential mortgage fraud on government-insured loans and failed to disclose two state investigations during the past year.
read story from MortgageDaily.com

Aug. 3, 2009

Orange County Targets Mortgage Fraud
The district attorney in Orange County, Calif., said they plan to crack down on real estate fraud.
read full story from Examiner.com
July 31, 2009

Judge Accused of Bias in Foreclosure Case
A loan closed by Centex Home Equity Corporation, which now operates as Fortress Investment Group LLC subsidiary Nationstar Mortgage LLC, is at the center of allegations of bias by borrower Sun-Ming Sheu.
read full story at Black Star News
July 28, 2009

218 South Floridians Charged Since 2007
Since launching a federal-state mortgage fraud initiative in September 2007, 218 people have been in schemes involving more than $268 million.
read Associated Press story
July 27, 2009

Miami-Dade 2nd Highest in Fraud Reports
With 5,155 reports of mortgage fraud, the Miami-Dade office of the FBI had the second-highest activity in the country during 2008.
read story at South Florida Business Journal
July 25, 2009

FL AG Concedes Did Nothing to Stop Fraud
Florida's attorney general conceded that his agency did little to stop the more than 50,000 cases of potentially illegal real estate flipping deals uncovered by the Herald-Tribune.
read story at Herald-Tribune
July 22, 2009

Employment Verification Service Prevents Fraud
A new offering enables credit issuers enforces anti-fraud best practices by combining phone interviews by trained investigators with proprietary queries.
read full press release
July 21, 2009

Regulations Would Impact Non-Bank Originators, Lenders
Proposed new regulations would require non-bank mortgage lenders and originators to file reports on suspected mortgage fraud and other criminal activity. Such reporting is already required of financial institutions.
read full story at MortgageDaily.com
July 20, 2009

OK is OK
Mortgage fraud and foreclosures are less of a problem in Oklahoma because the state didn't see much of the real estate frenzy that afflicted other states.
read story from NewsOK

$10 Billion in FL Transactions Identified as Potentially Fraudulent
A study by the Herald-Tribune identified 50,000 transactions involving $10 billion in sales that had a high chance of involving mortgage fraud.
read full story at Herald-Tribune
July 17, 2009

FERA Now Law
The Fraud Enforcement and Recovery Act of 2009 was signed by President Barack Obama on May 20. The new law provides government agencies with increased funding and more stringent legislation.
read story at Law.com

NV Fraud Soaring
Nevada ranked as one of the top 20 states for mortgage fraud, while Las Vegas FBI investigations have doubled.
read story at Las Vegas Sun
Date Defendants State Amount Overview News
Aug. 7 Garth Celestine, Phil A. Simon NJ $10,000,000 Arrests in case alleging mortgage fraud in foreclosure rescue scheme. FBI
Aug. 7 Michelle Cochrane, Calvin Davis LA restitution of
Citywide Mortgage underwriter sentenced to 1 year. Associated Press

ABC 26

Aug. 7 Godwin Asifo VA $1,000,000 Conviction. Culpeper Star-Exponent
Aug. 7 Justin L. Stuckey IN restitution of
18-month sentence for fomer broker. Associated Press
Aug. 7 Stephen Holman, Jeffery Brown, Phillip Taylor, Ike Osuji, Brian Chenoweth OH $1,488,750 12-year sentence for former Buckeye Lending originator. Argent Mortgage, GB Home Equity LLC and New Century among victimized lenders. Examiner.com

The Plain Dealer

Aug. 6 Thomas E. Stringer FL on property in Hawaii Former appeals court judge tied to stripper pleads guilty. Associated Press

Tampa Bay Business Journal

Aug. 5 Jeffrey Ryan Ayers, FL $13,000,000 13th arrest in 5-year-old case. Advanced Mortgage Solutions employee. St. Petersburg Times
Aug. 5 Gabriel Martin FL $10,000,000 Washington Mutual, JPMorgan suing suspended lawyer for repeated serial mortgage fraud on the same property. Daily Business Review
Aug. 3 Yvette Scott Patterson FL $10,000,000 Guilty plea in Operation Whose House. South Florida Business Journal
Aug. 3 Ramon Puentes, Jorge Nobrega, Jorge Arrieta, Sebastian Kishinevsky FL $1,000,000 Sentencing included two bank employees. South Florida Business Journal
Aug. 3 Jon Mills, Sharon Kosciusko, Joseph H. Lemay, Pierre "Peter" Chabot RI $16,000,000 Not guilty pleas by attorney and appraiser. The Providence Journal
Aug. 3 William Everett Nichols LA $2,900,000 Indictment and arrest of owner of First Fidelity Mortgage Inc. which operated as Southern Funding Mortgage. Imperial Valley News

Louisiana Gannett News

Aug. 3 Joseph Silvestro, Julie Silvestro MO losses exceeded
Guilty plea for husband, wife. Kansas City Star
Aug. 3 Eric Heckler FL $3,800,000,000 Arrested in Costa Rica. ABC-7 WZVN-HD

The News-Press

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