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Last Updated Friday, October 12, 2007, 6:00 PM Texas Time
photo of Coco Salazar

October 12, 2007

Interthinx Continues Growth
NIA Consulting, a leader in auditing defaulted mortgages and related data for the mortgage and insurance industry, is the latest acquisition by Interthinx, who already provides valuable fraud detection products for lenders with it's recent volley of enhancements to it's National Fraud Protection Database.

Bank President Charged In Commercial Loan Scam
Robert Hobgood, of Lubbock, TX. who was the President and Chairman of the Board for First National Bank, was sentenced for bank fraud for his part in purchasing a $525,000 mortgage for Pioneer Hotel by concealing from the defrauded lender, FNB, that he was not the true owner of the property.

Fraud a Factor in Faulty RMBS Performance
Ratings agencies are not responsible for detecting mortgage fraud in residential mortgage-backed securities they rate, according to a new report from Standard & Poor's. Fraud was found to be more common among brokers than retail originators.
read story from MortgageDaily.com

Georgia Calls For Increased Fraud Education
Faced with concerns about not just the number of fraud cases increasing in Georgia, but also how each one is seemingly growing in size, the U.S. Attorney for Northern Georgia asks that home buyers who suspect mortgage fraud to contact authorities as well as to educate themselves on what signs to look for.
read story from Appen Newspapers

Attorney General Sues Broker
In a predatory lending case filed against Jose Guzman in a Connecticut court, he has been charged with luring dozens of people of people into loans they could not afford based on false information put down on the closing documents they signed.
read story from TheDay.com

Reporter Faces Bad PR Over Fraud Charges
Dave Fox, a sports anchor for KUTV in Salt Lake City, UT. will face a small fine of $500 and three years on probation for fraudulently stating on loan documents that he intended to live in the home he obtained a loan for, when his intentions were to use it as an investment property.
read story from KUTV

Lawyer Reveals Roll In $20 Million Loan Scam
A Georgia lawyer admitted his roll in a mortgage property flipping scam that involved 50 homes and cost banks around the country millions is losses.
read story from Law.com

October 9, 2007

Improvement To Database Reduces Risk
The Mortgage Asset Research Institute has produced the latest upgrade to it's MIDEX database. THe addition, called MARI, will verify the professional license of appraisers and realtors. The release is targeted for 14 states that rank highest for fraud.

Sting Halts Identity Sales
The Federal Trade Commission's Stink operation with the U.S. Postal Inspection Service and Illinois's attorney general has revealed an illegal sale of lead lists to Canadian telemarketers. Practical Marketing, Inc. and it's principals, Robert and Valerie DeSalvo are charged with selling consumer's bank account, credit card, and other sensitive numbers and information to the Canadian companies.

Husband and Wife Team Swindle Bank Out Of $1.4 Million
Anthony Anderson and his wife Laura Anderson have been charged with defrauding borrowers and Union Planters Bank out of $1.4 million during a scam that involved several homes in upstate New York.
read story from CBS 6

$2.8 Million In Losses Hit Minnesota Properties
Two Minneapolis residents, Edward L. Boler and Susan E. Newell, have been charged with a dozen counts of mortgage fraud resulting in $2.8 million in losses.
read story from The Star Tribune

Fraud's Reach Underestimated
Standard & Poor's chief economist has stated that they had underestimated the extent of mortgage fraud and it's effect on the U.S. Housing market.
read story from Reuters

October 8, 2007

First Line Fights Fraud
First Line Data has upgraded their Counter-Fraud Review Report with CMRA Checkpoint, an enhancement that verifies the legitimacy of mortgage brokers, correspondents, warehouse lines, appraisers, builders, and closing agents.

BasePoint Offers Risk Detection Product
Mortgage lenders looking to reduce losses from defaulted loans now have a tool from BasePoint Analytics that will help them identify risky or fraudulent loans before they become a liability.

Lenders Loose Thousands In Montana Fraud
Scott Hilgers and Todd J. Rice have been charged and have pled guilty to defrauding mortgage lenders in a scam that involved four properties in Helena, Montana that, in total, value $686,000.
read story from The Billings Gazette

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

e-mail: MortgageWriter@aol.com

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