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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.



Fraud News Archives 2006

Stewart Sues Brokers
Some of the mortgage brokers who previously operated as part of a defunct net branch network are embroiled in a $3 million mortgage fraud lawsuit in the Massachusetts state courts.

Broker Beats State
A Massachusetts judge has ruled that a mortgage broker was the victim -- and not the perpetrator -- of a fraudulent mortgage license scheme.

BK Trustee Targets Lenders
A bankruptcy trustee seeks to set aside liens held by mortgage lenders including Washington Mutual and National City for their alleged negligent underwriting of fraudulent loans from a now bankrupt company that bilked 490 investors of $40 million.

Outstanding Mortgages Top $12 Trillion
Mortgage loans outstanding surpassed $12 trillion, according to the chief of the U.S. Treasury. Meanwhile, the risk of fraud on America's mortgages is growing a slower pace.

Real, Phony Attorneys Busted
Flagstar Bank was duped in one case involving a crooked lawyer for $700,000 while a Miami attorney stole about that amount in public money.

Appraisals Enabled Fraud
An Atlanta area homebuilder fooled two mortgage lenders into funding a string of mortgages on incomplete or nonexistent new homes by using fake appraisals and occupancy certificates.

Underwriters Fired for Fraud
An Ohio bank has reportedly fired a handful of underwriting employees and filed a lawsuit against dozens of people for more than $10 million it claims was lost in a mortgage fraud scheme.

Federal Fraud Prevention
Actions taken so far this year by the Federal Trade Commission include a settlement with a credit reporting agency that provided faulty reports to mortgage lenders and an injunction against a mortgage telemarketer. The moves were taken in line with the agency's objectives of identifying, stopping and preventing fraud.

Legislator Accused of Foreclosure Fraud
The Maryland Attorney General is looking into claims that a state legislator duped a woman into selling her home to him.

Fraud Rises
Mortgage fraud activity increased during the first half of this year.

Warehouse Fraud at Flagstar
Flagstar Bancorp Inc. will take an $8.7 million charge related to a series of fraudulent warehouse loans.

Armed & Dangerous
A former mortgage executive who is under indictment for selling the same loans multiple times on the secondary market escaped when federal agents tried to nab him.
read news story
Fraud King Caught
The most brazen outlaw in mortgage fraud has been arrested.
read news story
Foreclosure Scam Stopped
Maryland regulators have put the brakes on a foreclosure bailout transaction that they say may have left the borrower stripped of home equity.

Mortgage Fraud Edges Higher
Mortgage fraud and loan delinquency risk edged up over the quarter, with Ohio cities dominating as the top hot spots in the nation.

Bad Legal Advice
From Florida to Hawaii, real estate attorneys continue to break the law. In one of the latest cases, a Georgia lawyer was charged in a mortgage fraud scheme designed to pump up his used car business.

Mortgage Fraud Lawsuit
A national mortgage lender has filed a lawsuit against six businesses and 28 individuals -- including several mortgage brokers and originators -- alleging that it has been the victim of a complex sting operation, causing the company to approve 19 loans that have all defaulted.

'06 Mortgage Fraud may Reach $4.2 Billion
Fraud for housing is growing faster than fraud for profit as "rates have moved up and put homes out of reach" for more people, according to a mortgage banking panel session this week.

$25 Million Inside Job
Mortgage loan officer Elizabeth Hessel and Angela Parenza, her office manager, "would do anything" to close a loan.

NV Warns about Fake VODs
Nevada regulators are warning mortgage brokers and lenders about a company that is offering phony asset verifications.

Fraud Brokers Shut Down
Georgia state regulators are yanking the licenses of two Atlanta mortgage brokers.

IRS e-Verifications
A new Internal Revenue Service form enables mortgage lenders to electronically verify income with the agency.

10 Years for Broker
A $6 million mortgage fraud scheme will cost a southern California mortgage broker more than 10 years in prison.

Broker Scams Dominate Fraud
Mortgage broker schemes are the single biggest mortgage fraud risk, according to an analysis of millions of loans.

More Mass. Brokers Busted
Massachusetts regulators have issued cease and desist orders against two mortgage brokers for alleged fraud and four mortgage companies that were operating without required licenses.

Mortgage Exec Sentenced
A mortgage executive and a binge-drinking Realtor have been sentenced to prison for their roles in a $50 million mortgage fraud scheme.

Mortgage Fraud a $1 Billion Industry
Losses from mortgage fraud ballooned to $1 billion last year, and the Federal Bureau of Investigation is blaming mortgage brokers for the increase. Meanwhile, Los Angeles is the star in an upcoming FBI report.

Countrywide Stung by Massive Fraud
Countrywide Home Loans appears to have been victimized in a mortgage fraud case that could involve as much as $40 million.

Worst Metros for Fraud
A quarterly index that measures the likelihood of losses from mortgage fraud rose again.

Mortgage Fraud Impacts Local Economies
Mortgage fraud is more likely to have an economic impact on vulnerable markets, according to an index that measures collateral risk.

Cease & Desist Issued Against Mass. Broker
A Massachusetts branch manager who falsified loan documents and paid fees to unlicensed originators has been shut down by the state -- costing his employer $200,000.

The Power of Attorneys
Stealing mortgage proceeds from clients is bad enough. But two of the latest real estate attorneys gone wild stole from elderly clients.

Fraud Femme Fatale
Ann Fulmer, whose whole life has been about asking questions, has gone from a concerned citizen to a fraud prevention icon.
Originator Steals $14 mil from Employer
A Chicago loan originator has been arrested for stealing $14 million from his employer.

Banned From Mortgage Lending
Michigan has banned several people from mortgage lending in the state because of alleged mortgage fraud activity.

IndyMac Files Fraud Lawsuit
IndyMac Bank has filed a lawsuit alleging it was defrauded on $20 million in Florida mortgages.

BoA, HSBC Tangled Up In Fraud Lawsuit
Three prominent banks must defend themselves against allegations of negligence and breach of fiduciary duty in connection with a mortgage-related Ponzi scheme run by a real estate attorney who milked hundreds of millions of dollars from the Orthodox Jewish community.

Philly Fraud Foiled
Ten people, including four from a Philadelphia-area mortgage company, have been indicted in an $11 million mortgage fraud case involving over 180 properties.

Foreclosure Bailout Firm Shut Down
Illinois regulators have slammed the door on a mortgage rescue scam that, with the help of seven title agencies, defrauded Chicago homeowners facing foreclosure.

Attorneys Gone Wild
Three more real estate attorneys may be headed for prison.

Fraud Convict Converts
Following his release from a five-year prison term for participating in a $124 million mortgage fraud scheme, a former loan originator is helping mortgage bankers avoid being victimized by people like him.

read news story
Defunct Company Still in Trouble
Loan files from a defunct Wichita, Kan.-based mortgage company turned up in a recent drug raid.

SEC Stops Senior Scam
In an emergency action, the Securities and Exchange Commission has frozen the assets and received the green light from a federal judge to appoint a receiver to stop a real estate investment scheme in New York that has allegedly taken millions of dollars from senior citizens and retirees since 1996.

Executive Altered Entries
Standard & Poor's Ratings Services is joining federal regulators in reviewing the mortgage securitization operations of a Miami-based mortgage company after it revealed that a top sales employee had allegedly altered data on $100 million in securitized loans.

$6.5 Million Fraud Ring Broken Up
A Cincinnati mortgage broker and a loan processor were among 20 people guilty of participating in a massive fraud ring that stung the likes of IndyMac Bank and ABM AMRO.

Investor Mutiny Against Broker
A group of nine investors recently filed a lawsuit accusing a Missouri mortgage broker of operating a $3.1 million Ponzi scheme.

Fraud Reports Analyzed
The biggest concentration of mortgage fraud is on the East Coast, though two southwestern states are also hot spots.

KC Fraud Case Involved 280 Loans
A mortgage fraud case that has emerged out of Kansas City involves 280 loans for more than $17 million.

Crooked Mortgage Attorneys
Real estate lawyers in trouble with the law continue to grow in numbers.

Massive CA Fraud Case Emerges
When elderly investors gave more than $17 million to a California mortgage broker, they believed the company was going to make mortgage equity loans.

Fed Order Issued Against Originator
Regulators have banned a former bank loan officer from banking for engaging in mortgage fraud, among other crimes.

Bad Lawyers
A rash of crooked attorneys has descended upon real estate finance.

License Revoked Over Fake HUD-1s
State banking regulators revoked the license of a Mississippi mortgage lender accused of destroying and concealing records to cover up fraudulent HUD-1 statements and sales contracts.

Atlanta Originators Lose Licenses
Georgia regulators have pulled the licenses of two mortgage brokers as they continue to aggressively attack what has been rampant fraud throughout the state. The latest cases involve poor record keeping and outright fraud.

CO Broker Licensing Targets Fraud
Colorado, which has lagged behind most other states on tackling mortgage-related crimes and criminals, has enacted a new set of laws and regulations targeting mortgage fraud.

American Home Unit Settles Fraud Allegations
A subsidiary of American Home Mortgage Investment Corp. has agreed to pay $800,000 to settle civil allegations of fraud brought by the Department of Housing and Urban Development.

Inside Job at Mortgage Company
A New Jersey mortgage loan officer, apparently short on loan closings, resorted to stealing from his employer.

Panelists Discuss Mortgage Fraud
WASHINGTON -- Nonprime mortgage executives recently listened to the FBI, a fraud mitigation firm and one of their peers talk about mortgage fraud and how to reduce it.

Escaped Fraud Convict Assaults Arresters
A Georgia man has been sentenced for committing mortgage fraud after escaping from the prison where he was serving a mortgage fraud sentence.

Backend Mortgage Fraud
Panelists at a recent real estate finance fraud conference talked about a new kind of mortgage fraud.

Florida Worst Fraud State
A 16-page mortgage fraud report indicates the Sunshine State had more fraud than the rest last year, though Colorado and Illinois have placed more prominently in the rankings during the past few years.

Contract Underwriter Pleads Guilty
A contract mortgage loan underwriter faked her own death to avoid charges of mortgage fraud.

Husband, Wife Admit Scam
Hard charging New York attorney general Eliot Spitzer, who has his sights set on the governor's mansion and possibly the White House, is continuing his aggressive crackdown on mortgage fraud.

IL Brokers Fined, Shut Down
Surprise inspections by Illinois regulators have recently cost some of the state's mortgage brokers hundreds of thousands of dollars in fines so far. The inspections are the result of a new crackdown on mortgage fraud.

NY Ring Busted
Eight people have been indicted in a New York mortgage fraud ring that prosecutors say operated for five years and cost lenders and consumers millions of dollars.

Mortgage Fraud Defendant Murdered
A Connecticut developer won't be facing charges that he defrauded mortgage lenders out of millions of dollars and stole nearly $4 million from a New York co-op.

Appraisal Alteration Allegations Lead to License Loss
One Georgia mortgage broker isn't giving up his license without a fight.

Investors Force Mortgage Co. Into Bankruptcy
A family that invested $4 million in a mortgage brokerage firm that finances nontraditional loans has forced the firm into bankruptcy amid allegations of a Ponzi scheme.

Pair Arrested for Stealing Titles
Police in California recently ended a six-month investigation with the arrest of the owners of two California mortgage companies. The men are accused of forging mortgage documents and notary seals to steal equity from homeowners.
read news story
The Other Side of Fraud
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.
Fraud Fugitive Found & Arrested
Half of the most notorious couple in mortgage lending has been caught.
read news story
Fraud Broker's Sentence Suspended
A Colorado mortgage broker who pleaded guilty in a state court to leading a $20 million fraud ring will spend no time in state prison for his crimes.

IL Sues Mortgage Companies for Fraud
The Illinois Attorney General has filed two lawsuits against three companies she says claim to help homeowners facing foreclosure keep their houses but that actually engage in mortgage rescue fraud.

Fraud Brokers to be Tracked
Eleven companies, including a credit reporting agency and a net branch company, have banded together to establish a national database of bad brokers.

Georgia takes Action Against 2 Mortgage Brokers
Two women have been banned from originating mortgages in Georgia. Alleged mortgage fraud prompted the revocation of one's broker license while action was taken against the other as a result of operating without a license.

Credit Card Fraud Prevention is Good Model for Mortgages
The evolution of credit card fraud prevention at banks offers some valuable insight for mortgage lenders looking to prevent mortgage fraud.

Land Contract Operation a Scam
A formerly high-flying land-contract brokerage has crumbled amidst criminal charges, burned investors and stunned borrowers.

Fake Broker Steals Equity
A California man is accused of posing as a mortgage broker to get at least one elderly couple to provide him enough information to steal equity from their home.

Option One, Accredited Stung by Drug Ring
Federal prosecutors in Ohio have snared their first guilty plea in their investigation of a large drug ring that used a mortgage brokerage to launder some of its ill-gotten funds.

Company, Employees Vanish Amid $100 Million Scandal
Federal investigators say a recently disbanded mortgage brokerage firm helped dozens of borrowers cheat financial institutions and secure up to $100 million in loans.

Ohio Becoming Fraud Capital
Ohio holds most of the top-five markets expected to be fraud hot spots over the next year or so, according to a provider of mortgage risk assessment and fraud prevention solutions.

Full Service Fraud Forms
An accountant has been charged with running what prosecutors have described as a clearinghouse for fake documents -- including phony pay stubs -- used to obtain mortgages, loans and federal assistance.

Fake Paystubs Online
A Florida Internet company has allegedly offered online services for mortgage loan applicants that needed fake paystubs.

Paper Analyzes eNotary Effect on Mortgage Fraud
An improved electronic notary system could go a long way toward reducing mortgage fraud, according to a white paper by a Massachusetts Institute of Technology professor.

Texas Fund for Broker Victims
Borrowers defrauded by licensed mortgage brokers and originators in the state of Texas have a place to turn to recover money when all other efforts have failed.

Fraud Among Top Mortgage Banking Issues
U.S. mortgage bankers have placed mortgage fraud among the top issues to be dealt with this year.

Baltimore Beats Real Estate Bandits
A law enforcement crackdown and media-generated awareness has cooled the former mortgage-fraud hotbed of Baltimore.

State Stops Fictitious Financier's Foreclosure
It took a court order obtained by the Massachusetts attorney general to prevent an alleged bogus mortgage lender from foreclosing on the home of a 71-year-old woman.

Free Fraud Prevention
A Florida company is giving away free fraud prevention services.

ABN AMRO Settles FHA Fraud Charges
ABN AMRO Mortgage Group has agreed to the largest FHA settlement ever.

Dead Fraud
Two previously convicted mortgage brokers have been indicted for using the identities of dead people to commit mortgage fraud. But neither has yet been apprehended.

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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.



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