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 [...]
Q: I went through a mortgage broker when I purchased my house. I just closed on July 30. A week after I closed, I received a letter stating that the company that they sold my loan to went out of business. My mortgage broker asked me to send my first payment to them while they [...]
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, [...]
A mortgage broker submits a fraudulent loan file to a lender, which promptly funds the loan. The borrower – whose identity has been stolen by the mortgage broker – doesn’t even know that he is now the proud owner of an overpriced white elephant, which promptly goes into default. Sounds familiar? The mortgage broker/realtor/closing agent [...]
On December 18 the Fed endorsed new rules that would give people taking out home mortgages new protections against shady lending practices. The proposed rules, approved in a 5-0 vote by the board, are geared to providing safeguards to the riskiest “subprime” borrowers, already painfully stung by the housing and credit debacles. The proposal is [...]
Legal issues have become a growing concern for many involved in the subprime industry. Claims from distressed borrowers against loan originators have begun to increase, as have actions pitting business partners against each other and claims against purchasers of subprime mortgage-backed securities that did not honor an agreement in some way, according to participants in [...]
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
|
Also posted in embezzlement, Fraud (appraiser), fraud (attorney), Fraud (borrower), Fraud (builder), Fraud (buyer), Fraud (lender), Fraud (realtor), Fraud (seller), Fraud (title/escrow), mortgage fraud
|
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
|
Also posted in Contract law, embezzlement, Foreclosure, Fraud (appraiser), fraud (attorney), Fraud (borrower), Fraud (builder), Fraud (buyer), Fraud (lender), Fraud (realtor), Fraud (seller), Fraud (title/escrow), mortgage fraud
|
MSNBC special report: Mark and Kerrie Russo, a Jackson, N.J., couple raising two young daughters, are struggling to hang on. Less than a year after buying a home in 2005, which they financed with a 30-year fixed rate loan based on a solid credit history, a local mortgage broker began sending letters offering to refinance [...]
