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November 28, 2008
Seniors Property Stolen
A Michigan man forged the names of an elderly couple on a quitclaim deed belonging to property he and the couple owned, obtained a mortgage on the home and then spent all the proceeds on himself.
New Task Force Clamps Down
A newly formed task force is focused on protecting citizens from housing crimes and those facing foreclosure while sending the message that they won’t tolerate mortgage fraud in their county.
$10 Million Home Equity Scam
A worldwide “high” tech fraud ring was busted by the FBI, but not before the gang wired more than $2.5 million of the $10 million scam into accounts as far away as Japan and South Korea, among others.
November 26, 2008
Fraud Victimizes IndyMac Bank
A Connecticut man pleaded guilty to defrauding IndyMac and other lenders after fraudulently acquiring two mortgage loans on one home totaling almost $2 million. He faces up to 30 years in prison and a $2 million fine.
New York “Khan Ring” Leader Pleads Guilty
The leader of the “Khan Ring” pleaded guilty to conspiracy charges. The fraud ring allegedly created fake identities to obtain mortgage loans, bank loans and other credit that resulted in more than $20 million in losses to lending institutions.
Mortgage Markets Begin Stabilizing
The riskiest mortgage markets belong to states that also have high levels of negative equity. The top two states with the highest mortgage risk border the same for mortgage fraud incidence on the FraudBlogger Index.
Canadian Bank Settles: More Details
Loan originators at the U.S. mortgage subsidiary of a Canadian bank were involved in mortgage fraud on 219 loans - leading to a settlement with the U.S. government of more than $10 million.
Florida Appraiser Pleads Guilty
An appraiser who has pleaded guilty to conspiracy to commit wire and bank fraud has been sentenced to 30 years in federal prison and ordered to pay a $1 million fine.
Closing Attorney Sentenced
A Georgia woman who conducted mortgage loan closings was sentenced to almost five years in prison for the multi-million dollar scheme.
Colorado Crackdown Results
The state of Colorado has conducted numerous mortgage fraud investigations that have garnered the state many settlements and victories in the war against mortgage fraud, including new statewide standards for truthful advertising in mortgage loans.
Scam Left Foster Kids Homeless
A mortgage fraud scheme that led investors to believe they were purchasing rental properties collapsed and left a foster family without a home, sending the foster children back to the state.
Scheme Leads to Shut Down
The State of Illinois has closed the doors of two mortgage companies, revoked the registration of two loan originators and filed charges against two others who are allegedly involved in a mortgage fraud scheme.
Straw Buyer Steps Forward
A co-conspirator who was not indicted but participated in an alleged mortgage fraud scheme has pleaded guilty. It’s not clear if her cooperation will include testifying against the 11 who have been indicted.
November 25, 2008
Home Bought and Re-Sold Same Day
Twelve individuals and/or companies have been charged with money laundering in connection with a mortgage fraud scheme that involved the purchase of a $710,000 home that was re-sold the same day for $2,000,000.
Broker Pleads Guilty to $1 Million Fraud
A Mississippi mortgage broker spent two years fabricating documents and directing others to use false information in order to get unqualified borrowers approved and loans funded.
Canadian Bank Settles with U.S.
A mortgage fraud ring that operated for over three years has resulted in an almost $11 million settlement between a Canadian bank and the U.S.
Trial Takes a Turn
The trial of the former Evergreen President David B. Willan includes a new twist from Willan’s attorneys. They claim that a raid on the business two years ago is the reason the company failed to pay its investors, not fraud.
November 24, 2008
Missouri Slides Down Fraud List
Missouri’s assistant U.S. attorney Linda Marshall said progress is being made against mortgage fraud as the state moves down the mortgage fraud incidence list. Marshall said she has spent most of the last ten years tracking those who have committed mortgage fraud.
Five Plead Guilty, One on the Run
A $16 million mortgage fraud scheme in California led to five pleading guilty to conspiring to commit wire fraud, while one co-defendant is still being sought.
Shell Co. Used in $3.2 Million Purchase
One man was found guilty on three counts of felony fraud and one count of theft in a mortgage scheme that involved the purchase of his $3.2 million Arizona home.
Scheme Allegedly Targeted HUD Homeowners
Four people have been indicted for participating in an alleged mortgage fraud scheme that targeted lower income prospective homeowners whose mortgage loans were guaranteed by the U.S. Department of Housing and Urban Development.
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