MortgageDaily.com - Mortgage Fraud News Headlines http://www.fraudblogger.com?spcode=rss Mortgage Fraud News for the Mortgage Industry Wed., 01 February 2012 17:31 GMT en-us <![CDATA[$2.5 Million Minneapolis Condo Case Yields 3rd Prison Sentence]]> http://www.mortgagedaily.com/Fraud/MctGreenfield020112.asp?spcode=blogger http://www.mortgagedaily.com/Fraud/MctGreenfield020112.asp?spcode=blogger Wed., 01 February 2012 17:31 GMT
The scheme involved the sale of condominiums in the Sexton Lofts building in Minneapolis.

The seven-story converted commercial building is at 521 S. 7th St.

]]> <![CDATA[Famous Runner Requests New Mortgage Fraud Trial]]> http://www.mortgagedaily.com/Fraud/MctEngle012612.asp?spcode=blogger http://www.mortgagedaily.com/Fraud/MctEngle012612.asp?spcode=blogger Thu., 26 January 2012 20:57 GMT
Engle was found guilty in late 2010 of 12 counts of fraud, finding that he bilked banks out of $150,000 to finance his athletic efforts.

A motion by his attorney in federal court alleges government misconduct throughout the prosecutorial process and "that misleading and incomplete testimony was offered in the Grand Jury, perjured, incomplete and misleading testimony was offered at trial, and exculpatory evidence was systematically suppressed and withheld."

]]> <![CDATA[HUD Releases Revised Regulation]]> http://www.mortgagedaily.com/HudIndeminification012512LP.asp?spcode=rss http://www.mortgagedaily.com/HudIndeminification012512LP.asp?spcode=rss Wed., 25 January 2012 21:54 GMT
HUD has since received comments and revised its rule based on the feedback.

The final rule goes into effect on Feb. 24.

]]> <![CDATA[6 Indicted Over NC Builder Kickbacks]]> http://www.mortgagedaily.com/Fraud/MctTaraProperties012512.asp?spcode=blogger http://www.mortgagedaily.com/Fraud/MctTaraProperties012512.asp?spcode=blogger Wed., 25 January 2012 21:28 GMT
The defendants are accused of working with Charlotte homebuilder Tara Properties to sell houses by offering kickbacks to straw buyers.

The kickbacks weren't disclosed to lenders or included on loan applications, according to documents filed last week in federal court.

]]> <![CDATA[R.I Broker Handed Down 30-Month Sentence]]> http://www.mortgagedaily.com/Fraud/MctRusso012512.asp?spcode=rss http://www.mortgagedaily.com/Fraud/MctRusso012512.asp?spcode=rss Wed., 25 January 2012 18:43 GMT
Thirty-five-year-old Nathan Russo of Johnston, R.I., a former mortgage broker for Action Mortgage Corp. in Cranston, R.I., was given the 30-month sentence last Friday by U.S. District Judge Alvin W. Thompson in Hartford.

Russo also will be on supervised release for three years following his sentence and has been ordered to pay more than $1.1 million in restitution.

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