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



Mobile Homes and Empty Lots

Fraud Included Lying about Down Payments and Property Values

Raleigh, N.C. - (March 2, 2009) United States Attorney George E.B. Holding announced that in federal court here today TERRI J. HART, 46, pled guilty to conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 371, which has a maximum penalty of up to five years imprisonment and/or a $250,000 fine followed by three years of supervised release.

The Indictment alleged that from October 31, 2003 through July 1, 2005, HART and, co-defendant, and April Hall, 45, also of Fayetteville, North Carolina, through Carriage Crossings, Inc., and ABC Trading, Inc., with employees of the corporations, Thomas Walter Thacker, Jr., 68, of Fayetteville, North Carolina, and Shiquandra Ann Brooks, 35, of Hope Mills, North Carolina, and others, conspired to obtain 100% financing for people purchasing lots and mobile homes from the defendants and the corporations they represented, who would not otherwise qualify for such financing. Although the means varied between the properties sold, all sales involved inflated property values and false representations to potential lenders that either a down payment had been made by the purchaser, which in fact had not been made, or that a second mortgage was taken back by the seller for the difference between the first mortgage and the inflated value, however, this second mortgage had not actually occurred or been collected on by the seller. The defendants faxed false and fraudulent information concerning each property closing to the closing attorney, the lender, and the mortgage broker.

Mr. Holding commented, “Mortgage fraud is on the rise. As such, the Department of Justice has made this problem a priority. We will continue to seek out those that inflate home values and make false representations, thereby placing our financial system in jeopardy and taking advantage of those trying to obtain their own home by honest means.”

HART’S sentencing is set for June 8, 2009.

Thacker, who pled guilty to conspiring to commit wire fraud was sentenced February 25, 2009, term of court to a three year period of probation, 90 days of home detention with electronic monitoring, and a $6,000 fine. Brooks, who also pled guilty to conspiracy charge, is scheduled for sentencing the May 4, 2009, term of court.

Investigation of the case was conducted by the Federal Bureau of Investigation, the North Carolina State Bureau of Investigation, and the United States Attorney’s Office for the Eastern District of North Carolina.

SOURCE: United State Department of Justice -- Eastern District of North Carolina

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