twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map


subscribe to free Mortgage Daily email newsletter

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.



P R E S S   R E L E A S E

FOR IMMEDIATE RELEASE:

July 13, 2011


Two Former Real Estate Agents Plead Guilty To Mortgage Fraud Scheme

SPRINGFIELD, Mo. Beth Phillips, United States Attorney for the Western District of Missouri, announced today that two former real estate agent pleaded guilty in federal court today to his role in a nearly $11 million mortgage fraud scheme that involved more than two dozen residential properties.

Frankie R. Powell, 68, of Republic, Mo., and Tammy R. Fedel, 54, os Springfield, Mo., pleaded guilty in separate appearances before U.S. Magistrate Judge James C. England to participating in a conspiracy to commit wire fraud that began Nov. 1, 2004. At the time of the conspiracy, both Powell and Fedel were Missouri board-certified real estate agents who worked and sold real estate for Walker Realty and Associates, Inc., in Springfield, Mo. Powell and Fedel were also private investors who purchased and re-sold residential real estate through Walker Realty

Co-defendant William Wagoner, 58, address unknown, pleaded guilty to aiding and abetting wire fraud on July 6, 2011. At the time of the conspiracy, Wagoner was employed as a mortgage broker at Home Lending Solutions, Friendly Finance and American Home Lending Group, where he brokered mortgage transactions for Walker Realty. Wagoner was also a private investor who purchased and re-sold residential real estate through Walker Realty

A federal indictment alleges that Powell, Fedel, Wagoner and co-conspirators caused mortgage lenders in at least 26 fraudulent real estate transactions to transmit loan proceeds totaling approximately $10,944,023. Conspirators defrauded mortgage lenders by submitting fraudulent loan applications to purchase residential properties at artificially inflated prices, with a significant portion of the purchase price of each home being returned to the buyer without the lender's knowledge or consent.

As a result of the scheme, conspirators received kickback payments of approximately $4.3 million. Most of the residential properties involved in the mortgage fraud scheme have gone into foreclosure.

By pleading guilty today, Powell admitted that he engaged in nine fraudulent real estate transactions totaling $1,126,688, for which he received $643,025. Under the terms of today's plea agreement, Powell must forfeit $643,025 to the government.

Fedel admitted that she engaged in two fraudulent real estate transactions, which resulted in a loss of $416,187 suffered by the lending institutions. Under the terms of today's plea agreement, Fedel must forfeit the proceeds she received, which total $43,082, to the government.

Wagoner admitted that he was involved in eight fraudulent real estates transactions totaling $2,578,531. Wagoner prepared and submitted the loan applications and verified the false income, employment, and sales price information contained in those applications. Wagoner and others received $127,200 in proceeds, which he is jointly and severally liable to forfeit to the government.

Under federal statutes, Powell, Fedel and Wagoner are each subject to a sentence of up to 30 years in federal prison without parole, plus a fine up to $1 million. Sentencing hearings will be scheduled after the completion of presentence investigations by the United States Probation Office.

This case is being prosecuted by Assistant U.S. Attorney Robyn L. McKee. It was investigated by the U.S. Secret Service and IRS-Criminal Investigation.


Source: United States Attorney's Office for the Western District of Missouri


Local Mortgage Fraud news
News about local mortgage fraud.


Logout forgot
password?

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.



Mortgage Fraud Index
Dollar and index amount by quarter and state.



Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013



Mortgage Fraud News
News stories about fraud committed against home lenders.



Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.



local mortgage fraud


mortgage fraud links



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news