The Trattman v. Key case in Los Angeles involves competing claims to ownership of 11 real properties. Garrison Key and Dieter Trattmann were equal partners in a real estate acquisition and management joint venture when Key persuaded Trattmann to sign deeds transferring to Key the 11 properties previously held in Trattmann’s name alone. Eighteen months later, [...]
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 have just reviewed the estimated closing statement on the purchase of a home, and I see numerous fees which don’t make sense and which the realtor cannot explain, other than to say that there are all kinds of “garbage fees” paid at closing. I see that his own company, which will be getting [...]
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 [...]
CARLSBAD, Calif. — Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing boom. What makes Ms. Ummel different is that she is suing her agent, saying it was all his fault. Ms. Ummel claims that the agent hid the information [...]
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 [...]
(CAR) On July 27, 2007, Governor Arnold Schwarzenegger signed into law Assembly Bill 840 clarifying the authority of the California Department of Real Estate (DRE) to discipline a real estate licensee on the basis of a criminal conviction. Effective January 1, 2008, the DRE will be able to suspend or revoke a real estate license [...]
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 (buyer), Fraud (lender), Fraud (loan agent), 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. [...]
