twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to 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

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

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

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

Press Releases
Reports and announcements from

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









site map

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.


The Other Side of Fraud

Fred Damaia, accused and exonerated, tells his side

April 5, 2006


As a senior manager for America's Mortgage, a net branch of Advantage Investor's Mortgage, I handled the daily operations of the company, but had no financial control.

The sole owner of America's Mortgage was James Niblock, who made all financial decisions.

On, or about, May, 2002, the FBI was finishing an investigation into America's Mortgage and discovered that over 8 million dollars had been siphoned from client's mortgages to, at that time, an unknown account through America's Mortgage. The FBI closed down the company and James Niblock was subsequently arrested.

I was assisting the investigators with the investigation at this time, but had very little valuable information to offer because I was never privy to any of the financial operations of the company. I was scheduled to leave on a pre-planned cruise with my wife and two children and proceeded on my vacation.

The investigators were apparently having difficulty locating the stolen funds and Mr. Niblock was not cooperating. At our ship's first port of call, Charleston, SC, the FBI and Coast Guard boarded our ship and proceeded to arrest me in front of my wife, children and fellow passengers. The FBI somehow hastily concluded that I was in possession of the stolen funds and was taking it on the cruise with me. I was held in the Charleston Detention Center overnight, transferred in handcuffs and ankle shackles and shared a small cell with three other inmates.

The following morning an attorney arrived from Baltimore and the FBI began to realize their error in arresting me and their rush to judgment.

I was released into the custody of my attorney while my family had no choice but to remain on board. It was ten days before we would be reunited. All charges against me were subsequently dropped and James Niblock was sentenced to 20 years in a Federal Penitentiary.

At that time, news published a story about my arrest and this story continues to haunt me today.

As a husband and father and a man who has never been in trouble with the law, it pains me to see publications be so quick to pick up a story from a news wire, but very slow (if at all) to follow up on the entire story.

My involvement with America's Mortgage was solely one of production and growth, which I accomplished over my two-year tenure, but much to my dismay, the owner of the company was embezzling funds, which ultimately led to these false accusations. All accusations were proven unfounded by the FBI's thorough and final investigation and they determined that James Niblock was solely responsible for all of the wrong doings.

This false arrest was a time in my life that affected me for many months, but I rose above the travesty of justice and went on to open my own mortgage broker business and moved my family to Florida for a fresh start. I now own and operate TG Financial out of my Florida office and hold an additional license in Maryland and have been very successful over the past four years.


2 Accused In Mortgage Fraud Case
Two Virginia men are accused of using a Virginia title insurance agency to illegally divert loan proceeds for their own benefit. Some of the diverted funds are suspected of having been wired to oversees bank accounts as one of the men was planning to escape.

Net Branch Company Shuts Doors
Can a company that brokered $1.5 billion in loans last year disappear?

Mortgage Branch News | Net Branch | Mortgage Branch Directory
Coverage of new and existing net branch operations. Programs, payouts and other details. Profiles of brokers and net branch lawsuits.

Logout forgot

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

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


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

secondary marketing

social media

servicing news

subprime news

wholesale lenders