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November 2, 2007
Credit Scores Going Once, Twice, SOLD!
Stopping the practice of "piggybacking" credit scores have fallen through, despite the
efforts of the nations credit reporting agencies and mortgage lenders. People with poor
credit can still obtain loans they otherwise would not qualify for by renting the good
FICO scores of others who are willing to share it for the right price.
read story from The Mercury News
Broker Charged For $1 Million In Bad Loans
A St. Louis mortgage broker, Christopher Rakel, has been charged with a $1 million
property flipping scam that involved several people who have not been immediately
identified in the charges, but who may have been involved in similar crimes before.
read story from STL Today
Parish Scam Case Over With Guilty Plea
A massive fraud case in Missouri has finally come to a close as Michael Parish, owner
of Parish Marketing and Development Corp., pleaded guilty to a $100 million mortgage
fraud scam that authorities say cost lenders $50 million.
read press release from Media Newswire
FBI Hunting For California Mortgage Scam Artist
Ed Batayeh, the chief financial officer of CHL Mortgage Group is on the run from
the FBI for a mortgage fraud scam that involved selling the same loan to several
different lenders. The FBI estimates the amount it cost the investors to be around
$13 million.
read story from The Examiner
November 1, 2007
Fraud Index Jumps
Activity on civil and criminal mortgage fraud cases deteriorated during November.
New Rules Issued To Reduce ID Theft
Several federal agencies and commissions have released their final rules and policies
on identity theft prevention, or "red flags" for financial institutions and creditors,
that hold an individual's personal information, to implement and comply to by
November 1, 2008.
Arizona Man Pleads Guilty To Identity Fraud
James J. Rose of Phoenix was sentenced in U.S. District Court for heading a massive
identity theft ring by using hundreds of social security numbers he obtained from
loan documents that passed through his California based company, American Mortgage
Services, Inc. He pleaded guilty to defrauding 15 banks out of over $760,000.
MO. Mortgage Fraud Case Continues
As prosecutors wrap up their case against Katheryn Shields, in which they have accused
her of knowingly working with Raymond Zwego to sell her home at a fraudulently inflated
price, further details of the transaction were revealed that may point to Shield's
innocence.
read story from The Kansas City Star
Fraud Form Held For Legal Community
A forum hosted by the University of St. Thomas School of Law will give members of the
legal community a chance to view the lives of several victims of mortgage fraud, and
educate lawyers how to help bring the perpetrator's to justice.
read story from The Bulletin Today
October 30, 2007
Study Reveals Fear Of Fraud
A recent study shows statistics that reveal Americans have growing concerns about
identity theft and fraud.
Former Cop Forges Signature For Mortgage
D'Clarence Reynolds, a former Detroit police officer, has been charged in falsifying
documents and forging a county official's name in order to obtain an $80,000 mortgage
loan.
read story from The Detroit Free Press
San Francisco Grandma, Granddaughter Scam HUD
Helen Lowe and her granddaughter Lauton Joshua are facing charges of mail fraud in a
federal court for defrauding the U.S. Department of Housing and Urban Development out
of $126,000.
read story from KCRA
Protecting Yourself From ID Theft
What the FBI calls the fastest growing crime in the country, identity theft can happen
anywhere, to anyone. Wisconsin's administrator for the Division of Consumer Protection
offers advice on how to protect yourself, including putting a freeze on your credit
report.
read story from The Capital Times
Shields Denies Involvement In Zwego Scheme
Katheryn Shields has denied involvement in the real estate scam headed by Raymond Zwego.
The charges against her were sparked by the sale of her Missouri home for $414,000 more
than it was actually worth.
read story from The Kansas City Star
Father And Son Con Retirees
Three retired Indiana police officers, who were interested in buying rental properties
as a means to supplement their pensions, turned to Michael Sheneman and his son Jeremie
Sheneman. Soon after, the three officers discovered there were scammed by the father
and son duo.
read story from The South Bend Tribune
October 29, 2007
Risk Detection System Continues To Improve
Sparked by the recent California wildfires and other natural disasters around the
country, Interthinx, Inc. has added FEMA alerts to it's ever improving Fraud Guard
system, helping lenders recognize potential risk and reduce possible losses.
Morgan Stanley v. Fremont
Morgan Stanley Mortgage Capital Holdings has filed a lawsuit against Fremont Investment
& Loan, charging the former subprime lender with failure to cure or repurchase 231 loans
because of misrepresentations that drove down the value of the mortgages.
read story from MortgageDaily.com
Atlanta Man Jailed For $15 Million Fraud
Loans taken out in Georgia on incomplete homes, and some that did not even exist at all,
were part of a scam that cost lenders $15 million. The fraudulent mortgages were obtained
by Jeffery Alan Teague, also known as Jeffrey Allen Bryant, who used straw buyers through
his company, Quantum Builders & Premium Property Management.
read story from The Atlanta Business Chronicle
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