Loan Modification

Leader of Property-Flipping Scheme and Husband Sentenced in Family Scheme to Conceal Millions in Profits From the Purchase and Sale of Foreclosed Properties

Posted on October 15, 2010
Concealed from IRS Millions of Dollars of Profits Made from ?Flipping? Hundreds of Properties Bought at Foreclosure Auctions GREENBELT, MD?Chief U.S. District Judge Deborah K. Chasanow sentenced Minh-Vu Hoang, age 58, of Bethesda, Maryland, today to five years in prison followed by three years of supervised release for conspiracy to defraud the Internal Revenue Service [...

Nine Sentenced in Alaska?s Largest Mortgage Fraud Investigation

Posted on October 14, 2010
ANCHORAGE, AK?United States Attorney Karen L. Loeffler announced that on August 21, 2009, lead defendant Lance Lockard was sentenced to 70 months in prison for his leadership of a large-scale mortgage fraud scheme. Lockard was the ninth and last defendant to be sentenced for his role in the largest mortgage fraud investigation in Alaska?s history...

International Finance Agencies Hold Strange Debate at Annual Meetings

Posted on October 14, 2010
There was a strange debate about financial regulation in connection with various annual meetings of the international finance bodies in Washington, D.C. this weekend. The nominal debate was between the supposed hawks and doves on regulatory capital requirements...

Charles Antonucci is First Defendant Ever Convicted of Fraud Against The Troubled Asset Relief Program

Posted on October 13, 2010
Former President of the Park Avenue Bank Pleads Guilty in Manhattan Federal Court to Fraud on the TARP, Securities Fraud, Self-Dealing, Bank Bribery, and Embezzlement of Bank Funds CHARLES J. ANTONUCCI, SR., the former President and Chief Executive Officer of The Park Avenue Bank, pled guilty in Manhattan federal court to multiple criminal charges...

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FBI investigates and tips to help prevent you from being victimized

Posted on October 13, 2010
Redemption / Strawman / Bond Fraud Proponents of this scheme claim that the U.S. government or the Treasury Department control bank accounts?often referred to as ?U.S. Treasury Direct Accounts??for all U.S. citizens that can be accessed by submitting paperwork with state and federal authorities...

Dallas Businessmen Involved in Mortgage Fraud Scheme Sentenced to Federal Prison

Posted on October 12, 2010
DALLAS?Three Dallas businessmen, Mark Manners, Robert L. Loeb, and Andrew Siebert, who were involved in a massive mortgage fraud scheme that they ran in the area, were sentenced this afternoon by U.S. District Judge Barbara M.G. Lynn, announced James T...

38 People Indicted by Federal Grand Juries in Arizona This Month

Posted on October 12, 2010
PHOENIX, AZ?United States Attorney Dennis K. Burke joined members of the Arizona Financial Fraud Task Force to announce multiple indictments charging 38 people?among them loan officers, escrow officers, real estate appraisers and agents, and ?straw buyers??in various mortgage fraud schemes, including ?cash back? and loan origination scams...

Mortgage Fraud Leader Sentenced to Nearly 17 Years in Prison

Posted on October 11, 2010
Mortgage Fraud Scheme in Phoenix Resulted in $9.5 Million Loss PHOENIX?Mario G. Bernadel, 51, a citizen of Haiti, was sentenced today to nearly 17 years in prison for his conviction on multiple counts for leading a mortgage fraud scheme in Phoenix that cost banks over $9 million...

FBI: Top Areas for Mortgage Fraud

Posted on October 11, 2010
* Analysis of available law enforcement and industry resources indicates that the top ten mortgage fraud areas are California, Florida, Georgia, Illinois, Indiana, Michigan, New York, Ohio, Texas, and Utah. Other areas significantly affected by mortgage fraud include Arizona, Colorado, Maryland, Minnesota, Missouri, Nevada, North Carolina, Tennessee, and Virginia...

Major lenders reveal massive mortgage fraud

Posted on October 10, 2010
The recent revelations of massive fraud in the processing of foreclosures by major banks demonstrate the urgent necessity for activists to press the demand for an immediate declaration of a two-year moratorium to halt all foreclosures and evictions in the U...

Dallas Businessmen Involved in Mortgage Fraud Scheme Sentenced to Federal Prison

Posted on October 10, 2010
DALLAS?Three Dallas businessmen, Mark Manners, Robert L. Loeb, and Andrew Siebert, who were involved in a massive mortgage fraud scheme that they ran in the area, were sentenced this afternoon by U.S. District Judge Barbara M.G. Lynn, announced James T...

Foreclosure Fraud: Every Affidavit a Fraud?

Posted on October 09, 2010
The scope of foreclosure fraud may not be limited to GMAC and not just to JPMorgan Chase; it may be every bank you can think of, including mortgages held by government-sponsored enterprises Fannie Mae and Freddie Mac. Any bank whose foreclosures have been handled by a law firm specializing in foreclosure services ? a “foreclosure [...

Who Are the Winners and Losers in the Foreclosure Fraud Crisis?

Posted on October 09, 2010
The unfolding foreclosure fraud crisis isn?t easy to understand, but here it is boiled down. Banks need proper documentation to repossess a home from a family. They need documents about everything from the family?s financial situation to its history of missed payments to its assets...

Foreclosure Fraud Scandal Heats Up

Posted on October 08, 2010
Soon, I?ll be up with a piece looking more closely at the foreclosure fraud scandal engulfing the country. But for those not following carefully, here?s a recap. Last month, Ally Financial, formerly known as GMAC, suspended evictions in 23 states after revealing that employees had submitted faulty affidavits when foreclosing on some unknown number of [...

FBI informant Solomon Dwek names string of current, former N.J. officials he allegedly bribed

Posted on October 08, 2010
Joe Ryan/The Star-Ledger Joe Ryan/The Star-Ledger Solomon Dwek, the fraudster-turned-informant who anchored last year?s sweeping FBI sting, returned to the witness stand today and recounted his epic real estate swindles and named a string of current and former Monmouth County officials he claims to have bribed...

NATIONAL MORTGAGE FRAUD SWEEP TAKES IN TWO BIRMINGHAM FRAUD RINGS

Posted on October 07, 2010
The U.S. Attorney?s Office for the Northern District of Alabama is currently prosecuting two mortgage fraud rings that have affected 125 properties in the Birmingham Metro Area and caused nearly $4 million in losses to banks and lending institutions, U...

Indictment Charges Four in Loan Fraud Scheme

Posted on October 07, 2010
An indictment was unsealed today charging Allie Speight, Maurice Thomas, Jerome Manker, and Andre McCrea with various counts of conspiracy to commit wire fraud, wire fraud, bank fraud, conspiracy to commit money laundering, making false statements on loan applications, bribery of bank employees, and identity theft, announced United States Attorney Zane David Memeger...

Fight fraudsters with due diligence

Posted on October 06, 2010
Mortgage brokers must perform due diligence on clients and their solicitors to combat mortgage fraud, says the Association of Mortgage Intermediaries? fraud representative. John Malone, chairman of PMS and the AMI representative on the National Fraud Authority?s mortgage fraud forum, says client due diligence is the key phrase being used by the Financial Services Authority [...

Jury Convicts Decatur Real Estate Broker of Mortgage Loan Fraud

Posted on October 06, 2010
URBANA, IL?A federal jury deliberated approximately five and one-half hours before returning guilty verdicts on all nine counts of fraud charged against Decatur real estate broker Terry Hart for his participation in a real estate ?flipping? scheme Hart?s sentencing is scheduled on Jan...

Birmingham Woman Indicted for Mail and Mortgage Fraud

Posted on October 05, 2010
BIRMINGHAM?A federal grand jury today indicted a Birmingham woman for fraud in connection with a mortgage loan application, announced U.S. Attorney Joyce White Vance. The indictment filed in U.S District Court charges MYRA DENISE ROBINSON, 43, with one count of mail fraud and one count of making false statements on a mortgage application to a [...

Title Company Owner Charged in Federal Court with Mail Fraud

Posted on October 05, 2010
BIRMINGHAM?Federal prosecutors have charged the owner of a Birmingham property title company with mail fraud in connection to a mortgage fraud scheme, U.S. Attorney Joyce White Vance announced. JERRY EUGENE PARKER, owner of Central Alabama Title, is charged in an information filed Thursday in U...

Mortgage Fraud Alert

Posted on October 05, 2010
With attempted fraud on the rise and fraudsters getting more sophisticated, brokers must ensure they don?t become soft targets by doing robust due diligence on all cases With a raft of regulations, major funding problems and widespread dual pricing mortgage brokers have a lot on their plate at the moment...

Secure and Fair Enforcement for Mortgage Licensing Act of 2008

Posted on October 04, 2010
The final rule implementing the federal registration provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act) takes effect on October 1, 2010. Institutions will be expected to implement appropriate policies, procedures and management systems to ensure compliance...

Financial Fraud Enforcement Task Force Holds Mortgage Fraud Summit in Los Angeles

Posted on October 03, 2010
LOS ANGELES (LoanSafe.org) ?Representatives of the Financial Fraud Enforcement Task Force met in Los Angeles today for the latest in a series of Mortgage Fraud Summits. The task force?established by President Barack Obama in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes?is comprised of representatives from a [...

Texas Mortgage Broker Goes Down for Fraud

Posted on October 03, 2010
This Thursday a mortgage broker from San Antonio, TX pleaded guilty money laundering in a fifty-million dollar mortgage fraud scheme. We here at Loansafe.org report about mortgage fraud and real estate scams almost daily as the cases keep rounding up...

Downey Man Charged with $10 Million Mortgage Fraud Scheme That Took Advantage of Distressed Homeowners

Posted on October 02, 2010
Juan Rangel?s Financial Plus Investments Targeted Spanish-Speaking Victims and Conned Them Out of Their Savings and Titles to Their Homes LOS ANGELES?A federal grand jury has indicted a Downey man on a series of fraud charges for allegedly running two related fraud schemes?a Ponzi scheme that took more than $11 million from more than 300 [...

Crofton Loan Officer Pleads Guilty to Mortgage Fraud Scheme

Posted on October 02, 2010
BALTIMORE, MD?James William Fox II, age 40, of Crofton, Maryland, pleaded guilty today to conspiracy to commit wire fraud in connection with a mortgage fraud scheme which promised to help homeowners facing foreclosure keep their homes, but left them with no equity and no longer holding the title to their properties...

Modesto Century 21-Apollo Realty Owner Charged with Defrauding Elderly Homeowners

Posted on October 01, 2010
$10 Million in Losses Alleged FRESNO, CA?United States Attorney Benjamin B. Wagner and Stanislaus County District Attorney Birgit Fladager announced that yesterday a federal grand jury returned an indictment charging James Lee Lankford, 71, of Modesto, with 49 counts of mail fraud, and Jon Vance McDade, 46, also of Modesto, with 49 counts of mail [...

The FDIC?s Loan Modification Program

Posted on September 30, 2010
FDIC, Federal Deposit Insurance Corporation Office of Inspector General, Office of Evaluations, 3501 Fairfax Drive, Arlington, VA 22226-3500 DATE: February 4, 2010 SUBJECT: The FDIC’s Loan Modification Program This report presents the results of our evaluation of the FDIC’s Loan Modification Program (LMP)...

Emanuel County Couple Sentenced in Mortgage Fraud Scheme

Posted on September 30, 2010
STATESBORO, GA?BRIAN STEPTOE, 41, and NATASHA STEPTOE, 38, both from Emanuel County, Georgia, were sentenced yesterday in federal district court for their roles in a mortgage fraud scheme that occurred in Swainsboro, Georgia. ?The U.S. Attorney?s Office will continue to work with law enforcement partners to investigate and prosecute those who engage in financial crimes, [...

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