Tag Archives: Mortgage Fraud

Making our mortgage fraud blotter Monday, news outlets reported stories involving a Wisconsin man and his wife who allegedly raked in $10 million and another man from Chicago purportedly responsible for hundreds of thousands in advanced fees he bilked from churches. In one story, the churches handed over thousands in advance fees in exchange for capital for multimillion-dollar loans, while in another a married couple went through sham buyers to siphon $10 million in funds from lenders with bank-owned properties at their disposal.

Juries around the country resolved to start the New Year with an effort to clean up allegations of mortgage fraud, with several business owners, Realtors, attorneys, and others accused of complicity and direct involvement in millions of dollars of fraud. A few news outlets delivered stories for the latest in MReport's mortgage fraud blotter, with 18 indictments against a business owner in Colorado and numerous other charges against a group of brokers, Realtors, and others in Florida.

Mortgage fraud proved its staying power in headlines for 2011, even with incidents for fraudulent loan applications reportedly on the decline from the year before. MReport offers a year in review and a look at how lenders and servicers continue to fight fraud into the New Year.

California tops a list of states for mortgage fraud activity, as the state├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós courts pursue more cases against alleged frausters, MortgageDaily.com found in an index it released Wednesday. The Web site documented activity in FraudBlogger.com, a mortgage fraud blog. While California claimed the top spot, New York and Florida also found themselves perched considerably high on the index, followed shortly by South Carolina and Minnesota. New York ranked second by dollar volume in mortgage fraud at $199,600,000.

Joining a list of other mortgage fraudsters Monday, three Cleveland residents received jail time for their role in a multi-million-dollar scheme while two others in Maryland and Virginia saw their names in fine print over $700,000 in fraud. Home went into foreclosure as a result of much of the alleged crimes. MReport collected the stories from a bevy of news sources that include the FBI and a Cleveland news outlet. This comes on the heels of other mortgage fraud activity as it increases nationally.

Courts across the country slapped defendants with charges over mortgage fraud this week, as a title agent, her husband, and a Brockton man received charges and a so-called kingpin from New York saw the next four to 12 years of his life consigned to prison. MReport culled stories from multiple news outlets to deliver the mortgage fraud blotter Friday for the past week. Acts of wire fraud, bank fraud, and identity theft populated the accounts of defendants and convicts alike.

A West Chester family, a purported conspiracy leader, and several others entered court dockets this week and the last for their alleged roles in reaping a combined $15.8 million in mortgage fraud across the country. MReport sourced several stories of mortgage fraud for Monday├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós mortgage fraud blotter from several news outlets around the country. Alleged and convicted fraudsters reportedly turned a profit off false information, sham home sales, and made-up identities.

A recent report by the inspector-general of the Federal Housing Finance Agency casts the independent federal agency as one overly deferential to the decisions of the GSEs.

Lender Processing Services is under examination from the Nevada Attorney General for issues encompassing specific incidents with the company's document processing and practices. The state's Attorney General recently indicted two employees within LPS on 606 counts of fraud, alleging that the two forged signatures and notarization on mortgage-related paperwork.

A Connecticut attorney, former police officer, and 25 people accused of reaping millions from mortgage fraud all made the mortgage fraud blotter for Wednesday. MReport sourced the stories from a number of news outlets that include the Associated Press, New London Patch, and The Sacramento Bee. The attorney and former police officer each pled guilty to their respective counts, while the ring of fraudsters, largely from a Russian-American community, pled not guilty.