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September 14, 2007
The Mortgage Industry's Miami Vice
Glen Theobald, Chief Counsel of the Miami-Dade Police Department is leading a
group of law enforcement, elected officials, business leaders, and prosecutors
in a new task force designed to curb the rise in deceptive mortgage activities
in the Sunshine State.
read story from The South Florida Business Journal
Mortgage Firm Accused of Predatory Lending
Nebraska's Department of Banking and Finance is suing Advantage Mortgage Service,
Inc. and attempting to take away it's license to do business after allegations
were made against the firm that it utilizes predatory lending practices.
read story from NDBF
Man Faced Life Sentence For Mortgage Scam
The possibility existed that Fredrick Jordan Batts could spend the rest of his
life behind bars for leading a mortgage fraud scam that involved 20 homes bought
and sold using false appraisals and other fraudulent loan documents. However, he
will only serve 25 years.
read story from The Houston Chronicle
Cabdriver Accused Of Mortgage Fraud
Ogbonnaya Edeh, a cabdriver from Cleveland, is one of 16 individuals in a variety
of occupations who have been charged with falsifying income figures and forgery
in order to acquire homes, now in foreclosure, in a luxurious suburb.
read story from Cleveland.com
September 12, 2007
Mortgage Industry Working Group Forming to Prevent Fraud
A new project being developed by Fannie Mae, Freddie Mac, the Mortgage Bankers
Association, along with several major lenders will aim at preventing mortgage
fraud by setting standards and practicing criteria for the industry.
Partnership Formed to Provide Free Database
Retailers, banks, and other financial institutions will now have access to a
free criminal database through alerts provided by a new partnership between
3VR Security, Inc., and the Financial Services Information Sharing and
Analysis Center.
Upgrade To Anti-Fraud Database Announced
The Mortgage Asset Research Institute has released an upgrade to it's anti-fraud
database (MIDEX) which screens mortgage professionals for fraud and verifies their
credentials.
September 11, 2007
Housing Director Abuses Position
Matthew Price II, a former Director of Housing and Economic Development for Florida City,
and his accomplice, Jennifer Stimpson, have been accused of various fraud charges
including a mortgage scam that used a city employee and a contractor in a 'straw buyer'
scheme.
read story from The South Florida Business Journal
September 10, 2007
Mortgage Fraud's Staggering Figures Rise
Reports and research from several companies and firms show that identity theft and
mortgage fraud is increasing exponentially each year. The rise of this white collar
crime boom is also triggering the creation of multiple entities to combat it.
read story from The Fort Worth Business Press
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