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Last Updated Friday, September 7, 2007, 5:30 PM Texas Time
photo of Coco Salazar

September 7, 2007

Mortgage Scam Hits Sour Note
Christopher Gallagher, a former rock and roll band member, will be singing a different tune when he starts an 18 month Federal prison sentence for his involvement in a real estate and predatory lending scam.

read story from TheMorningCall.com

Shady Mishandling of Escrow Funds
Employees of McClary Financial Group are under investigation for misusing escrow deposits for their own use, rather than the home purchases the loan borrowers intended them for.

read story from The New Jersey Law Journal

Elderly Borrower Victimized by Unlicensed Broker
Christian Lambright has been indicted on charges that he stole money from closing proceeds from an 81 year old borrower, and that he wasn't licensed for any mortgage activities in the first place.

read story from Columbus Business First

September 6, 2007

Bankruptcy Court Swindled into Helping Scheme
Donna Renae Woods Lawrence, a 'gatekeeper' for HUD's guaranteed mortgage loan program, scammed the U.S. Bankruptcy Courts into helping her in a complex mortgage fraud plan that involved her own children, twin sister, and other relatives.

read story from The Atlanta Business Chronicle

Builder Accused of Causing Foreclosures
Prague Estates, a housing development of about 200 homes built by Parish Marketing and Development is quickly becoming a ghost town due to foreclosures and allegations of a large mortgage fraud conspiracy involving the builder and it's lenders.

read story from The Star Tribune

Two Women Utilize Straw Buyers in Mortgage Fraud
By creating inflated appraisal values, submitting fraudulent sale contracts, and falsifying income documents of a group of "straw buyers", Jamila Davis and Brenda Rickard allegedly swindled Lehman Brothers Bank and Commerce Bank out of nearly $29 million.

read story from NorthJersey.com

Borrowers Behind Banks
More than 200 home buyers will most likely not receive anything after nearly 20 lending banks divide up a $25 million fraud reimbursement case against several defendants being charged by Federal attorneys in central Ohio.

read story from The Columbus Dispatch

September 5, 2007

Legal Action Sought by State for Predatory Lending Practices
An armada of brokers, realtors, and their associates are facing a lawsuit filled by State of Connecticut Attorney General, Richard Blumenthal, for allegedly misleading and victimizing home buyers into purchasing properties they could not afford.

Eliminating Fraudulent Debt Elimination Schemes
The Office of the Comptroller of the Currency (OCC) has issued and alert to bank officers, authorities, and Federal offices about the threat posed by fraudulent mortgage, credit card, and small business debt elimination schemes.

Task Force Formed To Fight Fraud
Reeling from the wake of excessive fees, mortgage fraud, and poorly disclosed loan terms, Texas home buyers can now look to the Texas Residential Mortgage Fraud Task Force to help protect them from lenders with deceptive practices.

read story from The Austin Business Journal

Loan Officer Defrauds FHA
Rhonda Torossian, one of a five member fraud ring, pleaded guilty to falsifying documents, social security numbers, and employment histories of borrowers with weak standings in order to have them qualify for Federal mortgage loan requirements.

read story from The Rockford Register Star

September 4, 2007

Man Extradited To Face Fraud Charges
Former owner of Austin Realtors Network, Inc., Firooz Deljavan has been extradited from Turkey to the U.S. where he will be sentenced after pleading guilty to helping unqualified borrowers obtain real estate loans by duping lenders with false statements.

High Rolling Real Estate Investor Accused of Fraud
While driving exotic luxury cars and claiming that "God blessed him to be financially successful", Adam LaFavre, founder of LHS Mortgage Inc, is under investigation for involvement in a multi million dollar mortgage fraud, this not being the first time LHS has been under the microscope by the Department of Commerce.

read story from The Star Tribune

Two Charged With Defrauding Lenders
Christopher Adam Horton and Sean Brian Leaf have admitted to their role in falsifying loan applications filed with Washington Mutual and Associated Bank.

read story from The Star Tribune

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

e-mail: MortgageWriter@aol.com

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