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Mortgage Fraud Newswire

By COCO SALAZAR


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Last Updated Friday, August 24, 2007, 5:30 PM Texas Time
photo of Coco Salazar
 

Broker Charged For Luxury Home Scam
A broker for 1st Metropolitan Mortgage Corp, Rachel Donegan, faces 30 years in jail and a $1 million dollar fine for charges of money laundering and helping Shawn Green and Yolanda Crawley obtain super jumbo loans to by luxury homes under false pretenses.

read story from The Daily Record




Gang Ties Land Mortgage Company Owner Behind Bars
Originally facing 187 charges of theft and forgery, Michael Alexander Hartsell only plead guilty to 24 counts and received 10 years behind bars for using the company he owns, First Choice Mortgage, as a front to defraud more than 250 individuals and draining retailers of more than $500,000, allegedly on behalf of a white supremacist prison gang.

read story from The NC Times




Two Suspected in Corrupt Mortgage Activities
Larry Corna and Alan Csipke are facing multiple counts of theft, money laundering, and corrupt activities, after an investigation of inflated mortgages on three properties. Corna is already awaiting trail in a different mortgage related fraud case that involves several counts of theft, forgery, and passing bad checks.

read story from The Columbus Dispatch




Mother, Daughters Charged with Fraud
Doris Toledo and her daughters Sonia Toledo and Sylvia Toledo are each looking at 11 felony counts of computer fraud, 11 felony counts of document fraud, and one count of theft, for processing mortgage loans out of Building & Loan Mortgage Co., and helping illegal immigrants get social security numbers to obtain some of those loans.

read story from KC Community News




August 23, 2007


Lead Mortgage Fraud Scam Suspect Arrested
Officials arrested Ifthikhar Ahmad for allegedly masterminding a multimillion-dollar mortgage fraud scheme involving several other real estate professionals.

read story from News 10




Credit "Repairs" to Continue Deceiving Lenders
Even as software is being updated to prevent spotty-credit mortgage applicants from making their credit look better to lenders by latching onto credit card accounts of people with good credit histories, loopholes will contribute to fraudsters continuing to abuse the system.

read story from Realty Times




August 22, 2007


Gangs Gaining in on Mortgage Fraud
As some gangs shift focus from street crimes to mortgage fraud, enforcement officials suspect gang members previously incarcerated for gun crimes may have learned how to defraud lenders from inmates incarcerated for financial crimes.

read story from National Public Radio




No End Seen in Mortgage Fraud
Property flipping, straw buyers, equity skimming and foreclosure rescue are all part of mortgage fraud, which is expected to become even more prevalent.

read story from KGET




9 Accused of $25M Mortgage Fraud
Nine individuals are accused of duping inexperienced borrowers into $25 million in fraudulent mortgages for more than 500 properties with inflated values.

read story from NBC 4




2 Prison Mates Charged with Fraud
Both Reginald Greene and Michael Umali, who met in federal prison, were indicted on charges relating to defrauding Cendant Mortgage Corp. of $2 million with the help of people who had access to Cendant's software system.

read story from Courier-Post




Man Sentenced for Mortgage Scam
Delbert Baptiste faces three to nine years in prison after admitting to charges involving the use of straw buyers to obtain over $2 million in mortgages for the same property, which was overvalued to pocket extra loan proceeds.

read story from Brooklyn Daily Eagle




August 21, 2007


Man Sentenced for ID, Mortgage Fraud
Using a child's Social Security number for a home loan and other people's identities to gain access to other credit earned Ronald Steven Williams II a sentence of more than six years in prison.

read story from The Baltimore Sun




Fraud's Role in the Mortgage Crisis
Among the possible factors contributing to the mortgage crisis is fraud by institutions that failed to appropriately disclose the value or risk of securities backed by subprime loans.

read story from Blogger News Network




Mortgage Fraud Under Further Scrutiny
While mortgage fraud complaints and foreclosures continue to pile up, the FBI's number of cases under investigation has soared to 1,200 from 818 last year and many states are toughening up against foreclosure rescue scams.

read story from Wall Street Journal




NC Toughens Up on Mortgage Fraud
In an effort to rout out mortgage fraud, North Carolina has more than doubled staff focused on investigating home loan fraud and recently passed a law that makes mortgage fraud a felony.

read story from The News & Observer




August 20, 2007


ID Thieves Sought Wealthy Individuals' HELs
A Russian named Igor Klopov is accused of being the ringleader of an identity theft gang that targeted wealthy individuals' home equity lines and other sources to steal millions of dollars.

read story from Wall Street Journal




Hotline Aids Alleged Scammer's Victims
The state of New York has set up a hotline to help potential victims of Aaron Dare, who is accused of taking advantage of people trying to own homes through state-funded programs he led.

read story from Capital News 9





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

e-mail: MortgageWriter@aol.com



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