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Last Updated Friday, October 3, 2008 10:00 PM Texas Time

October 3, 2008

Fake Documents Submitted
The last of three to plead guilty in a two year long mortgage fraud scheme admitted to supplying false documents, including job histories and W-2 forms so applicants could obtain higher loan amounts than they would otherwise qualify for.

Like Father, Like Son
A father and son were indicted on fraud charges along with the mortgage broker who helped them submit bogus mortgage applications on 12 properties in Missouri. The sales price of the properties was $2.7 million.

Whoís Blaming Whom?
A Hennepin County District jury is deliberating for a third day in the case of Minneapolis woman accused of mortgage fraud. Her attorney claims she is innocent, that as a real estate agent she was just doing her job. Prosecutors accuse her of recruiting straw buyers as clients.

New York Ends Flipperís Scheme
New York Attorney General Andrew Cuomo has ordered a New York City businessman to discontinue the purchase of any investment property in the state without posting a $1 million bond and ordered him to pay $3 million in restitution.

Broker Owes Chase $3,900
Avoiding prison time, a mortgage broker who admitted to falsifying information on one $322,700 mortgage loan will be fined $10,000 and sentenced to probation. Plus, he must repay the $3,900 that Chase lost in the deal.

October 2, 2008

Banks Face Mergers, Regulatory Orders
A new real estate investment trust is being launched, an order was issued against a bank officer accused of mortgage fraud and Fannie Mae and Freddie Mac faced grand jury subpoenas and securities regulatory inquiries. Meanwhile, dozens of other banks faced a host of regulatory orders and a growing number of institutions face mergers.

Mortgage Fraud Investigator Agent of the Year
A Florida Department of Law Enforcement agent has been honored for her outstanding mortgage fraud work over the last year.

New Foreclosure Fraud Protection Act
The new legislation now requires that any program or deals made in regards to foreclosure relief be put in writing and that the agency recommend homeowners consult their mortgage company before signing.

112 Charged in One Year
Over the last year, South Florida prosecutors have charged 112 individuals for mortgage fraud that has exceeded $176 million in loan volume. Accounting for almost a one-fourth of the nationís mortgage fraud, Florida is leading the nation.

Nationwide Task Force on Senate Floor
Florida Senators Mel Martinez and Bill Nelson are again requesting the U.S. Senate to pass legislation that would allow for the creation of a Nationwide Mortgage Fraud Task Force.

October 1, 2008

Prevention for the Nationís #1 Crime
ID Theft is said to cost about nine million Americans more than $1.2 billion a year. One company is trying to raise awareness of its prevention this month, as October is Crime Prevention Month.

Circuit Court Judge Gets Birdís Eye View
A veteran Miami Circuit Court judge that has served the last three years in the Probate Division said the housing crisis has complicated probate procedures.

Straw Buyer for Cop Sentenced
The owner of a home remodeling company posed as a straw buyer in a flipping scheme to help a former South Bend, Ind. police officer. After pleading guilty he has been sentenced to 18 months in prison followed by three years supervised release and ordered to pay $225,000 in restitution, an amount estimated to be the equivalent to what he made from the fraud scheme.

September 30, 2008

Nationstar Manager Accused of Fraud
Nationstar Mortgage LLC has been sued over allegations that one of its star branch managers prodded borrowers into bad investments, committed mortgage fraud and failed to maintain proper compliance. The company is also accused of operating without a license.

Erie Mortgage Fraud Trial Stalled
Francis R. Contiís trial has been postponed, giving his attorney until late November to prepare to defend his not guilty plea to charges of conspiracy and fraud.

Equity Skimming Operation Busted
A real estate agent and a loan officer have been indicted on charges related to an alleged equity skimming operation. Officials said this is the largest indictment issued under the stateís residential mortgage fraud statute that was enacted last year.

September 29, 2008

Mortgage Fraud Task Force Busts Kick-Back Scheme
The Pennsylvania Mortgage Fraud Task Force has charged a 37-year-old man with leading a straw-buying kick-back scheme. Kevin Kamenski pleaded guilty to the scheme and faces up to 20 years in prison and a fine of up to $250,000.

Mother and Daughters Spared Prison Time
Three Kansas women were sentenced to probation, a $25,000 fine and an eight month suspended prison term for helping illegal immigrants obtain almost $8 million in mortgages using stolen Social Security numbers.

Canadian Fugitive Caught in Mexico
A fugitive on Weld County, Coloradoís Most Wanted list has been apprehended. He has been charged in multiple mortgage fraud schemes with a pattern of racketeering, 11 counts of theft of $15,000 or more, and 11 counts of forgery.

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