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.



Doctored Fraud

Over $2 million in Fraudulent Loans Secured

Nashville, TN – April 14, 2009 – Edward M. Yarbrough, United States Attorney for the Middle District of Tennessee and My Harrison, Special Agent in Charge, Memphis Division, Federal Bureau of Investigation, announced that yesterday a jury convicted Pamela Gail Holder of two counts of wire fraud and two counts of bank fraud. The guilty verdict followed a one-week trial before U.S. District Judge Aleta Trauger.

Dr. Holder, a professor of nursing at Middle Tennessee State University and the former coordinator of the statewide Tennessee Board of Regents On-Line Degree Program, and her husband, Fred “Fat Man” Holder were originally charged in a four-count indictment in June 2008. (Fred Holder died in 2008). At trial, the jury heard evidence that Dr. Holder and others helped orchestrate a multi-million-dollar mortgage-fraud scheme. The scheme involved a “straw buyer” with a good credit score who was deceived by Dr. Holder into securing $2.4 million in loans for the purchase of a $1.5 million dollar home in Hendersonville, Tennessee. The jury heard evidence that, in the months leading up to the purchase, Dr. Holder helped create documents that greatly inflated the straw buyer’s income and falsely claimed that the straw buyer was President of “Team Fat Man” – an automotive sales business operated by Dr. Holder’s deceased husband. Through those documents and other fraudulent misrepresentations, Dr. Holder was able to qualify the straw buyer for large loans obtained at Bank of Nashville, Countrywide Home Loans, and First Tennessee Bank that far-exceeded what the straw buyer could afford. After the purchase of the lavish home, Dr. Holder and her husband occupied the property and spent the excess loan funds on various purchases, including several pieces of expensive jewelry. When the straw buyer was unable to make the approximately $10,000 monthly mortgage payments, the mortgage defaulted and the property was foreclosed upon.

“Mortgage fraud is a crime that has many victims – the defrauded straw buyer who loses his money or good credit; the banks that suffer significant losses; and members of the public who indirectly pay for the abuses of the lending process,” said U.S. Attorney Ed Yarbrough. “As such, it’s gratifying to see a jury hold another mortgage-fraud defendant accountable for her criminal actions.”

After the guilty verdict, Judge Trauger scheduled the sentencing hearing in the case for July 10, 2009. Dr. Holder faces up to 30 years of imprisonment for each of the two counts of bank fraud and 20 years of imprisonment for each of the two counts of wire fraud.

The investigation of the case was conducted by the Federal Bureau of Investigation. Assistant U.S. Attorney Ty E. Howard of the Middle District of Tennessee and Trial Attorney Peter A. Frandsen of the U.S. Department of Justice Fraud Section represented the United States.

SOURCE: United States Department of Justice -- Middle District of Tennessee

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