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Last Updated Friday, September 19, 2008 10:00 PM Texas Time

September 19, 2008

Broker Commits Fraud On $3.9 Million Mortgage
A mortgage broker, attorney and borrower schemed to defraud Lehman Brothers out of a multi-million dollar mortgage in Virginia. Lehman lost at least $1.1 million in one deal and almost $800,000 in another fraudulent mortgage on the broker’s home.

Vendor Directory Online
NAMP created a mortgage vendor directory to assist lenders in finding local vendors. The directory is designed to keep unscrupulous vendors from taking advantage of lenders working in uncharted territories.

Fraud Prevention Requires Transparency
FNC, a mortgage technology company, offers programs that allow all parties involved to access origination data including appraisals.

Fraud Lawsuits Tied to Net Branch Collapse
The collapse of a New Jersey-based net branch has some branch managers considering a class action lawsuit. In a lawsuit by one of its wholesale lenders, the company is accused of submitting more than $2 million in fraudulent loans that resulted in more than $1 million in losses.

Mortgage Fraud Today
The latest mortgage fraud schemes involve Eastern Europeans who come to the United States just long enough to acquire a property, obtain multiple loans on it and return home to live comfortably, a mortgage fraud attorney recently told a group of mortgage bankers. And appraisal fraud now involves appraising properties for less than the actual value.

Developer Sentenced in Mortgage Flipping Scheme
A Pennsylvania developer who bought low-income homes and then sold them at artificially inflated prices has been sentenced to three years and seven months in federal prison.

September 18, 2008

Young Millionaire’s Group President Arrested on Fraud
The radio show host and pastor who headed the Young Millionaire’s Group was arrested on charges of mortgage fraud, along with his wife who is a mortgage broker. The pair were soliciting listeners of their radio show in South Florida to learn how to gain real estate properties with no money down.

Attorney Named as Co-Conspirator
A defense lawyer has been named in an indictment along with the older brother of a former client she defended. The 106-count indictment involves the transactions of 16 properties and $1 million in mortgage fraud.

Realtor Named in Fla. State Lawsuit
An award-winning Re/Max agent is being accused of conspiring to artificially inflate the values of homes she sold. Florida’s attorney general said she pocketed about $165,000 in commissions from her role in the mortgage fraud scheme.

September 16, 2008

Con Uses Mother-in-Law’s Credit
A Florida man is arrested on charges of mortgage fraud using straw buyers to bilk National City Bank out of almost $400,000. Officials say Orlando Gonzalez, 55, used his mother-in-law’s good credit and even his own mother’s, and then a couple of his friends’ credit, too. In addition, he falsified employment and income documents. If convicted, he faces up to 20 years in prison.

Inflated Appraisals Strike Again
Appraisals inflated more than double the actual value were used in a mortgage fraud scheme that has a dozen men indicted.

September 15, 2008

A Tale of Straw Buying Sisters
Two sisters in Colorado Springs were lured into a straw-buying scheme that has left them with payments they cannot afford and two homes in foreclosure. Officials are investigating the mortgage company where the broker is no longer employed.

Purse Strings Tied for Fraud Victims
Homeowners in Florida that have been victims of mortgage fraud were once able to access a fund to assist in their losses. And even though there is a surplus in the account, they no longer have the rights to it as they did when it was founded in 1977.

RE Attorney Indicted on 15 Counts
A former attorney is accused of running a mortgage fraud scheme that netted him more than $2 million. He allegedly lied on his mortgage applications in order to obtain multiple loans and pocketing the proceeds instead of paying off the liens.

September 12, 2008

Man Funds Mortgage Fraud with Visa Fraud
A work visa scheme involving 70 immigrants from Eastern Europe was used in conjunction with a mortgage-flipping scheme by a man in Atlanta.

Caught in the Act
A former Missouri mortgage broker who had a small role in a would-be mortgage fraud scheme is going to serve 30 months in federal prison, even though the deal never went through.

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