Over $2 Million in Loans on Same House Lands Borrower in Jail
In 2005, a Connecticut borrower closed on a $1.1 million mortgage secured by his residence. Less than two hours later, he closed on a$1.2 million loan secured by the same property. A prison sentence handed down by a federal judge now has the borrower in jail until he is 75-years-old.
AZ Escrow Officer Part of Dallas Fraud Scheme
An escrow officer for American Title Insurance was among five people indicted in scheme involving $8.8 million in mortgages on Dallas properties.
Conviction for 1 of 3
An unemployed borrower who lied on his applications and claimed to earn more than $17,000 a month in order to finance 12 properties has been convicted of mortgage fraud. The jury, however, was unable to agree about convictions for two co-defendants.
Mortgage Fraud Factory
Charges were filed this week in a $23 million case where the defendants allegedly set up a phone system that enabled them to provide verbal employment verifications for seven different bogus companies. The defendants also created phone college transcripts and fake divorce decrees.
NY Politician's Mortgage Fraud Trial Delayed
A former county legislator in the State of New York will have more time to prepare his defense in a mortgage fraud trial while he sits in jail for another crime.
Las Vegas Accountant Busted
An indictment was handed down in a Las Vegas case where an accounting firm owner, who used to work for the Internal Revenue Service, orchestrated a scheme that netted him $900,000.
Realtor Pleads Guilty in $4 Million Case
A former real estate broker has admitted that she took kickbacks from a condominium developer to help unload more than 40 units using mortgage fraud. Her plea follows guilty pleas from an appraiser, a mortgage broker and another real estate agent.
Appraiser, Drugs & Fraud
Last week, a Pennsylvania appraiser was was sentenced to more than three years in prison for dealing cocaine. This week, he pleaded guilty to mortgage fraud.
57 Homes, $20 Million in Loans and $600k in Kickbacks
A scheme to buy 57 Minnesota properties with $20 million in fraudulent mortgages earned a Minneapolis man $600,000 in kickbacks. It also earned him a federal charge of conspiracy to commit wire fraud.
1 Loan, 3 Criminal Charges
A Minnesota man walked into a bank, applied for a mortgage and provided a social security number and a paystub that showed he earned more than $70,000 annually. Problem was -- none of it was real. Now he has been charged with mortgage fraud and identity theft.
Appraiser, Agent Indicted
MINNEAPOLIS -- A real estate appraiser and real estate agent have been indicted in connection with a $1.8 million mortgage fraud scheme.
RE Exec Stole Friends' Identities
A real estate executive was indicted by a federal grand over allegations that he stole the identities of friends to fraudulently buy real estate.
Guilty Plea in Leaseback Foreclosure Scheme
The ringleader of a scheme that promised distressed borrowers a chance to save their homes through a foreclosure-rescue operation has admitted to his role eight months after rejecting a plea deal.
Pair Plead Guilty in Rent-To-Own Mortgage Fraud Scheme
An investigation by FBI agents into a mortgage fraud scheme in Arizona that recruited unknowning participants through a rent-to-own promotion has yielded two guilty pleas.
Feds Close In on $10 Million Memphis Scheme
Federal authorities are breaking up an alleged fraudulent ring in Memphis, Tenn., involving a real estate investor and appraiser. Properties that were bought at rock-bottom prices were allegedly appraised at much higher values and stripped of equity through cashout refinances funded by Taylor Bean and Whitaker Mortgage.
Former Police Commissioner Sentenced to 5 Years
A real estate appraiser, who was also a former police commissioner, has been sentenced to prison in a case involving $10 million in fraudulent mortgages.
CoreLogic Hosts Mortgage Fraud Consortium Members Meeting June 7-9 in Atlanta
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced the commencement of its CoreLogic Mortgage Fraud Consortium members' meeting today through June 9 in Atlanta, Georgia.
Judge Goes Overboard in Sentencing
A Minnesota appeals court has ruled that a judge who handed down a worse sentence than sought by prosecutors went too far with a 10-year sentence in a $3.2 million mortgage fraud case.
Former Police Commissioner Asks for Reduced Sentence
A real estate appraiser who was also a former police commissioner is asking for less time in prison based on his contributions to his community and country. At least $3 million in losses were incured on government-insured mortgages as a result of the alleged fraud.
Lenders Growing Concerned About Quick Flips
Investors who secure a short-sale approval from a lender sometimes have buyers lined up for the property before they ever take title. But these type of transactions have some lenders worried.
Credit Union LO Indicted
Two mortgage brokers and an appraiser are accused of conspiring with a credit union loan originator to process more than $3 million in fraudulent mortgages.