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Last Updated Thursday, November 10, 2006, 04:49 PM Texas Time

Fraud Brokers Shut Down

Georgia state regulators are yanking the licenses of two Atlanta mortgage brokers.

Advent Mortgage Inc. operator Joseph C. Quintons Sr. is losing his license for a number of violations, according to a statement from the Georgia Department of Banking and Finance.

The state cited Quintons for "making misrepresentations in loan files submitted to mortgage lenders, purposely withholding information and making false statements or material misrepresentations to the department, and failing to operate mortgage broker activities in compliance with" state laws.

Quintons' Advent office may be out of business; its phone number is no longer operational. He could not be reached to comment.

MortgageDaily.com subscribers read Patrick's full story

$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.

MortgageDaily.com subscribers read Patrick's full story

November 10, 2006

Couple Jailed for Fraud
Jeffrey Sanders and Jeanette Sanders, brokers who owned A-Plus Mortgage, were sentenced to several years in prison for charging borrowers illegal fees and defrauding mortgage companies of $1 million through refinance loans.
read story from the Burlington Free Press.

False Foreclosure Rescue
A woman on the verge of losing her home said she turned to Foreclosure Assistance for help, which instead stole her money and prompted foreclosure on her home.
read story from the Denver Channel News.

November 9, 2006

Fraud Solutions Provider Honored
Prestigious recognition reflects company's growth from innovative mortgage technology solutions

Woman Arrested for Mortgage Fraud
Police arrested Doris Chen Wang for allegedly notarizing documents that were forged to advance a scheme that recruited investors for loans on homes of inflated values.
read story from KHOU 11.

3 Sentenced for Mortgage Fraud
Pamela Martinez, Darral Stanley, Valerie McNair, were recently sentenced to federal prison for allegedly recruiting people to buy properties at inflated prices and splitting kickbacks in the fraud case involving American Savings Mortgage, which was responsible for dozens of fraudulent mortgages.
read story from the Indianapolis Star .

November 8, 2006

Flipper Mistakes
Among the mistakes a real estate flipper made that ended up burdening him was lying on applications for stated-income loans.
read story from the Seattle Times.

November 7, 2006

Stricter Fraud Laws Sought
The growth in mortgage fraud across Utah has prompted a legislator to push for a law to that would make such a practice a criminal offense.
read story from the Salt Lake Tribune.

Avoiding Foreclosure Scams
An real estate author reveals tactics foreclosure rescue scams use to entice borrowers into losing their equity or home altogether.
read story from the Los Angeles Times .

MS Behind on Enforcement
A Mississippi official warns that stronger state laws need to be in place to further combat mortgage flipping and fraud.
read story from WLBT 3 .

Revoked Licenses Stop Fraud
South Carolina's top regulator claims that investigations for mortgage fraud have not resurfaced since the state revoked the licenses of five manufactured home sellers accused of falsifying downpayments and documents for borrowers earlier this year.
read story from the Sun News.

Brasota Auction Fails
The auction of an equestrian center owned by bankrupt Brasota Mortgage Co. that was expected to raise enough money to pay off the company's creditors was a flop and now the trustee seeks to remarket the property to avoid foreclosure.
read story from the Herald Today.

Court Stops Property Transfers
Michael O'Donnell, a trustee of Boston Financial Trust, was accused of deceptive mortgage practices and falsifying records to transfer properties worth $247,000 for $100 to a company that officials believe is fake and is administered by O'Donnell.
read story from the Taunton Gazette.

November 6, 2006

Appraisal Valuation Fraud Meeting
Foundation holds first symposium to discuss fraud solutions

Mortgage Fraud Solution Selected
Leading Lender Leverages Technology to Proactively Prevent Fraudulent Loans

More Testify in Flipping Trial
Malcolm Clark, an associate of Richard Lucas who admitted to wire fraud, testified that Ken Stalnaker did not make any bogus appraisals in the fraudulent mortgages Lucas, Stalnaker and attorney Kim Castle are being accused of.
read story from the Hattiesburg American.

Kings in Mortgage Firm's Fraud
An article pinpoints the key players involved in the battle of Metropolitan Mortgage & Securities Co., which had accounting-fraud lawsuits filed against it by investors and the Securities and Exchange Commission.
read story from the Spokesman Review.

Trial Highlights Fraud Methods
The witnesses and collection of documents in the mortgage fraud trial of a trio of industry insiders has revealed a series of practices used in duping consumers.
read story from the Hattiesburg American.

FL Fights Fraud
While Florida officials are investigating potential mortgage and title fraud on real estate deals involving inflated property values, the state needs more authority and a more centralized agency to combat such problems.
read story from the Tampa Tribune.

November 4, 2006

NV Warns about Fake VODs
Nevada regulators are warning mortgage brokers and lenders about a company that is offering phony asset verifications.
MortgageDaily.com subscribers read full story.

'06 Mortgage Fraud may Reach $2.4 Billion
Fraud for housing is growing faster than fraud for profit as "rates have moved up and put homes out of reach" for more people, according to a mortgage banking panel session this week.
MortgageDaily.com subscribers read full story.

Mortgage Fraud Lawsuit
A national mortgage lender has filed a lawsuit against six businesses and 28 individuals -- including several mortgage brokers and originators -- alleging that it has been the victim of a complex sting operation, causing the company to approve 19 loans that have all defaulted.
MortgageDaily.com subscribers read full story.

Appraisal Director Talks Mortgage Fraud
Within the agenda of Appraisal Institute Director Bill Garber at a fraud conference by Illinois Mortgage Bankers is emphasizing the pressures appraisers receive to overvalue properties and recommending adoption of legislative remedies to close loopholes in licensing requirements.
read story from Rismedia.

Affordable Housing Fraud
Andrew M. Cuomo, candidate for New York attorney general, is quick to claim that he reduced fraud while serving as housing secretary of HUD, but a review alleges there was quite a delay in fixing problems in a loan program aimed at renovating buildings into affordable housing that left taxpayers with a $250 million cleanup bill.
read story from the New York Times.

Brothers Admit Fraud
James and Eric Byrd pleaded guilty to defrauding mortgage lenders of at least $2.5 million with the help of an unnamed attorney who would inflate their bank accounts by providing short-term loans, among other things.
read story from the Greenville News.

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Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowley@FraudBlogger.com
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