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December 7, 2007
Chicago Bank Sued for Poor Underwriting
The plaintiff in lawsuit against an Illinois bank alleges the bank is liable for fraud committed
by partners of an elderly borrower. But the bank says the claims are frivolous and suggests the
timing of the lawsuit is politically motivated.
read story from MortgageDaily.com
FBI Triples NY Staff To Combat Fraud
The FBI has initiated 1,200 mortgage fraud investigations in NY so far this year. One FBI official
stated the problem is growing "exponentially".
read story from Reuters
Fraud Ranking Puts Texas Near Top
According to an FBI report, instances of mortgage fraud related crimes jumped from 3,000 in the year
2000, to nearly 22,000 in 2005. Those statistics landed Texas as number 7 on the list ranking the
states with the most cases of mortgage crime.
read story from The San Antonio Business Journal
Texas Sized Mortgage Scam Uncovered
A massive mortgage scam in the Houston area has already led to indictments for 37 people, including
the ring leaders, Obbie Toliver and Joyce Toliver, who have been accused of defrauding lenders out
of at least $5.6 million.
read story from The Houston Chronicle
December 6, 2007
FBI Launches New State Fraud Task Force
The FBI has created a new mortgage fraud task force in it's Washington office which joins a network
of teams in other states. The task forces priorities will be investigating the 1,210 mortgage related
probes it has opened this year alone.
read story from The Washington Post
December 5, 2007
PA Real Estate Companies Sued For Defrauding Home Buyers
Kenneth Fox and his business partner, Matthew Yurchison are being sued by 1st Olympic Settlement
Services on allegations that the two owners of FFIG Inc. and several affiliated companies defrauded
home buyers out of at least $650,000.
read story from The Pittsburgh Tribune-Review
NY Woman Sentenced For Stealing Filing Fees
Shannon L. Gray was sentenced to five years probation for stealing nearly $3000 over two years. The
money was paid by real estate companies and intended to be used for mortgage document recording fees.
read story from The Post Star
Long Beach Mortgage Employee First To Be Arrested In Scam
John Ngo was arrested for an unraveling mortgage fraud case that may involve more than 100 homes
in the Stockton, CA. area. Several other people are being investigated for their possible rolls in
the scheme, such as William Bridge, who received $802,057 in commissions from Long Beach Mortgage
for the fraudulent transactions.
read story from News10.net
Several Arrests Proof Of Mortgage Fraud Task Force's Efforts
Recent arrests for mortgage scams by the Miami-Dade task force include Mariana Navarrete, Richard
Gutierrez, Rafael Diaz, Justo Santana, Evelyn Marrero, Gilbert Oquendo, and Rayner Aguiar are evidence
that Florida is taking a tough new stance on real estate fraud crimes in efforts to curb the states
reputation as a mortgage scam Mecca.
read story from The Miami Herald
December 4, 2007
Mortgage Fraud Eases
DALLAS -- (Dec. 4, 2007) Civil and criminal mortgage fraud case activity eased during November
from October -- although activity jumped from a year earlier, according to the FraudBlogger Index
published and maintained by MortgageDaily.com
Sixth Defendant Pleads Guilty To $14 Million Mortgage Scam
Terrell Ford pleaded guilty in a Kansas district court for his roll in a local mortgage fraud scheme
that cost lenders $14 million in losses from fraudulent appraisals submitted to them by a phoney company,
TERM Appraisers.
read story from The Kansas City Business Journal
Ho Ho Ho-ld Onto Your Wallets
While celebrating the holidays this year, keep in mind that elves at the North Pole are not the
only ones working overtime. Identity thieves have struck 8.3 million adults, sometimes through
consumers credit card use, according to a recent Federal Trade Commission survey.
read story from USA Today
Senator Claims Help Is On The Way
Senator Jay Tibshraeny is pushing a bill through the Arizona state legislature that would provide the
funding starved state's Department of Financial Institutions more money and staff to clear the backlog
of mortgage fraud complaints it has sitting unresolved, which recently numbered at more than 800.
read story from KTAR.com
Washington D.C. Broker Accused Of Rescue Scam
The FBI is investigating allegations that claim Joy Jackson and her company, The Metropolitan Money Store,
bilked tens of millions of dollars from desperate customers who were persuaded to sign over the deeds to
their homes in a scheme that promised to rescue them from impending foreclosures.
read story from MSNBC
December 3, 2007
Two Sentenced For Mobile Mortgage Fraud
Joycelyn Easter and Antonio Devon Harrison were sentenced in an Alabama Federal Court for a $1 million
straw buyer mortgage scam. Darlene Hill, the scheme's ringleader, will be sentenced later this month.
read story from AL.com
Where There Is Smoke, There Is Fire
Homeowners unable to pay for their ARM loans, and who are facing foreclosures, are sometimes turning
to arson as a solution to get away from looming financial ruin. Insurance fraud investigators are seeing
the trend growing, especially in places like California, where mortgage related arson cases have already
increased by 50 percent from last year.
read story from The Insurance Journal
The Costs Of Mortgage Fraud
Mortgage fraud costs tax payers hundreds of millions of dollars each month and leaves whole neighborhoods
empty of residents as foreclosures are triggered by scam artists who are appearing to be more hardened
criminals and involved in other areas of illegal activities.
read story from OpEdNews.com
Prosecutors Want Heavy Sentence For $100 Million Fraud
Federal prosecutors in San Diego are seeking a sentence of ten years for Thomas Kontogiannis for a $100 million
mortgage fraud scam that he ran after he had already pled guilty for a political corruption case where he
laundered bribe funds for a powerful Congressman.
read story from The North County Times
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