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Week Ending Oct. 23, 2009

 

Mortgage Fraud News

Case Activity

Oct. 27, 2009


Despite HVCC, Valuation Fraud to Rise
Despite the implementation of the Home Valuation Code of Conduct, a new report suggests that occurrences of fraudulent home valuations are expected to shoot up by one-quarter. The report also indicated that states with the highest risk of mortgage fraud are those states with the highest levels of foreclosures.
read full story at MortgageDaily.com
Oct. 18, 2009


Presidential Death Threats Force Secret Service to Shift Resources from Fraud
Mortgage fraud has taken a backseat as the Secret Service shifts resources to cope with an increase in death threats following the election of Barack Obama.
read full story at the Boston Globe
Oct. 13, 2009


Fraud Databases Explode
Just one day after Interthinx announced a nationwide mortgage fraud database, First American CoreLogic announced that its mortgage fraud repository is the biggest in the country.
read full announcement
Oct. 12, 2009


Lenders to Share Mortgage Fraud Data
A new collaboration between Interthinx Inc. and MERS has resulted in a massive database of mortgage fraud activity that will enable mortgage lenders to identify and share data about fraudulent transactions.
read full announcement
Oct. 1, 2009


Discounted Fraud Prevention
A fraud prevention firm promises that if its services don't identify twice as much mortgage fraud as its competitors, then lender customers will receive the service free for a limited period.
read full announcement

Income Analytics Added to Fraud Detection Tool
Risk analytics based on income verification have been integrated into a fraud prevention tool.
read full announcement
Sept. 20, 2009


Congress Mulling $200 Mil for Mortgage Fraud
Democrat U.S. Sen. Charles Schumer and Republican Sen. Jon Kyl have proposed legislation that would arm state and local prosecutors with up to $200 to fight mortgage fraud.
read story at the Miami Herald
Sept. 23, 2009


California County Nabs $1.7 Milion
The Ventura County District Attorney's Office received nearly $1.7 million in federal grants to fight mortgage fraud.
read story at Venture County Star

Mich. County Boost Fight Against Mortgage Fraud
Michigan's Ingham County Register of Deeds is leading a new campaign to fight mortgage fraud.
read story at WILX.com
Sept. 21, 2009


Law Firm Nails Huge Fraud Contract
The law firm of Smith Dollar has obtained a contract to solve mortgage fraud cases for the FDIC.
read full story at North Bay Business Journal
Sept. 16, 2009


FBI Zeros in on Insiders
The director of the Federal Bureau of Investigation told Congress today that his agency is focusing on insiders in its mortgage fraud investigations.
read full story at MortgageDaily.com

NY Leads Nation in Mortgage Fraud
U.S. mortgage fraud cases mostly held steady during the latest quarter, according to the FraudBlogger.com Index -- a measure of active cases. But activity was up nearly 600% in New York to the highest of any state.
read full FraudBlogger.com press release
Date Defendants State Amount Overview News
Publication
Oct. 30 Terrence White MD $19,000,000 3-year sentence. Associated Press
Oct. 30 Raymond A. Desautels III, Allen J. Seymour. Jason Passell, Judith Piette MA $3,000,000 Guilty plea. Worcester Telegram
Oct. 29 Christopher Alan Stapleton FL sales prices totaling:
$3,785,000
Indictment. Tampa Bay Online
Oct. 28 Joann Smith, Wayne Betha, S&B Property Management and Maintenance LLC PA $600,000 Indictment. Pennington Post
Oct. 28 Steve I. Hetrick WA $2,250,000 Indictment. The Examiner
Oct. 27 American United Title and Escrow NV na Title company raided. 8 LasVegasNow
Oct. 26 Peter A Bakowski FL $12,000,000 Guilty plea in scheme involving fraudulent notes, releases and deeds. MortgageDaily.com
Oct. 26 Karen Axline OH $9,000,000 4-year sentence. Newark Advocate
Oct. 26 Corey Brower, Sandi Brower FL losses of
$68,500,000
5- and 4-year sentences. The Tampa Tribune
Oct. 23 Timothy Lynn Beliveau, American Alliance Mortgage Group MN $2,500,000 Indictment. Pioneer Press
Oct. 23 18 indicted including Guo Ying "Ivan" Lu, Siming Zhu, Dennis Hou Huan Yang, Ngai Chung Hung, Wayne Rong Zhi Feng, Wing Chou Chan, Dickson Wing Kei Hung, Karen N. Lee CA $15,000,000 Indictments on fraud case tied to marijuana grow houses. United Press International

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