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

www.reversefunding.com

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:

Nov. 30, 2012


Liberty Woman Indicted For $5 Million Mortgage Fraud

KANSAS CITY, Mo. David M. Ketchmark, Acting United States Attorney for the Western District of Missouri, announced today that a Liberty, Mo., woman who operated a real estate business has been indicted by a federal grand jury for her role in a $5 million mortgage fraud scheme.

Teresa Jean Whitten, 39, of Liberty, was charged in a 10-count indictment returned by a federal grand jury in Kansas City, Mo., on Wednesday, Nov. 28, 2012. Whitten appeared in federal court today for her initial court appearance.

According to the federal indictment, Whitten was doing business under the name Leadership to Homeownership. Whitten allegedly engaged in a mortgage fraud scheme from early to mid-2007 through Feb. 23, 2009, in which mortgage lenders loaned borrowers approximately $5,088,224. Whitten obtained in excess of $400,000 from the loan proceeds, the indictment says.

Whitten solicited potential buyers by advertisements, flyers, a Web site, and other means, the indictment says, claiming that she had a program through which people could purchase houses without putting money down and could qualify and obtain mortgage loans for which they would not otherwise qualify. Whitten's scheme relied on false and fraudulent loan applications and supporting documents, the indictment says. The false and fraudulent representations and omissions allegedly included borrowers' income, employment, assets, liabilities and intent to occupy the property as their primary residence.

According to the indictment, the loan applications falsely claimed the borrowers were making a down payment and were bringing money to closing, when in fact the funds were supplied by Whitten. As part of the scheme, Whitten allegedly gave cash to borrowers so they could obtain cashier's checks from their banks to take to closings. From the loan proceeds, after closing Whitten allegedly received funds both for her fee and reimbursement for the funds she advanced, none of which was disclosed to the lenders.

The federal indictment charges Whitten with five counts of bank fraud, two counts of wire fraud and one count of money laundering in relation to the mortgage fraud scheme.

Whitten is also charged with one count of obstruction of justice. The indictment alleges that Whitten attempted to impede the federal criminal investigation by destroying documents. A grand jury subpoena required her to appear before a grand jury and to bring certain documents with her, the indictment says. Whitten allegedly gave boxes and bags of documents to two individuals and instructed them to put the documents in a trash container at their apartment complex. Whitten allegedly told these individuals that she was being investigated by the FBI for mortgage fraud and that she had documents that would be of interest to the investigation. She allegedly told them that she had added food wrappers to the contents to make it look like trash, and told them to set the documents outside in the rain to make sure they were ruined.

Whitten is also charged with one count of theft of government property related to a Social Security fraud scheme. According to the indictment, Whitten received $78,964 in disability insurance benefits and auxiliary payments for her children to which she was not entitled, as well as a $250 Recovery Act payment, for a total of $79,214.

Ketchmark cautioned that the charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

This case is being prosecuted by Assistant U.S. Attorney Linda Parker Marshall. It was investigated by IRS-Criminal Investigation, HUD Office of Inspector General, the Social Security Administration Office of Inspector General and the FBI.


Source: United States Attorneys Office for the Western District of Missouri


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