home mortgage fraud newsletter full stories advertise mortgage industry newsletter RSS about us
HOT Topics Fraud Resources Fraud Prevention Mortgage Litigation News Appraisal News

Sign Up for Free Mortgage Fraud Newsletter

twitter linkedin
facebook google+
Mortgage News

Search mortgage fraud news by keyword.

Mortgage Fraud News
News, analysis and statistics about mortgage fraud.

Local Mortgage Fraud
Stories about individual mortgage crime cases.

Mortgage Fraud Statistics
Statics by year about real estate fraud.

Mortgage Fraud Index
Quarterly index based on case activity.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage Fraud Feedget RSS code
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.

Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.



Fraud Victimizes IndyMac Bank

Two Loans on $2 Million Home

New Haven, Conn. - (Nov. 25, 2008) Nora R. Dannehy, Acting United States Attorney for the District of Connecticut, today announced that FRED STEVENS, 52, of Easton, Connecticut, pleaded guilty today before United States District Judge Janet C. Hall in Bridgeport to one count of bank fraud stemming from his participation in a scheme to defraud IndyMac Bank and other federally insured financial institutions.

According to documents filed with the Court and statements made in court, from approximately April 2006 to September 2007, STEVENS was a mortgage broker in Westport, Connecticut. Working with property developers, lawyers, “hard money” lenders, an appraiser, employees of financial institutions and others, STEVENS submitted fraudulent mortgage applications with IndyMac Bank and other financial institutions to secure mortgages for certain clients. STEVENS earned a fee for the fraudulent mortgage applications that he submitted on his clients’ behalf.

The charge to which STEVENS pleaded guilty relates to a fraudulent mortgage application package submitted to IndyMac Bank, a federally insured bank, related to a property located at 35 Prospect Road in Westport. The mortgage application package contained numerous false pretenses and representations, including that it falsely inflated the borrower’s income; falsely claimed the property was owner-occupied; failed to disclose a recent mortgage of more than a million dollars that the borrower had taken but that had not yet appeared on his credit report; included an appraisal that falsified the square footage of the property; and falsely claimed to IndyMac Bank that the payments that developers had made on the property were, in fact, a bonus given to the borrower by his employer. Based on the misrepresentations, IndyMac Bank approved the mortgage application.

The loss resulting from STEVENS’ scheme exceeded $1 million.

STEVENS is scheduled to be sentenced by Judge Hall on February 13, 2009, at which time STEVENS faces a maximum term of imprisonment of 30 years and a fine of up to approximately $2 million.

This case is being investigated by the Federal Bureau of Investigation. The case is being prosecuted by Assistant United States Attorney Rahul Kale.

SOURCE: United States Attorney's Office
District of Connecticut

Mortgage Fraud Litigation

Q4-2012 | Q3-2012
Q2-2012 | Q1-2012

Q4-2011 | Q3-2011
Q2-2011 | Q1-2011

Q4-2010 | Q3-2010
Q2-2010 | Q1-2010

Q4-2009 | Q3-2009
Q2-2009 | Q1-2009

Q4-2008 | Q3-2008
Q2-2008 | Q1-2008

full-year 2007
Red Flags Rule
News about the Fair and Accurate Credit Transaction Act.
Analysis of Fraud Enforcement and Recovery Act
The Mortgage Graveyard
Reverse Mortgage Blog
Mortgage Compliance Newsletter
Free compliance newsletter from MortgageDaily.com.

Copyright © 2014 MortgageDaily.com
MortgageDaily.com Subscribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan officer compensation rule

loan originator compensation rule


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

sales blog

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

wireless mortgage news