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Mortgage Fraud News Coverage
Illegal Flipping Schemes, Appraisal Fraud and other Mortgage Fraud

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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.

Current Fraud Headlines
Last Updated Monday, February 01, 2010 04:41 AM Texas Time

2009 Mortgage Fraud Index Jumps
The number of mortgage fraud cases increased last year, though the dollar amount held steady, according to MortgageDaily.com's fourth-quarter 2009 mortgage fraud index. Activity was worst in Florida and Nevada.

During 2009, the FraudBlogger Index climbed to 1677 from the previous year's 1488. The index reflects the number and dollar amount of mortgage fraud cases with reported activity during the period.

Despite the increase in the index, the dollar amount of the cases tracked eased slightly from 2008 to $5.3 billion last year.
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HUD Rampage Continues
Following a bloodbath last week when the U.S. Department of Housing and Urban Development announced actions against more than 200 mortgagees, the agency reported five more firms that faced further actions. Concerns about mortgage fraud was an issue at one of the companies.

Mortgage Fraud Growth Slows
New government data indicate that mortgage fraud activity is beginning to ease.

3 Face Sentences for Mortgage Crimes
A former mortgage broker who stole more than $100,000 from a reverse mortgage borrower has been sentenced to six years in prison despite showing up at his sentencing with a $50,000 check for his victim. In another case, a Texas woman was sentenced for cleverly diverting proceeds from loan closings to her personal accounts. A third case has a former bank executive admitting that he cooked the books and facing sentencing along with two other related defendants who are accused of mortgage fraud.

Recent mortgage-related criminal legal actions

Criminal Mortgage Actions
A Colorado firm and its top originator are accused of deceiving prospective borrowers and committing mortgage fraud, while a Pennsylvania woman is accused of stealing appraisal fees from her employer. A New York attorney has joined a law firm where he hopes to help white collar defendants.

Investor Lawsuits Include Criminal Actions
Among several investor lawsuits to recently see legal action were cases where criminal charges were filed. In one case, the defendants are also accused of more than $100 million in mortgage fraud.

Foreclosure Scams Use Mortgage Fraud
In a typical foreclosure rescue scheme, delinquent borrowers are advised to convey title to an investor located by the foreclosure rescue firm. But instead of rescuing the borrowers, the firms line up fake borrowers with fraudulent documentation and extract all available equity -- leaving the borrowers still facing foreclosure. A federal and state initiative has been launched to stop such schemes.

FHA Funding Approved
U.S. legislators in one chamber approved a bill that will provide funding for technology at the U.S. Department of Housing and Urban Development. The bill also includes funding for the prevention of mortgage fraud.

Hospital Infected With Mortgage Fraud
An underwriter on a psychiatric hospital loan insured by the U.S. Department of Housing and Urban Development has settled allegations that he committed mortgage fraud.

Mortgage Banker Abuses Warehouse Line
Instead of funding his loan originations, a Louisiana mortgage banker had other plans for his warehouse line-of-credit.

Appraisal News | HVCC news
Appraisal industry news coverage, including stories about HVCC issues, AVMs and appraiser fraud.

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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.

FBI News Feed
El Salvador Man Pleads Guilty in Texas to Assaulting Border Patrol Agent

Montana Man Sentenced on Child Pornography Charges

Woman Pleads Guilty in Montana to Wire Fraud and Bank Fraud

Montana Man Pleads Guilty to Threatening Federal Officers

Two Tribal Officials Convicted in Oklahoma for Embezzling Tribal Funds

Texas Man Pleads Guilty to Child Pornography Charge

Texas Father and Son Sentenced for Transporting Stolen Property

Member of Texas Bank Robbery Gang Sentenced to 140 Years in Prison

Illinois Man Sentenced in Pennsylvania for Role in Extortion Scheme

Former College Student Sentenced in Virginia for Stealing Spring Break Funds

Three Indicted in Texas in Multi-Million-Dollar Mortgage Fraud Scheme

New York Man Indicted on Child Pornography Charges

Louisiana Banker Sentenced for Embezzling More Than $175,000

New Jersey Execs Sentenced in Scheme to Defraud Federal E-Rate Program

Virginia Man Sentenced on Child Sex Charges

Red Flags Rule
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