| |
|
|
|
|
Search mortgage fraud news by keyword.
News, analysis and statistics about mortgage fraud.
Stories about individual mortgage crime cases.
Statics by year about real estate fraud.
Quarterly index based on case activity.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.
Archive of FraudBlogger.com entries going back to 2005. |
|
|
| |
Deal Made in Massive Mortgage Scam Charges
|
| |
May 14, 2009
Two of three defendants charged in one of Boston's largest alleged predatory mortgage fraud schemes have been let off with just an order to pay $5,000 in damages and a ban on working within the industry. The third defendant's former owner might not be so lucky, it appears she has fled the area -- authorities can't find her.
The state sued three companies: Champagne & Associates, New England Merchants Corp. (NEMco) and Zeus Funding. Allegations were made that the companies and/or employees had either steered borrowers into loans they could not afford, misstated income or falsified information in order to get borrowers qualified.
Roberta Robinson, former owner of real estate brokerage firm Champagne is banned from working in the Massachusetts mortgage or real estate industry. Former lender New England Merchants Corp. (NEMco) has also agreed to refrain from doing related business and pay a $5,000 penalty.
NEMco's CEO claims they did nothing wrong except hire Rachel Noyes, and was not sure what she did. Noyes operated Zeus Funding, the third defendant. MortgageDaily.com interviewed Noyes Sept. 26, 2006 regarding the initial charges.
Read story at The Boston Herald
|
|
|
