When Vernon Cooks, Jr. appealed his 13-year prison sentence for committing mortgage fraud, he listed a number of trial court errors in his attempt to overturn the sentence. One of the claimed errors had to do with the mortgage fraud expert witness who testified on behalf of the US Government. The witness, claimed Cooks, lacked [...]
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 [...]
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 [...]
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 (realtor), 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 (buyer), Fraud (lender), Fraud (loan agent), Fraud (realtor), 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 [...]
ST. PETERSBURG – A year ago, Dawn L. Molen quit her job as a commercial loan officer and set out to become a real estate agent. The 26-year-old got her license and quickly landed a job at Charles Rutenberg Realty in St. Petersburg. With three months’ experience, the agent who had never listed a home [...]
