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Archives December 25, 2005


Fraud Stories From
Patrick Crowley

Fraud Wire

LO Steals Down Payment
Bruce and Martha Miles thought they were putting down $53,000 with a North Carolina mortgage loan officer to buy a new house.

Instead, they lost their money, were forced to file and bankruptcy and don't have a new home.

"It's a not a good situation," the Raleigh, N.C., lawyer representing the couple, told MortgageDaily.com. "I'm just surprised how easy it is to (allegedly) steal money in the mortgage industry."

A loan officer and her associate are facing charges that they duped the couple into putting up the money for a mortgage and then spending the money on themselves.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)

Citigroup Unit Stung by Chicago Gangs
When financial services giant Citigroup purchased Associates First Capital Corp. in 2000, it got more than one of the nation's largest subprime lenders.

Citi, as the New York-based company is known, was also left with a $10 million fraud ring that touched the violent world of Chicago street gangs.

"Citigroup was left to clean up this inherited situation," a Citigroup spokesman told MortgageDaily.com. "And we have cooperated fully with law enforcement and the investigation of this case."

Chicago police and prosecutors have tied some of the fraud that allegedly took place at Associates to a $70 million fraud ring that totaled more than 100 phony mortgage applications and involved members of the Traveling Vice Lords street gang.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)

December 23, 2005

Calif. County to Form Fraud Prosecution Unit
An Orange County, Calif., panel is calling for a $2 deed-filing fee to fund a new real-estate fraud prosecution unit.
read story from the Orange County Register .

Pair Plea
d Guilty to Providing Fake Verifications
Chad J. Nicks and Dale L. Nelson plead guilty to providing fake verifications for fraud loans that may winding up costing the Department of Housing and Urban Development as much as $1 million.
read story at The Journal-Standard .

December 22, 2005

Builder Busted for Inflated Prices
Charlotte-area homebuilder Greg Smith was sentenced to over two years in prison for his role in a $3.7 million mortgage fraud scheme
read story from the Associated Press .

December 21, 2005

Jackson 3 Indicted
Former loan officers Maria and Jacqueline Jackson, appraiser Dawn Jackson and an attorney were indicted in connection with an alleged $774,000 Chicago mortgage fraud scheme.
read story from Inman News .

Fraud Figure Helped Bust Others
John "Jay" Phillips was sentenced to three years in prison and ordered to pay more than $4 million after he volunteered to help the government with two investigations following his own arrest for mortgage fraud in 2001.
read story from the Philadelphia Inquirer .

December 19, 2005

Chase Still Battling Poconos Homeowners
A settlement between Chase Manhattan Mortgage Corp. and borrowers who say they were duped into buying overpriced homes in the Poconos may be on the rocks.
read story from MortgageDaily.com
(subscription required)

Appraisers Aren't Only Mortgage Fraud Culprits
Don Kelly, the vice president of public affairs at the Appraisal Institute, wrote in response to a Chicago Tribune article that the overwhelming majority of Chicago appraisers provide honest, useful and reliable appraisal services.
read letter to the Chicago Tribune .

Man Pretends to be Woman's Husband on Cashout 2nd
Cheryl Gilbert Petersen has been indicted on charges of fraud involving a second mortgage she received on her home from Conseco Finance with the help of another person who pretended to be her husband.
read story from the Rutland Herald .

Father, Son Ran Scheme
Carl Long was sentenced to three years in prison for his part in an $18 million fraud scheme through Community HomeBanc and First Equity Banc involving his son and co-defendant, Anthony Edward Long, and co-defendant Mitchell David Medlin.
read story from The Kansas City Star .

Fraud Felon Fooled Friends
Former friends duped by Carl Long in a $2 million mortgage fraud scam watched as he was sentenced to three years in prison Friday.
read story from The Kansas City Star .

Mortgage Co. Owners in Lawsuit over Mortgage Fraud
Mortgage banker Alan Baugh tells the Dallas Morning News that mortgage fraud in his neighborhood "is organized crime -- with buyers, sellers and real estate professionals all cooperating with each other." In a lawsuit, he reportedly accuses EFC Capital Mortgage owner and convicted felon Eric Farrington of being the"mastermind and kingpin" behind the scam.
read story from The Dallas Morning News .

Convicted Mortgage Fraud Investor Blames Mortgage Co.s
J.R. Parker, a real estate investor who blamed mortgage companies for encouraging him to falsify loan applications, was found guilty on19 counts of mail fraud, wire fraud and criminal conspiracy.
read story from The Sun News .

Mafia Pattern Seen With Gangs and Mortgage Fraud
The FBI has seen street gangs moving into mortgage fraud and trying to influence elections -- following the pattern of the past Mafia families.
read story from The Beacon News .

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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