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Mortgage Industry Fraud
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October 27, 2006,
| $25 Million Inside Job
Mortgage loan officer Elizabeth Hessel and Angela Parenza, her office manager, "would do anything" to close a loan.
Even, according to federal prosecutors in Kansas, lie, create phony loan documents, provide illegal down payments and closing costs to buyers and steal as part of a $25 million bank fraud scheme.
Hessel, 46, and Parenza, 39, have pleaded guilty to and bank fraud and money laundering for their part in the $25 million fraud involving builder and mortgage brokerage F. Jeffrey Miller.
Miller, who is awaiting trial, operated home building companies along with Associated Capital, a subprime mortgage brokerage that employed Hessel and Parenza.
subscribers read Patrick's full story
Years for Broker
CA $6 million mortgage fraud scheme will cost a
southern California mortgage broker more than 10
years in prison.
James Davis Bennett, 52, was sentenced by a federal
judge in Los Angeles to 121 months in prison and
ordered to pay $715,050 in restitution and $12,500
in fines, according to a statement for the U.S.
Attorney's office for the Central District of California.
Bennett operated mortgage, realty and appraisal
businesses. After a 14 day trial in January he was
convicted of operating a financial crimes enterprise,
four counts of wire fraud and six counts of bank
A jury found him guilty after deliberating for just
one day, according to prosecutors.
subscribers read Patrick's full story
Fraud in a Nutshell
The author of an upcoming real estate book described
the types of mortgage fraud and how sometimes
even the participants are unaware they are committing
fraud as they are encouraged by mortgage insiders.
story from the San Francisco Gate .
Man Accused of Scheme
John Wagner was charged with participating in
53 of 83 loans that defrauded ABN MRO of more
than $4 million, as he he recruited investors
for Romero Brice, who owned Promise Land Mortgage
and pleaded guilty to related charges last month.
story from the Indianapolis Star.
Fraud Ring Unveiled
An investigation revealed that Darren Moyer,
Phillip McKinnish and Jennifer Henson, who made
their first appearance in court for mortgage-fraud-related
charges, are part of a larger network.
story from the News Channel 9.
IDs for Mortgages
Ronald Fontenot faces charges involving the
use of stolen identities to obtain mortgages
and pocketing over $100,000 generated from the
story from the 9News.
Combats Closing Fraud
SettlementPro product registers closing details
and participants to deter fraud.
Fraud Man Jailed
Laurence Seidenfeld was sentenced to 67 months
in federal prison for selling loans multiple
times to warehouse banks, lenders and investors,
that generated over $20 million in fraudulent
story from the San Francisco Chronicle.
Admits Role in Fraud
Following his guilty plea of participating in
a mortgage fraud and money laundering ring involving
Jordanian immigrants, James M. Gibbons III will
serve two years in federal prison.
story from KUTV2.
QC Tool Enhanced
VisiLoanReview enables automated predictive
modeling, risk management and error recording.
Chair Fights Fraud
Regina Lowrie to Handle Strategic Planning,
Advocacy for Best Practices.
Training Video, Online Test
Success of FSISM:
Fraud Scheme Investigation video leads to learning
Co. Blamed for Bogus Loan
A couple in foreclosure claims its troubles
stem from the loan Premier Mortgage made at
an inflated property value of more than $200,000
that generated a similar amount to seller/agent
Patrick V. McGee.
story from WLBT 3 .
Jury Investigates Scheme
A federal grand jury will meet Nov. 7 to probe
the massive mortgage scam involving real estate
agent Robert Penn, who is being sued by Countrywide
story from the News-Sentinel.
Employees in Scheme
Darren Todd Moyer, Phillip Howard McKinnish
and Jennifer Jewel Henson, of Baltic Mortgage
Co., were indicted of defrauding Indymac Bank
by misrepresenting down payments and inflating
sales prices on loan applications.
story from the Chattanoogan .
LOs Get Fraud Charges
Loan officers Mark Todd Harless and Hien Williams
were indicted on charges that they submitted
applications with false employment and income
information to GreenPoint Mortgage Funding Inc.
and another lender.
story from the Marin Independent Journal.
Accused of Fraud
A lawsuit alleges that Del. Tony McConkey committed
foreclosure rescue fraud against a woman he
mislead while serving as her real estate agent.
story from the Baltimore Sun.
Mgr and Wife Defraud Lenders
Carl F. Hairston, a former First Horizon Money
Store branch manager, and Janice Reena Hairston,
both received a 9-year sentence for using shell
companies to get mortgages and continuing to
commit fraud while awaiting sentencing.
story from Inman News.
Driving NV Foreclosures
Nevada regulators said mortgage fraud, such
as investors applying for primary residence
loans and borrowers inflating income, is helping
push Nevada foreclosures to one or two per day
from that amount per month -- and there is no
slowdown on the horizon.
story from the Las Vegas Sun .
read archived blog entries
Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist
for The Cincinnati Enquirer.
Email Patrick at: PatCrowley@FraudBlogger.com