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Last Updated Friday, November 14, 2008 10:00 PM Texas Time
 

November 14, 2008

Radio Host Questions Senator of Fraud
A Connecticut conservative radio talk-show host quit his job after the radio station refused to air an interview he conducted with a politician that has been under scrutiny for favoritism from Countrywide Home Loans.





RE Agents Refuse Listings
A Hawaii state law designed to protect consumers from predatory mortgage lenders is impeding the progress of listing the homes of those who have fallen behind in their mortgage payments.





Central Valley Scammer Pleads Guilty
The third of four men arrested for defrauding both homeowners and brokers has pleaded guilty to the crime. One man is still awaiting trial.





New Plan for Mich. Appraisers
As a matter of fraud prevention, the Michigan House of Representatives recently passed a plan that prohibits individuals from coercing an appraiser to provide a predetermined appraisal value.





November 13, 2008

Missouri Task Force Launches
The U.S. Attorney's office announced that its newly formed mortgage fraud task force met for the first time. With a focus on education, mortgage fraud prosecution and a consumer platform, officials from real estate, law enforcement and government have assembled to help the fight against mortgage fraud.





Virginia Fraud Scheme Largest in 20 Years
A mortgage company owner pleaded guilty to defrauding lenders of at least $33 million from four financial institutions, making it one of the largest mortgage fraud cases in the nation and the largest in Virginia in two decades. The four lenders were first Tennessee Bank, Franklin Bank, Wells Fargo Bank and EMC Mortgage Corporation, a subsidiary of JP Morgan Chase & Co.





Realtors Weigh-In on Scrutiny
Despite reports of possible Realtor involvement in a $45 million real estate scam, as recently reported on FraudBlogger.com, the Greeley Area Realtor's Association president said she is maintaining a positive attitude for the sake of her buyers and sellers.





18 Foreclosures, $2.5 Million Scam
A 30-year-old former real estate company owner has admitted to participating in a $2.5 million scam that led to 18 foreclosures, although his plea agreement lists only one transaction that he was involved in.





New Fraud Detection Alerts Available
Interthinx has added 21 new “conflict of interest” alerts to the FraudGUARD scoring system to weed out potential collusion between loan participants. The fraud detection tool can help lenders identify suspicious relationships in real estate transactions.





Sentencing and Status Hearings
Two Chicago cases are nearing end as one man gets sentenced next month and another has a status hearing. Both involve mortgage fraud but at opposite ends of the spectrum.





November 12, 2008

Fraud Evaluation Made Easier
MERS announced a new fraud detection feature for eRAMP software solution. Lenders can now access the online registry data listing of all real estate loans closed by a specific individual.





Guilty By Association?
The integrity of three Colorado Realtors is being questioned after a mortgage brokerage they did business was allegedly involved in a $45 million mortgage fraud scheme.





November 11, 2008

Unwitting Investors Scammed
Two Missouri men have been indicted on 34-counts of mortgage fraud. They are accused of duping investors into purchasing residential properties with inflated values with the promise that the rent fee from tenants would cover the mortgage payments.





Human Approach to Fraud Analysis
A new white paper explains a new approach to fraud analysis, Interactive Analytics; a human-focused approach to analyzing massive amounts of data. This approach uses the human brain to discover pattern recognition and suspicious relationships within the data.





Homeowners and Brokers Defrauded
Four men operating out of a Central Valley, N.Y. home have been accused of running schemes that included a bait-and-switch scheme and selling lists to brokers that were supposed to be of interested loan applicants.





Shell Company Hid Proceeds
A 40-year-old Georgia woman and her husband are guilty of running a $5.3 million mortgage scheme that used a shell company to launder the proceeds from fraudulently obtained mortgage loans.





Drama Ensues Mortgage Fraud Case
A preliminary hearing for two individuals accused of running a fraud scheme out of a Nevada mortgage company has been delayed apparently due to the defense attorney’s involvement in the O.J. Simpson trial in October. Also, one of the co-defendants is on the lam and the other is soliciting donations for her defense on a Web site.





November 10, 2008

Mortgage By Deception
A 38-year-old Ohio woman is accused of falsely representing herself as a mortgage broker and submitting false loan documentation in order to obtain a loan for a homebuyer.





Police Sergeant Victim of Mortgage Fraud
Back in the 1980s, a police sergeant had sold his home to a woman who was offering to take over his FHA note. He later found out it was a scam and he was still responsible for the loan. Mortgage fraud cases were few and far between compared with today’s current environment.





Rough Road Ahead for Fraudsters
Western Pennsylvania prosecutors are getting tougher on those who commit mortgage fraud. Their district filed 24 of the 151 federal cases nationwide from October 2007 and July 2008.





Commercial Loan Fraud
Three individuals in Illinois were charged with mortgage fraud after assisting unqualified borrowers in obtaining commercial loans. Two pleaded guilty and one went to trial.





Disbarred Attorney Admits Guilt
A 61-year-old Ohio man and former attorney admitted to running a refinance fraud scheme that netted him about $700,000. He was disbarred by consent in 2004. He now faces up to 30 years in prison, $1 million in fines and possible restitution to his victims.





Abandoned Property, $1 Million Fraud: More Details
The Ohio man sentenced to 15 years in prison had a little help in the fraud schemes that netted him about $1 million.





Elaborate Worldwide Scheme Uncovered
A New York family is embroiled an elaborate fraud scheme that allegedly defrauded investors from around the country out of more than $1.5 million and includes the fraudulent purchase of a $890,000 home.





Time-Saving Sentences
An Ohio mortgage brokerage owner was sentenced 24 months for a $5.2 million fraud scheme to run concurrent with a 24-month sentence for tax evasion. He was also ordered to pay about $300,000 restitution to the IRS.







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