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Mortgage Fraud Archives

Week Ending August 20, 2010


Mortgage Fraud News

Case Activity

Aug. 17, 2010

Risk of Mortgage Fraud Subsides
U.S. mortgage loans are less likely to involve mortgage fraud than they were three months ago, according to a quarterly index released Tuesday. But the risk of identity fraud was worse.
read story at MortgageDaily.com
Aug. 13, 2010

Uptown Dallas Hotbed of Fraud
The 75201 zip code includes an arts district, several entertainment centers and lots of swanky high-rise condominiums. An anlysis of mortgages there, however, indicated 13 percent of loans in the are include mortgage fraud.
read story at Dallas Morning News
Aug. 9, 2010

Sacramento Expands Mortgage Fraud Unit
The district attorney in Sacramento, Calif., has expanded the real estate fraud unit.
read announcement at SACDA.org
Aug. 6, 2010

RI AG Candidate Targets Net Branch Loophole
Stephen R. Archambault, who is running as a Democrat for Rhode Island attorney general, says mortgage brokers and originators can avoid criminal background checks and license requirements by signing a net branch agreement -- a loophole he hopes to outlaw.
read story at Providence Journal
Aug. 4, 2010

Fast Growing Fraud Detection Firm Adding 200
Rapid growth at a technology firm that helps lenders identify potential mortgage fraud has it expanding by 200 employees in Florida. The company has doubled in size each of the past three years and expects to do so again this year.

Digital Risk LLC, an Orlando-based company whose newly-opened Jacksonville branch could employ up to 300 people, is like a tech-driven detective agency for the mortgage industry.
read story at MortgageDaily.com
Aug. 1, 2010

Mortgage Fraud Helps Topple MN Bank
A new government report on mortgage fraud indicates that post-origination reviews by parties other than the lender have grown. More than two-thirds of mortgage fraud reports were filed by institutions overseen by one federal regulator.
read story at MortgageDaily.com
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
Date Defendants State Amount of Loans Overview Source
Aug. 20 JOE D. GREEN, ONEIKA CARTHON, SAMANTHA GIRARD NY $600,000 10-year sentence. NYC.gov
Aug. 20 Dereck B. Gray II IN na Indictment. Justice.gov
Aug. 20 Sheila Chandler, Gordon B. Rainey, Randall B. Causey, Jeffrey Julkes Jr., Eloise Blackmon IN na Indictment. Justice.gov
Aug. 20 Stewart Morrison IV, Clifford Michael Seibert MD $795,125 Indictments. Justice.gov
Aug. 18 John Fisher, Tracey Balli, Justina Bryan, Delano McLennon FL $2,500,000 Guilty plea. FBI.gov
Aug. 18 Darrell Lynn Marriott, Kandace Marriott, Karen Hayes, Kally Marriott TX na 28-year sentence for Darrell. Daily Sun
Aug. 17 Christopher Alan Stapleton, William Straub Jr., Warren Jay Knaust FL millions of dollars in proceedst Guilty verdict for Stapleton. Justice.gov
Aug. 17 Roberto Aguilera CA $55,000,00 Awaiting sentencing. UNION-TRIBUNE
Aug. 16 Colleen Chiavetta, John Chiavetta PA $600,000 in maximum fines multiple transactions. Guilty pleas. FBI.gov
Aug. 16 TENCY FRANCIS, 30 total. CA multiple properties Civil judgment against defendant affirmed by CA appeals court. Leagle.com
Aug. 16 John J. Wanek, Robert Swanigan OH $38,000,000 Guilty plea. Victims included Merrill Lynch Mortgage Lending. The Columbus Dispatch
Aug. 16 Erich Heckler, Brian Chili and Trinity Ruffino FL $4,000,000 Motion to stop co-defendants from testifying against Heckler denied. The News-Press

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