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Last Updated Friday, November 7, 2008 10:00 PM Texas Time
 

November 7, 2008

Woman Pleads Guilty to Foreclosure Rescue Scam
A 31-year-old woman is one of 10 people charged in a scheme that plotted to take advantage of homeowners facing foreclosure. She is the third to plead guilty.





Man Abandons Property, Pockets $1 Million
An Ohio man found guilty of mortgage fraud by a jury of his peers has been sentenced to 15 year in prison. There were at least five cases of fraud in less than one year that netted him about $1 million.





Missouri Developer Indicted
A Crestwood development company owner has been indicted on three counts each of bank fraud and mail fraud that netted him $360,000.





November 6, 2008

Title Co. Owner Sentenced
A residential property that was flipped three times in the course of one year almost doubled its value from $780,000 to $1,400,000. The title company owner that served as the closing agent in the third sale has been sentenced to 41 months in federal prison and ordered to pay over $1.4 million in restitution.





Brokerage Owner Indicted
An alleged mortgage fraud scheme in Texas could put the owner of a mortgage brokerage in prison for up to 20 years. He has been charged with 7 counts of conspiracy, wire fraud and money laundering.





Plenty of Blame in $14 Million Fraud
A Texas mortgage fraud case with eight defendants is coming to a close as another gets sentenced to 51months in federal prison and ordered to pay $2.7 million in restitution.





November 5, 2008

Mortgage Secretly Taken Out on Seniorís Home
Three women in Nevada have been charged with mortgage fraud after an elderly woman said her name was forged to mortgage documents that were submitted and the loan funded by the lender. The senior citizen is now being held responsible for the loan.





Lighter Sentence for Cooperation
A South Florida man has agreed to testify against his former partners in crime as part of his plea bargain. In exchange, he could find himself spending less time in prison for his role in an $83 million mortgage fraud scheme to defraud seven banks.





November 4, 2008

Lousy Landlord Convicted
More than a dozen families in Ohio signed their homes over to a conman who said he would help save their homes from foreclosure. After the deeds were signed over, he failed to pay the mortgages while still collecting rent from the tenants, letting all the homes fall into foreclosure. The lousy landlord faces 30 years in prison after being found guilty of 26 counts of theft and deception.





Virginia Man Guilty on 218 Counts
After a long run of various fraud schemes, one man pleaded guilty to 218 counts of fraud, larceny, embezzlement, forgery and practicing law without a license. He has been sentenced to five years in a correctional facility followed by 10 years of probation; he has also been ordered to pay $500,000 in restitution.





Net Listing Fraud Schemer Sentenced
A Tucson man who participated in a $13 million straw-buyer scheme has been sentenced to 16 months in federal prison followed by three years supervised release.





Three Years in $2.5 Million Scheme
A 25-year-old California man will spend three years in state prison after a plea bargain reduced the 47-count charge to just four counts. As part of the plea bargain he had to write a letter to the court and admit his participation in a scheme that bilked $2.5 million from its victims.





Straw Buyer Recruiter Sentenced
A 45-year-old California man that recruited straw buyers for two years in a $1.5 million mortgage fraud scheme has been sentenced to 15 months in federal prison. He was also ordered to pay over $219,000 in restitution.





November 3, 2008

One Purchase Transaction, Six Guilty
Two of six people who participated in the fraudulent sale/purchase of a home were just sentenced to five years in prison. One pleaded guilty while a jury found the other guilty.





Underwriter Reluctantly Approved Loans
A former senior mortgage underwriter for WaMu is making public her concerns about what happened during her time with the lender that was subsequently seized by federal regulators and sold to JP Morgan Chase.





Reduced Mortgage Payoffs Rip-Off
The State of Florida has filed a civil lawsuit against a company that allegedly conducted a fraud scheme offering homeowners the chance to pay an upfront fee in exchange for a reduction in their mortgage loan payoff.





Borrowers Are Guilty Too
San Francisco U.S. Attorney Joseph Russoniello is leading a task force of government officials that is investigating as many as 11,000 cases of mortgage fraud committed by borrowers in the San Francisco Bay area.





FBI Request Denied
FBI requests for additional agents to investigate financial crimes seem to be falling on deaf ears. Critics are saying the organization is overwhelmed and that they need about 300 to 400 more agents to tackle the current mortgage meltdown but that the current administrationís budget does not allow for additions to the force.







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