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October 26, 2007
State Attorney Files Charges In Florida Fraud
Charges were files by the United States Attorney for the Southern District of
Florida against Hugo Rodriguez, a real estate investor, Ronald Gordan Lichte,
a mortgage broker, Connie Marie Cullifer, a loan processor, and John C. Kelly,
who allowed himself to be Used as a straw buyer in a multimillion dollar Tampa
property scheme.
State Shuts Down Branch Operation
Massachusetts regulators have ordered a branch operation to shut down because
it committed mortgage fraud and continued to employ unlicensed originators even
after previously being ordered not to do so. (Oct. 26)
read story from MortgageDaily.com
Mortgage Task Forces Created To Fight Fraud
For five years now the state of Utah has ranked near the top of the list of states
where mortgage fraud is most prevalent, and it's not something Governor John Huntsman
wants to continue. Legislation and the creation of nine mortgage fraud task forces are
being created to solve the problem.
read story from Deseret Morning News
Man Included In CA Flipping Charges
Jose Serrano has been included in a case against Iftikhar Ahmad that alleges the
two flipped more than 100 homes worth $8.6 million in Stockton, CA.
read story from RecordNet.com
October 25, 2007
Broker Pleads Guilty
Real estate investor, Michael Noll, pleaded guilty to fraud charges in a Missouri
court for his involvement in falsifying loan documents on the purchase of four homes
that together totaled $1.6 million.
read story from STLtoday.com
Title Attorney Disbarred In Florida
Among efforts to reduce the growing number of mortgage fraud cases, Manuel Macelo
Arvesu was disbarred by Florida's state Supreme Court for allegedly misusing funds
intended for a closing durring the sale of two condo buildings.
read story from The Daily Business Review
October 24, 2007
Hefty Sentence For Huge Mortgage Fraud
William Roosevelt Cloud and Juderita Russell together have been given lengthy sentences
for setting up hundreds of bogus mortgage loans in Charlotte, NC. which left their
victims financially ruinded.
read story from WBTV
October 23, 2007
Mortgage Lenders Putting Borrowers At Risk
Several major mortgage lenders are either under investigation or have been fined for
improperly disposing of their old loan files, which contain borrower's private
information. In one Atlanta case, 40 boxes of Ameriquest Mortgage loan files were
found inside a dumpster by a maintenance worker.
read story from The Wall Street Journal
Assistant US Attorney Awarded For Victory Over Fraud
The 2007 Director's Award was given by the U.S. Justice Department to Assistant
U.S. Attorney Linda Marshall for a case she won in Kansas City, MO. that sent Brent
M. Barber to prison after he defrauded mortgage lenders out of more than $11 million.
read story from The Kansas City Star
Teen Victim In Mortgage Fraud Case
A 19 year old Chicago teenager was surprised to find out that Felipe Orornio had
been using his social security number for years in order to acquire several large
ticket items, including a $173,000 mortgage loan.
read story from The Daily Herald
October 22, 2007
ABA Pushes Best Practices For Consumers
The American Bankers Association has issued some helpful, easy to remember tips
to consumers on how they can protect themselves against identity theft.
Wachovia v. Ameriquest
Wachovia Bank N.A. has filed a lawsuit against Ameriquest Mortgage Co. alleging the
former subprime lender has not complied with repurchase requests on loans with
fraudulent files. (Oct. 22)
read story from MortgageDaily.com
Trial Date Set In MO Fraud Case
Katheryn Shields is about to go to trial in a case that charges that she attempted
to defraud a mortgage lender in the $1.2 million sale of her Missouri home, which
actually has only been valued at about $800,000.
read story from The Kansas City Star
Texas Man Found Guilty In Straw Buyer Scam
A Dallas city hall investigation led to the arrest and sentencing of Jibreel Rashad,
who will now spend 11 years in jail and pay $1.4 million in restitution for his home
flipping scam.
read story from The Dallas Morning News
Fraud Prevention Organizations Ask For Help
Minnesota residents are encouraged to assist in the prevention of mortgage fraud by
several organizations in their state by educating themselves, and by lending support
to fraud victims.
read story from The Star Tribune
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