Vernon Cooks Jr. was convicted of being the mastermind behind an ingenious but misguided scheme to cheat mortgage lenders by fraudulently obtaining house mortgage loans. In most of the accused transactions the documentary evidence and trial testimony show that Cooks followed the same basic pattern. For each transaction, Cooks first recruited an inexperienced real [...]
LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, announced that DOMINICK DEVITO was sentenced to 51 months in prison on May 19, 2009, by United States District Judge BARBARA S. JONES in Manhattan federal court for mortgage fraud, insurance fraud and obstruction of justice. According to Counts One, [...]
FIVE INDICTED IN MORTGAGE FRAUD SCHEME [HOUSTON, TX] – A licensed Texas attorney and real estate developer, a sports agent, two bank loan officers, and a real estate appraiser have been indicted in a multimillion dollar mortgage fraud scheme, United States Attorney Don DeGabrielle, interim Special Agent in Charge Alex J. Turner of the FBI [...]
By mortgageforensics
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Also posted in embezzlement, Fraud (appraiser), fraud (attorney), Fraud (borrower), Fraud (builder), Fraud (lender), Fraud (loan agent), Fraud (realtor), Fraud (seller), Fraud (title/escrow), mortgage fraud
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Well, for those of you who live in Arizona, we hope you did not inflate your income on your loan application. House Bill 2040 – about to be signed by the Governor – makes that a felony in your state. Arizona is among the top 10 states in the number of foreclosures filed this year. [...]
MORTGAGE FRAUD INDICATORS Inflated Appraisals • Exclusive use of one appraiser Increased Commissions/Bonuses – Brokers and Appraisers • Bonuses paid (outside or at settlement) for fee-based services • Higher than customary fees Falsifications on Loan Applications • Buyers told/explained how to falsify the mortgage application • Requested to sign blank application Fake Supporting Loan Documentation [...]
By mortgageforensics
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Also posted in Contract law, embezzlement, Foreclosure, Fraud (appraiser), fraud (attorney), Fraud (borrower), Fraud (builder), Fraud (lender), Fraud (loan agent), Fraud (realtor), Fraud (seller), Fraud (title/escrow), mortgage fraud
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(Jack Guttenberg for Inman News) The term “silent second” is used to describe self-serving or perhaps fraudulent schemes where house sellers accept second mortgages as part of a sale transaction, without the full knowledge of the first mortgage lender. The “silence” refers to the absence of full disclosure to the first mortgage lender. The smaller [...]
By Eric Forster I expect to see a wave of foreclosures in the next two years, as Option ARM loans reach their trigger points and are reset by the lenders. Here is what happened to one buyer in Los Angeles: The buyer purchased a home in 2004 for $1,000,000. As this is Los Angeles, $1 [...]
There is very little mortgage lenders can do to prevent “Zero Down” scams during times of easy money and rising property values: NEW YORK – A Brooklyn mortgage fraud ring duped homebuyers and lenders by falsifying documents and overstating property values, ruining the credit of many people who bought homes in minority neighborhoods, New York [...]
“Zero Down” scams are the easiest, simplest type of fraud. It is so easy to perpetrate, in fact, that this scam artist ran his operation from prison: On an autumn day two years ago, Colorado issued a warrant to arrest Taiwan Lee, a state prisoner who had vanished on parole. He hadn’t gone far. While [...]
Recently, a developer regaled me with a story about a house that seemed to be cursed. Although he beautifully renovated it and priced it below market, the Oakland bungalow just wouldn’t sell. Deals fell through repeatedly for bizarre and unrelated reasons: Buyers got cold feet, or moved — one was even arrested. By the time [...]
