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:

June 14, 2013


Owner Of Vallejo Mortgage Company Sentenced To 36 Months In Prison And Ordered To Pay Over $5.8 Million In Restitution

OAKLAND, Calif. Amy Nicole Schloemann, aka Amy Kinney, was sentenced this week to 36 months in prison and ordered to pay $5,805,902 in restitution for her role in a real-estate related wire fraud conspiracy, announced United States Attorney Melinda Haag.

Schloemann pleaded guilty on August 22, 2012, to conspiracy to commit wire fraud, in violation of 18 United States Code Section 1349. According to court documents, Schloemann was the president of Hiddenbrooke Mortgage Company, a real estate and mortgage brokerage company in operation from 2005 through 2007 in Vallejo, California. Between 2006 and July 2007, Schloemann conspired with others to purchase more than 18 properties in the Northern and Eastern Districts of California in the names of fictitious identities and using straw buyers. As part of the conspiracy Schloemann supervised others who processed loan packages with materially false information, including contracts that reflected inflated sales prices above the original sales prices.

The purchase loans, which were 100% financed, exceeded the sales prices received by the sellers. The excess amounts from the loan proceeds, or "profits" from the transactions, were dispersed through escrow to entities controlled in part by Schloemann. All but a few of the properties involved in the conspiracy were foreclosed due to the failure to make mortgage payments. The lenders sustained significant losses as a result of the fraud.

Schloemann, age 36, of Vallejo, was indicted by a federal grand jury on October 9, 2009. She was charged with conspiracy to commit wire fraud, wire fraud, and money laundering.

The sentence was handed down by U.S. District Court Judge Phyllis J. Hamilton, following the defendant's guilty plea. Judge Hamilton also sentenced the defendant to a 3-year period of supervised release. Schloemann, who has been out of custody on bond since November 2009, will begin serving her sentence on July 29, 2013.

Assistant U.S. Attorney Christina Marie McCall is the attorney who prosecuted the case with the assistance of Noble Hughes and Kathleen Turner. The prosecution is the result of an investigation by the IRS-Criminal Investigation with the assistance of the Alameda County District Attorney's Office and the Federal Bureau of Investigation.


Source: United States Attorney's Office for the Northern District of California


mortgage fraud case stories


mortgage fraud headlines

mortgage fraud blog

Mortgage Daily headlines


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