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December 5, 2008
Trio Found Guilty
A Florida woman was sentenced to 36 months in federal prison for participating in a mortgage fraud scheme that bilked lenders of millions. Her attorney claimed she was “less culpable” than her two co-conspirators but the prosecution said she was the key member of the trio.
Face the Fraud Facts
The chief fraud strategist at a financial technology firm is addressing the latest details regarding the FACT compliance deadline, who needs to comply and how they can.
More Indicted in Identity Theft Scheme
Nine suspects have been indicted in the identity theft scheme that used a dead man’s identity to obtain a mortgage that closed on the 13th anniversary of his death. The group is allegedly responsible for more than $1 million in fraudulent loans.
Straw Buyer Recruiter Sentenced
Three of four people accused of running a straw buying scam have pleaded guilty and the recruiter in the $1.5 million scheme was sentenced to 15 months in federal prison.
December 4, 2008
More Prosecutions Anticipated
FBI director Robert Mueller is looking for justice for the victims of mortgage fraud, he said at a Denver news conference. The FBI issued about 400 indictments this year and Mueller said he expects it to climb higher next year.
RE Investor Scams Lenders
A Cincinnati real estate investor was sentenced to 37 months in federal prison with three years supervised release to follow after pleading guilty to mail fraud and conspiracy to commit money laundering.
Pocono Mountain Mortgage Mess
A civil lawsuit naming a behemoth mortgage lender claims employees of the company conspired with a developer to fraudulently inflate appraised values in an exclusive area of Pennsylvania.
December 3, 2008
Flipping Realtor Gets Seven Years
For four years, a Denver Realtor bought and resold numerous homes using unwitting borrowers, some of whom were in the U.S. illegally and hardly understood English. He was found guilty of eight counts of mail fraud, five counts of wire fraud and three counts of witness tampering.
New Due Diligence Plan
A new firm seeks to ease the worry of fraud on the secondary market. Two due diligence veterans are focused on revolutionizing the process in which mortgages are bought and sold.
Mortgage Approved on Dead Borrower
No one bothered to verify the identity of a man who conspired with a straw buyer to obtain a $533,000 mortgage from Wells Fargo bank in New York. The identity belonged to a man who had been dead exactly 19 years to the date of the closing.
Not So Innocent
A South Florida title company owner who claimed he had no knowledge of any fraudulent activity at his company was convicted on charges of conspiracy to commit mail and wire fraud and two counts of wire fraud.
Senator Cautions FHA
A BusinessWeek story that reported former subprime lenders are originating FHA-backed loans apparently struck a nerve with the ranking Republican on the Senate appropriations subcommittee that oversees funding of the Housing and Urban Development agency.
$2 Billion Fraud Reveals Loophole
In a show-stopping effort to demonstrate how easy it is to steal property, a newspaper baked up a batch of phony official-looking documents and proceeded to deed the $2 billion Empire State Building over to a fake company.
State Charges Follow Federal Indictment
A 47-year-old former real estate salesman recently plead guilty to state forgery and fraud charges in Arizona. This was after being indicted on 48 counts of wire fraud, conspiracy to commit money laundering and other federal charges in an unrelated case.
December 2, 2008
New Report Shows Fraud Increase
Mortgage Fraud continues to plague the country though almost half of the fraud incidents have been in three states. Those three states also have high levels of foreclosures, according to a new industry report.
Canadian Woman Exonerated
A Windsor woman who had been indicted in a mortgage fraud scheme has been cleared of all charges, although she must testify against her former employer who faces up to 189 years in prison.
Willan Trial Update
After eight days of testimony and proceedings, jurors have been sent home until Wednesday for final arguments, as the judge and lawyers continue to iron out the legal wrinkles of a high profile mortgage fraud trial.
Homeowners Take Lender to Court
A family whose home was foreclosed on two months ago have chosen to stay and fight what they call is mortgage fraud. The homeowners have compiled their own case against 27 companies and 11 people involved in the transaction of what they thought was the purchase of their house.
December 1, 2008
Mortgage Fraud Prominent in Report
Mortgage fraud helped pump up the number of cases reported in the Third Quarter Mortgage Litigation Report released today by MortgageDaily.com.
Who's Suing Whom?
The Third Quarter Mortgage Litigation Report released today by MortgageDaily.com uncovers some interesting facts. The report compiles cases involving mortgage fraud, flipping, identity theft and inflated appraisals.
Stiff Sentences Conclude Fraud Case
Two men who chose to go to trial after being accused of participating in a multi-million dollar fraud scheme received stiffer sentences than most of the defendants who pleaded guilty.
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