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Mortgage Industry Fraud
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December 29, 2006,
Legislator Accused of Foreclosure Fraud
The Maryland Attorney General is looking into claims that a state legislator duped a woman into selling her home to him.
In a lawsuit filed in Anne Arundel County Circuit Court, Teresa Milligan accuses Maryland State Delegate William "Tony" McConkey, a Republican and a real estate broker, of foreclosure rescue fraud.
McConkey has denied Milligan's claims that he somehow tricked Milligan into singing over her house to him.
Kevin Enright, a spokesman for Maryland Attorney General J. Joseph Curran, confirmed to MortgageDaily.com that the attorney general's office is "looking into the matter."
subscribers read Patrick's full story
A former mortgage executive who is under indictment
for selling the same loans multiple times on the
secondary market escaped when federal agents tried
to nab him.
Edward Batayeh, who is also known as Ed Bhataybh,
has been indicted by a federal grand jury in Oakland
on charges of masterminding a $13 million fraud
that included reselling loans multiple times.
But when federal agents tried to apprehend him on
Nov. 17, he fled in a 2003 BMW X3 with the California
license plate 5ETZ317.
"Defendant is a fugitive and should be considered
armed and dangerous," the U.S. Attorney for the
Northern District of California said in a statement.
subscribers read Patrick's full story
Fraud "Expert" Hosts Teleseminar Series
Ralph Roberts offers free advice and prevention
tips in "Victims of Real Estate and Mortgage
Accused of Mortgage Fraud
James C. Hardison has been added as a suspect
collaborating with Willie Collins and Marilyn
Rainey in an alleged scam in which identities
were stolen to facilitate two fraudulent loan
closings on a property.
story from WHAS 11.
Arrested in ID Theft Scam
Through false identification, Marilyn Rainey
allegedly sold a home that wasn't hers but when
trying to cash a check from the proceeds, her
and a confederate, Willie Collins, were arrested
at a BB&T branch.
story from Wave 3.
Face Fines, License Loss
James Esters and Albert Fajt, who are accused
of inflating the values on a total of 20 properties,
could respectively pay record fines of $24,000
and $56,600, as well as revocation of their
Colorado appraisal licenses.
story from Pueblo Chieftain.
Unknowingly Acquires Deep Debt
Forming part of the mortgage fraud epidemic,
a couple residing in Wyoming owe about $2 million
in mortgages for properties in Texas that they
never signed for and first learned about this
through Fidelity Bank.
story from WFAA-TV.
Fraud Shifting to Crime Groups
FBI statistics show mortgage fraud is rising
and that the trend is shifting from individual
perpetrators to members of organized crime,
such as gangs.
story from Realty Times.
Behind on Fighting Fraud
Data supplied by the Minnesota Department of
Commerce indicated the agency is understaffed
and is struggling to catch up in regulating
the mortgage industry.
story from the Pioneer Press.
Supsect Fights Charges
Terry Faulkner, who was arrested at his home
last November for alleged mortgage fraud that
involved a bogus company named Reliable Rehab,
is falsely being portrayed as a gang member
and drug dealer, said his attorney, who allegedly
processed fake applications for loans.
story from CBS2.
Spirit Combats Scam Effects
After the Boston Herald published a story about
families facing foreclosure due to an alleged
Hub mortgage scam, readers offered to buy Christmas
dinner, a yuletide tree or other holiday cheer
and give donations to help ease woes.
story from the Boston Herald .
John M. Claydon Jr., 57, a closing attorney
accused of charges involving using People's
Bank refinance loan proceeds for his own use
rather than to pay old mortgage, admitted to
story from the Advocate.
read archived blog entries
Crowley is fraud journalist for MortgageDaily.com
and a reporter and columnist
for The Cincinnati Enquirer.
Email Patrick at: PatCrowley@FraudBlogger.com