| |
|
|
|
|
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. |
|
|
| |
|
| |
March 16, 2009
Millions of dollars in mortgage fraud occurred at the hands of ex-cons who have been allowed to apply and receive mortgage licenses. The state law in Wisconsin allows the Department of Financial Institutions to deny licenses for people who committed a crime that constitutes improper, fraudulent or dishonest dealings. However, that doesn't apply to drug dealings, or rapes, or murders.
According to a watch dog report that tracked mortgage loan originators with serious criminal records there are hundreds of ex-cons that were able to originate loans and commit over $11 million in fraud. This includes murderers, drug dealers, burglars and even an armed robber.
These include James Lytle, a convict with a long rap sheet, who committed $4 million in mortgage fraud and is currently serving seven years. And another, Michael Lock, a cocaine dealer that headed a $2 million mortgage fraud scheme and is serving a life sentence for two murders he committed before he received his mortgage license.
Read story at Journal Sentinel
|
|
|
