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Week Ending September 9, 2011

Mortgage Fraud News

Case Activity

$200 Million Repurchase Lawsuit
Sept. 8 -- U.S. Bank, a unit of U.S. Bancorp, has filed a federal lawsuit in St. Paul, Minn., against two defunct subprime mortgage lenders alleging they failed to properly vet more than 3,000 loans before packaging them for sale to investors as securities.
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Appraiser Pleads Guilty
Sept. 7 -- CHARLESTON, W.Va. -- A Putnam County real estate appraiser admitted in federal court Thursday to providing inflated appraisals in 2006 as part of a multimillion-dollar mortgage fraud scheme.
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Two 5-year Sentences Handed Down in $4 Million Case
Sept. 7 -- Used to be, a multimillion- dollar mortgage fraud scheme would rate big headlines and prompt swift outrage. These days, they hardly warrant notice.
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Date Defendants State Amount of Loans Overview Source
Sep 9 Louis Amir OH $6,700,000 Convicted. Department of Justice
Sep 9 John Hnatio, Powerhouse Associates Inc. CA $291,885.55 Appeal denied.
Sep 9 Matthew Paul Kay CA $6,000,000 Not guilty plea. Trial scheduled for November 1. Department of Justice
Sep 8 Yu Chen IL $1,148,000 Sentenced to 30 months prison. Victim lenders include: Capital One Bank, Fifth Third Bank, Harris Bank, Huntington National Bank, National Bank of Kansas City, State Farm Bank, Wachovia Bank.
Sep 8 Jeffrey Julkes Jr., Sheila Chandler, Christopher Lewis, Eloise Blackmon IN $600,000 Entered guilty plea agreements.
Sep 8 Marshall E. Home, Margaret Elizabeth Broderick AZ At least 28 properties Indictments. Department of Justice
Sep 8 William Michael Naponelli, Walter Scott Fruit, Sandra Jackson, Brian Atwood AZ $5,850,000 Indictments. Department of Justice
Sep 7 Shaun Reid FL At least $100,000 Arrested and charged.
Sep 7 Douglas Rex Butler, Roger Bill Hanks, Derrick Ivan Lance MN $20,000,000 Butler indicted. Lance and Hanks previously entered guilty pleas. Department of Justice
Sep 6 Bernadette Nicholas, Dennis Nicholas, Kevin D. McAllister, Wayne Rosen PA $35,500,000 Indictments. Department of Justice
Sep 6 Nicole Dawson, Ronald Burris Jr., Hoda Samuel CA $5,000,000 Guilty pleas from Dawson and Burris. Sentencing set for November 15. Department of Justice
Sep 6 Shafik Hirji NV A single residential property Indicted. Department of Justice

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