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Last Updated Friday, October 17, 2008 10:00 PM Texas Time
 

October 17, 2008

Bed and Breakfast Operators Indicted
A husband and wife have been accused of running a mortgage fraud scheme while operating a bed and breakfast in Vermont. An 11-count indictment charges the couple with bilking lenders out of $26 million, using the names relatives and friends to acquire the loans.





Appraisers Blame Countrywide for Lost Income
A group of appraisers has filed a class-action lawsuit against Countrywide Financial Corp. claiming the mortgage giant was responsible for damaging the business of thousands of appraisers.





Florida Leads Federal Fraud Prosecutions
A report from Syracuse University found that federal mortgage fraud prosecutions this year have been concentrated in Florida.





Illinois Sheriff to Resume Foreclosure Evictions
A controversial move by a county sheriff in Illinois to halt all foreclosure evictions has been resolved. But servicers will face more mortgage fraud scrutiny and have to wait as long as 120 days for non-borrower tenants to move out.





Admitted Fraudster Scams 80-Year-Old Retiree
A New Jersey man and his girlfriend have pleaded guilty to using financial schemes to scam investors out of almost $3 million. One victim, an 80-year-old man invested $500,000 in one of the bogus deals to purchase a restaurant.





Behemoth Lenders Under Investigation
Charges might be handed down soon to three of the largest mortgage lenders in the country. Prosecutors allege there may have been foul play and submit that lenders enticed homeowners into exotic loans with low teaser rates that shot up after expiring.





Sex for Rent?
An Ohio man indicted on 30 charges of mortgage fraud last March is now facing charges of sexual imposition, soliciting, criminal trespass and theft. A female tenant reported that he had threatened to evict her if she didn’t have sex with him.





October 16, 2008

Foreclosure Rescue Program Questioned
A company that promised to help stave off foreclosure for homeowners in default is being sued by Florida’s attorney general. More than 50 homeowners have filed complaints.





Slavic Village Foreclosures: More Details
Seventy-eight homes, many of which have foreclosed, are said to be involved in a $5.8 million mortgage fraud scheme in a Slavic Village area in Ohio. Three people and four companies have been named in a 73-count indictment.





October 15, 2008

Over 70 Homes Default Due to Alleged Fraud
Four companies and three people, including one officials call “the poster child for mortgage fraud in America” have been charged in a 73-count indictment relating to a $5.8 million mortgage fraud scheme involving 78 properties.





Minority Predators Convicted
An engaged South Bay couple has been found guilty of multiple counts of grand theft and forgery involving over $10 million in subprime mortgage fraud. The pair operated Summit Mortgage One.





October 14, 2008

Paperless Fraud Detection System
Verification Bureau announced the development of a new paperless income and social security number verification solution that will be presented next week at the Mortgage Bankers Association 95th Annual Convention and Expo.





FBI Investigate Condo Rent Scheme
A Minnesota couple are under scrutiny by federal officials for allegedly using straw buyers and falsified documents to obtain more than $5.5 million in mortgage loans on condominiums that are converted apartment buildings.





Woman Keeps Loan Payoff Proceeds
A 56-year-old Iowa woman has been charged with two counts of theft and one count of ongoing criminal conduct.





October 13, 2008


100% Financing Fraud
Two California men have been indicted and arrested for conducting a real estate mortgage fraud scheme that included 100% purchase financing and falsified loan documents on 16 properties. Derek Davis, 62, aka Terry McCullough, and Dino Rosetti, 39, have been charged with mail fraud and making false statements on loan documents from June 2005 through December 2006. In addition, Davis was charged with attempting to cause a financial institution to fail to file a currency transaction report and Rosetti was charged with engaging in a monetary transaction in criminally derived property in an amount greater than $10,000.

The pair allegedly recruited straw buyers through Rosetti’s company, 1st Option Mortgage, and funneled proceeds through a bank account in the name of Nevada corporation, Calorneva Land Company. If convicted, both face up to decades in prison and over $1 million in fines.





Karma Gives LO Swift Kick
A convicted loan officer lost his home to foreclosure while waiting sentencing for mortgage fraud that involved more than 200 homeowners.





Fugitive Back in the States
A man charged with racketeering, theft and 11 counts of forgery was apprehended in Mexico and finally extradited to Colorado and booked into the Weld County Jail.





New Construction Fraud
It only took two days of trial to find a 46-year-old Ohio man guilty of mortgage fraud. He now faces 10 years in prison.





Forged Appraisals Used in Fraud
A Missouri real estate agent was involved in a scheme that used forged, inflated appraisals to obtain more than $12 million in home loans.





Ring Leader Sentenced 14 Years
A tougher sentence was handed down to an Atlanta man for his role as the ringleader in a multimillion-dollar mortgage fraud, and the misuse of his position as a real estate agent.





October 11, 2008


Inside Mortgage Fraud
An attorney for the U.S. Department of Justice recently provided an inside look at the process involved in prosecuting a mortgage fraud case. While the government is looking to lock up ringleaders of mortgage schemes, industry insiders are their biggest targets.





Former Argent Employees Sentenced
A two-year mortgage fraud scheme in Florida’s Bay area involved a manager and former vice president of New York-based Argent Mortgage. Both men along with three others have been sentenced to years in prison.





Mail Fraud Mortgage Scheme
A mortgage company owner has been arrested by the FBI and indicted in a scheme using mail pieces, falsified appraisals and fake employment documents to qualify loan applicants.







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