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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
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