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

October 10, 2008

Reverse Mortgage Scam
Mortgage fraud schemes are popping up using reverse mortgage programs to defraud senior citizens and lenders. Noting this new scheme reverse lenders have added new timeframe requirements to the HUD’s underwriting criteria.

D.C. Developers, Broker Indicted
A grand jury indicted three people, two developers and a mortgage broker, for a scheme that defrauded Washington D.C. homebuyers. Three years after the homebuyers took out new loans, construction still has not started.

Parish Mortgage Fraud Case Closed
The final sentence was handed down to five defendants in the case involving a multimillion-dollar mortgage fraud scheme in Minneapolis committed by Michael Parish, his wife and others.

$17 Million Deception
Five Houston-area individuals falsified documents and used straw buyers to deceive mortgage lenders out of $17 million. A federal grand jury handed down a 12-count indictment.

October 9, 2008

Florida AG Warns of ID Theft
The latest trends of mortgage fraud has Florida residents wary of identity theft and potential foreclosures and abandoned houses brought on by the use of straw buyers to purchase homes in which no one would live.

Family of Fraud: More Details
A total of nine people have been charged in a $1 million South Florida mortgage fraud scheme, involving some family members of the Cuffy family. The alleged ringleader, Johnson Cuffy, is currently jailed.

October 8, 2008

Michigan Ramps Up Against Fraud
Metro Detroit law enforcement officials are banding together to form a task force involving federal, state and local agencies. Acting U.S. Attorney Terrence Berg announced that the task force would address financial crimes that affect the housing market. An estimated 25 percent of the foreclosed homes in metro Detroit involve mortgage fraud, according to the Wayne County’s register of deeds.

Foreclosure Rescue Scheme Leader Pleads Guilty
Maurice McDowall was sentenced to 10 years in federal prison for taking advantage of homeowners in the Brooklyn and Bronx areas that were in danger of losing their home to foreclosure. McDowall and others convinced homeowners to sell their homes to straw buyers, promising they could stay in the home and that the deed would be given back to them after a year’s time.

Jersey Mother and Son Indicted
Six of seven properties that were mortgaged illegally have gone to foreclosure after three New Jersey residents inflated property values and falsified information on the mortgage applications.

Family of Fraud
Members of one family in South Florida have been arrested in connection with a fraud ring investigation. One woman renting a home belonging to the family was allegedly threatened after the news broke that the home she was in fell into foreclosure.

18 Months for Mortgaging Sold Property
A St. Charles man pleaded guilty taking out a mortgage on a property he no longer owned and for selling another property twice.

October 7, 2008

New Coalition to Fight Fraud, ID Theft
The Center for Applied Identity Management Research (CAIMR) consists of individuals from Indiana University, the U.S. Secret Service, LexisNexis, IBM, Cogent Systems, Visa and Intersections. The coalition’s aim is to find solutions for cyber and financial crimes, as well as, identity theft and fraud.

Florida Lawyer Charged in CitiMortgage Fraud
A lawyer and two others were charged with first-degree grand theft, organized fraud and using a fake ID, after a home valued at $185,000 was flipped for $600,000.

October 6, 2008

Pastor and Wife Jailed
A Florida Pastor and his wife have been accused of soliciting radio listeners to participate in real estate transactions that are illegal. They were arrested and are awaiting a decision on their bail arrangements, totaling $1.4 million each.

Mistrial for Newell
A Hennepin County District Court jury was unable to reach a verdict after three days of deliberations, causing a mistrial for a real estate agent charged with theft by swindle and racketeering.

Mother and Son Subprime Fraud
The owners of a New York mortgage brokerage, a mother and son, along with one of their employees have pleaded guilty to a $200 million subprime fraud scheme that involved hundreds of properties.

No Harm Intended
A real estate developer who told the court he never intended to hurt anyone has been sentenced to 14 years in federal prison and ordered to pay $42 million in restitution to lenders for his part in a $50 million fraud scheme.

Taking Responsibility
A Portland, Ore. loan officer has pleaded guilty to falsifying more than 70 mortgage submissions. His attorney claims he is a “fall guy” but that he is taking responsibility for the false documents he submitted.

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