Mortgage Crimes Lead to Convictions, Prison
Several criminal cases against mortgage insiders involve the theft of loan files, the fraudulent use of a warehouse line-of-credit and embezzlement. One defendant plead guilty, while two others have been sentenced to prison.
Jason Alan Tauer pled guilty on Jan. 29 to stealing 93 loan files and data on 208 more people from Ameriquest Mortgage, a news release from the U.S. Attorney's office in Minnesota said.
Tauer worked at Ameriquest as a mortgage assistant from March 2005 to April 2005.
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Mortgage Graveyard Litigation
Several lawsuits involving failed or acquired mortgage firms have seen a good deal of activity lately. Issue
Federal Agencies Issue Model Privacy Form
Federal regulators today published a model privacy disclosure for use by financial institutions.
No. 100 Fails
Bank regulators just seized a small Florida bank -- marking the 100th federally insured bank to fail this year. A Florida mortgage company closed and left its files in the dumpster. The tally for mortgage-related failures also reached a new milestone.
FTC Busts Broker for Dumping Files
The Federal Trade Commission has busted a Las Vegas mortgage broker for allegedly discarding hundreds of loan files with personal financial documents and private credit records in a public dumpster.
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Lender Settles With FTC
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Illegal Mortgage Leads
For two years, an executive of a Countrywide Financial Corp. unit was successfully operating a mortgage leads business using data he stole from the company. He downloaded the records of 20,000 borrowers each week -- until he was caught.
LendingTree Faces Class Action Over Data Breach
LendingTree LLC, which recently disclosed that former employees helped a number of mortgage companies steal the personal information of loan prospects, is now facing a class-action lawsuit over the data breach.
Mortgage Leads Litigation
LendingTree filed a fraud lawsuit against several individuals and companies over stolen lead data.
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