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Last Updated Friday, October 5, 2007, 6:00 PM Texas Time
photo of Coco Salazar

October 5, 2007

Banks Loose Millions In Michigan Scam
A United States Attorney announced in Dearborn, MI. that Safi Sobh was sentenced to ten years behind bars for leading a mortgage fraud scam that cost Ohio Savings Bank and Commercial Federal Bank, among others, millions of dollars in defunct loans.

6 Charged In ID Theft and Fraud Scam
Judith E. Yawakie, owner of Gateway Mortgage Group LLC, and her accomplices, Stephanie E. Davis, Tyrone L. Davis, Deborah K. Schneider, Scott E. Schneider, and Ryan V. Mooney have been charged with using stolen ID's and defrauding lenders out of $184,000 in a real estate scam involving several properties in St. Joseph, MO.

11 Arrested By New Fraud Task Force
Miami-Dade police, under their new Mortgage Fraud Task Force, made their first arrests in their efforts to curb a rampant increase in property scams in the area. Nester Camacho, David Rodriguez, and Jose Delgado are among the eleven mortgage professionals taken in for inflating property values, in once case by $100,000.
read story from Action NBC 6

October 4, 2007

Interthinx Releases New Strategies
The leading risk mitigation company for the financial industry has new tools available to help combat fraud and protect lenders.

Police Arrest One Of Their Own For Fraud
Michael E. Daubert, an ex-cop in Sandy Hook, NY. was arrested for a $200,000 mortgage fraud charge. Daubert apparently used a forged ID and falsified documents to secure a home loan. His time behind bars may be extended due to several other unrelated crimes.
read story from The Newtown Bee

Three Charged In Multi-Million Fraud Case
Three people in Minnesota, Scott Richard Rosenlund, Shinon Joseph Lindberg, and Celeste Marie Skaar, were charged with 8 felonies in a Hennepin County Court. The statewide multi-million dollar fraud used straw buyers and inflated appraisals to separate lenders from their funds.
read story from The Waconia Patriot

2 Brothers Take Deal
Robert and Richard Amico have accepted a plea deal in Rochester, NY. after already serving 4 years in jail. The two brothers original judgement in 2003 for a $60 Million mortgage fraud was recently overturned due to the judge in that case having ties to one of the prosecution's witnesses.
read story from RNews

October 3, 2007

A Closer Look At Identity Usage
An examination and discussion of SSN use in the private sector, and possible links to identity theft and prevention strategies will take place during a workshop hosted by the Federal Trade Commission.

$5 Million Fraud Lawsuit
A lawsuit has been filed in federal court against a plethora of Ohio and Florida businesses by Regions Bank, which claims that it is owed $5 million from a mortgage fraud scam masterminded by the owner of a title and settlement company.
read story from MortgageDaily.com

Straw Buyers Strike Again!
James J. Lytle has been convicted for participating in scamming loan lenders out of $4 million. The Wisconsin mortgage broker utilized straw buyers and inflated home appraisals to obtain nearly 20 homes.
read story from The Gazette Extra

False Hope Costs MN Homeowners
In a foreclosure rescue scam created by Michael Fiorito and Kristin Jerde, 6 homeowners were conned out of $160,000, however, U.S. attorneys believe there are more victims out there.
read story from TwinCities.com

Veteran Scam Artist Up To Old Tricks
John Siciliano will spend six months in a New York community correction program and pay restitution fines for his involvement in defrauding ESL Federal Credit Union, SunTrust Bank, and Bank of America out of $30,000. In 2001 he and his accomplices had a much larger scam going that swindled lenders out of $1.5 million.
read story from The Democrat and Chronicle

$8 Million Flipping Scam Investigated
Dennis Schneider, who used to own State Street Mortgage & Finance Co. in Illinois, has been indicted by a grand jury for a property flipping scam that involved transactions totaling more than $8 million.
read story from SJ-R.com

October 2, 2007

Lenders Warn Against New Fraud Legislation
Mortgage bankers have warned about passing new mortgage fraud legislation that could have unintended consequences. Instead, they pointed to provisions of legislation from a Democratic presidential candidate and cautioned against confusing predatory lending with loan fraud.
read story from MortgageDaily.com

Commercial Loan Branch Manager Convicted
The former manager of a Michigan branch of Business Loan Express, Patrick J. Harrington pled guilty to charges that he contributed to a scam that cost the federal government $76.8 million in insured small business loans.
read story from The Free Press

Mortgage Fraud Evolves With Changing Market
The problems in the sub-prime housing market have left many people in the process of foreclosure and afraid to contact their lender for help, a status scam artists find provides them with plenty of opportunity. Fraud itself is adapting to the changing conditions, sparking new types of scams that nervous and desperate homeowners may not suspect.
read story from RGJ.com

Fee To Fight Fraud
California State Senator, Dean Florez, has proposed that home buyers in one county of his state pay an additional 2 dollars to the cost of the property purchase. The fee will be put into a fund used to fight fraud. Several other counties are looking at similar programs.
read story from KERO

October 1, 2007

Fraud Index Improves
The load of mortgage fraud cases eased in September -- though the dollar amount of those cases rose, according to the FraudBlogger Index.

Law Firm Publishes Numbers
Mountain State Justice, a law firm in West Virginia, has filed nearly 800 cases related to mortgage fraud over the last 8 years. They have compiled a report showing staggering statistics on foreclosures that have plagued their state and may reflect predatory lending practices.
read story from The Charleston Gazette

Property Manager Stops Flipping Scheme
Phyllis Peters, a property manager in IL, went to authorities with her suspicions that the condominium building she worked in was involved in a mortgage flipping scam.
read story from The Chicago Tribune

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

e-mail: MortgageWriter@aol.com

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