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Last Updated Friday, October 24, 2008 10:00 PM Texas Time
 

October 24, 2008

Con Created Bogus Servicer Companies
A New Yorker identified as the ringleader in a $20 million mortgage fraud scheme involving several properties in Brooklyn and Florida. Loan payoffs were redirected to bogus companies he created.





Loan Processor, Officer Sorry for Fraud
Two of nine people charged in a $2.6 million mortgage fraud in Ohio were granted special consideration in sentencing and both apologized to their victims at sentencing.





AG Candidates Address Mortgage Fraud
Missouri candidates for Attorney General have added mortgage fraud and the fight against predatory lending to their platform as they campaign for the position.





Alleged Illegal Aliens Charged
Two Albany, N.Y. residents have been charged with Social Security fraud and possible mortgage fraud. Both were arrested by agents from the Social Security Administration and Immigrations Customs Enforcement.





October 23, 2008

New York and HUD Sue Lender
Representatives for the State of New York and the U.S. Department of Housing and Urban Development have filed a lawsuit against a Carle Place, N. Y. mortgage lender. The lawsuit contends the company and its president have submitted $4 million in loans to borrowers who didnít qualify.





Red Flags Rule Enforced May 2009
The Federal Trade Commission is delaying the requirement of the lenders to have identity theft prevention programs in place by six months. The FTC is giving financial institutions additional time to get the proper programs implemented as part of its fraud prevention requirements.





Mortgage Fraud Schemes Exposed
Now that there has been massive media attention drawn to straw buying schemes and foreclosure scams, lenders are cracking down on guidelines to avoid the destructive mortgage fraud plaguing the industry.





October 22, 2008

$10 Million South Florida Straw Borrower Scheme
A third defendant in a $10 million mortgage fraud scheme has pleaded guilty, while three more defendants are awaiting trial.





Closing Attorney Sentenced
Three men were arrested in connection with a flipping and mortgage fraud scheme that alleges the trio helped unqualified borrowers try to secure financing.





Florida AG Raises Awareness of Mortgage Fraud
Oct. 19-25 is National Protect Your Identity Week and Attorney General Bill McCollum is taking the opportunity to warn Floridians about mortgage fraud-related identity theft Ė in particular, straw buying schemes.





Alleged Fraudsters Help Unqualified Borrowers
Three men were arrested in connection with a flipping and mortgage fraud scheme that alleges the trio helped unqualified borrowers try to secure financing.





Attorney Guilty of Scamming Celebs
An attorney was found guilty of 22-counts in a mortgage fraud case that included conning Chuck Norris and other celebrities out of $67 million.





October 21, 2008

Fraud Prevention for Home Equity Loans
BasePoint announced the release of FraudMark for Home Equity, a software solution designed specifically to detect patterns of fraudulent activity in home equity loans or lines of credit. The company said the model identifies up to 60 percent of fraudulent loans by reviewing just 10 percent of the total loan applications.





Sharp Increase for Fraud Detection System
Interthinx announced that its fraud detection model FraudGUARD is used for over 4,000 mortgage loan file investigation and quality control reviews monthly. The company said this is a 400 percent increase from just a year ago.





Attorney Pleads Guilty to $14.5 Million Fraud
A Mississippi attorney and a developer have pleaded guilty to participating in a scheme that defrauded 20 banks of $14.5 million for local real estate developments.





Russian Crime Ring Cashes Out in Subprime Fraud
Two Russian men from Brooklyn who headed a $200 million subprime mortgage fraud ring were reported to have lived it up at casinos in Atlantic City. The pair took 29 trips in 2005 and 2006 to the casinos where they were comped for free hotel rooms, food and entertainment while gambling away profits from the fraud scheme they ran.





October 20, 2008

Fraud Accusations Devastate Contractor
A Las Vegas contractor wrote in to FraudBlogger.com to say that even though he was innocent of any mortgage fraud activity in a recent case, reports of his ties to the ringleader have devastated his business and his life.





Mortgage Fraud Center of Political Agenda
An Arizona county attorney has placed his intention to prosecute financial fraud at the top of his platform while running for a second term in Maricopa County, but his opponent said itís just a political stunt.







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