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Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Mortgage Fraud Lawsuits
Fourth-Quarter 2009 Mortgage Litigation Index

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Cases involving mortgage fraud, flipping, identity theft and inflated appraisals.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to Story
Educational Systems Federal Credit Union CU National Mortgage LLC na na Declaratory judgment action seeking the court's confirmation was filed. na na na www.mortgagedaily.com/LitigationGraveyard123009.asp
Edward G. McCusker, Jeffrey A. Bennett, Stephen G. Doherty, John Alford Bariana, Jacqueline McCusker United States of America U.S. District Court for the Eastern District of Pennsylvania $14,600,000 Criminal action against individuals or conspiracy and fraud by recruiting debtors to use equity built into their homes to pay for a new mortgage that would be purchased by straw purchasers, who then would take out an additonal mortgage on the property and keep the proceeds of the second loan. United States v. McCusker, et al. na Dec. 8, 2009 www.mortgagedaily.com/ForeclosureRescueLitigation121509.asp
Ideal Mortgage Bankers LTD dba Lend America United States of America U.S. District Court for the Eastern District of New York na HUD blocked from cutting FHA approval.The defendant was accused of abusing its authority under the U.S. Department of Housing and Urban Development's Direct Endorsement Program by manipulating loan files and falsely certifying that loans met FHA guidelines. The court denied the government's request for an order prohibiting Lend America from originating FHA insured loans in light of Ideal Mortgage Bankers' massive operational overhall implemented to tighten compliance and prevent fraud. United States of America v. Ideal Mortgage Bankers, LTD et al. 2:09-cv-04484-JFB -WDW Oct. 20, 2009 www.mortgagedaily.com/LawsuitLendAmerica102109.asp, www.mortgagedaily.com/LawsuitDojLendAmerica102009.asp, www.mortgagedaily.com/LendAmericaFha113009.asp
Independence Planning LLLP d/b/a Alternative Lending of Colorado, James W. Dale III, April A. Bigler State of Colorado District Court, Fremont County, Colorado na Bigler, as originator, allegedly lied to borrowers about interest rates, colluded with appraisers to inflate appraisal values, delayed closings, and other fradulent tactics with knowledge of Dale. As a result, 44% of Bigler's borrowers ended up in foreclosure. The State of Colorado v. Independence Planning LLLP d/b/a Alternative Lending of Colorado na Oct. 8, 2009 www.mortgagedaily.com/LitigationCriminal123009.asp
James Benjamin Duncan, Hendrix Moreno Montecastro, Helen Moreno Pedrino, Maurice McLeod, Charlie Sung Muk Choi, Cindi Gayle Kelly and Thuan Nhan Du na Riverside County Superior Court, Calif. $125,000,000 Defendants tied to Pacific Wealth Management and Stonewood Investments accused of securities fraud. In re. Pacific Wealth Management and Stonewood Investments RIF153306 na www.mortgagedaily.com/InvestorLawsuits122909.asp
Peter Anthony Bakowski United States of America U.S. District Court for the Middle District of Florida, Tampa Division na The defendant mortgage broker plead guilty to selling the same mortgage notes to multiple investors in a scheme that led to millions of dollars in losses. The defendant was also accused of hiding existing liens from potential buyers and taking out loans on properties even though the properties were already mortgaged. United States of America vs. Peter Anthony Bakowski Case No. 8:09MJ1409 MAP Sept. 11, 2009 www.mortgagedaily.com/PleaBarkowski102609.asp
Phillip Seibel United States of America U.S. District Court in Oklahoma $770,037 30-month sentence plus restitution over alleged foreclosure rescue scam through Homesavers LLC. na na na www.mortgagedaily.com/ForeclosureRescueLitigation121509.asp
Phoenix Housing Group, Inc., W.R. Starkey Co., K&B Homebuilders, Inc. State of North Carolina General Court of Justice, Superior Court Division na Allegations that manufactured homes were sold, and loans were made on those homes, based on inflated values. State of North Carolina v. Phoenix Housing Group, Inc. et al. Case No. 09CY32513 Nov. 18, 2009 www.mortgagedaily.com/Litigation123009.asp
Robert Corp United States of America na $679,000 Allegedly overstated the principal balance on a loan to a psychiatric and substance abuse facility insured by HUD. na na na www.mortgagedaily.com/HospitalFraud120909.asp
Rudolph Joseph Strobel a/k/a Lee Harrison, individually and doing business as Lee Harrison Credit Restoration, Credit Restoration, and Lee Harrison Associates Credit Restoration, and Leanna Ruth Harrison, individually and doing business as Lee Harrison Credit Restoration, Credit Restoration, and Lee Harrison Associates Credit Restoration Federal Trade Commission U.S. District Court for the Eastern District of Texas $2,500,000 In October 2009, the defendants entered into a settlement with the FTC for $2.5 million dollars. The defendants were accused of violating the FTC Act and the Credit Repair Organizations Act by engaging in deceptive acts or practices in connection with advertising, marketing, promotion, offering for sale, or sale of credit repair services. Federal Trade Commission v. Rudolph Joseph Strobel a/k/a Lee Harrison, individually and doing business as Lee Harrison Credit Restoration, Credit Restoration, and Lee Harrison Associates Credit Restoration, and Leanna Ruth Harrison, individually and doing business as Lee Harrison Credit Restoration, Credit Restoration, and Lee Harrison Associates Credit Restoration FTC File No. 082 3141 Aug. 27, 2008 www.mortgagedaily.com/CreditRepair102809.asp
William E. Nichols United States of America U.S. District Court for the Western District of Louisiana $2,900,000 William Everett Nichols, President and sole shareholder of First Fidelity Mortgage, Inc. plead guilty to defrauding Sabine State Bank out of $2.9 million. Sabine State Bank had provided a line of credit to First Fidelity Mortgage to fund mortgages for its customers, which were secured by customer notes pledged by First Fidelity. Thereafter, Nichols prepared fraudulent notes by forging signatures of borrowers and notaries public and delivered the notes to Sabine State Bank as collateral so Sabine would deposit more funds into First Fidelity's Mortgage's account. Once Sabine deposited the money, Nichols would keep the money for himself. United States v, William Everett Nichols 5:09-cr-00163-DEW-MLH July 23, 2009 www.mortgagedaily.com/LawsuitFirstFidelity110909.asp

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.



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