Loan Modification

Thirteen Indicted in Broward Mortgage Investment Scheme

Posted on July 01, 2010
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida; Amos Rojas, Special Agent in Charge, Florida Department of Law Enforcement; John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation, Miami Field Office; Henry Gutierrez, Postal Inspector in Charge, U...

Hamilton Man Pleads Guilty to $9 Million Investment Fraud, Mortgage Fraud

Posted on June 30, 2010
CINCINNATI?James D. Powell, 53, of Hamilton, pleaded guilty in United States District Court here today to operating a Ponzi-style fraud scheme which cost 90 victims more than $9 million over six years by promising them high rates of return on a portfolio of real estate investments, and defrauded at least two mortgage companies and a [...

Broker gets 11.5 years for $3.4 million mortgage fraud scheme

Posted on June 29, 2010
Meticulous bill payers Alisha and Peter Thomasma have been forced to teach their children not to answer the door because on the other side may stand a bill collector. Karen Villwock and her husband, Brion, had pristine credit built through years of never missing a bill payment, yet their home is now in foreclosure...

Feds conclude biggest mortgage fraud dragnet in U.S. history

Posted on June 29, 2010
Suspects may find themselves behind bars living rent free thanks to nationwide mortgage fraud arrests. Members of the Financial Fraud Enforcement Task Force released the results of a nationwide dragnet, “Operation Stolen Dreams,” which targeted mortgage fraudsters throughout the country and is the largest collective enforcement effort ever brought to bear in confronting mortgage fraud...

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Connecticut Five Charged In $10 Million Mortgage-Fraud Scheme

Posted on June 27, 2010
A federal grand jury in Connecticut indicted five people this week linked to a $10 million mortgage-fraud scheme led by Syed A. Babar, a 28-year-old Connecticut resident. The defendants previously were arrested on criminal complaints and released on bond, according to the U...

New Jersey Man Charged in Foreclosure Rescue Scam

Posted on June 26, 2010
PHILADELPHIA?Gennaro Rauso, who owned and operated a real estate management company that purported to help financially distressed homeowners with their foreclosure problems, was charged today by information with several mortgage fraud related offenses...

Pennsylvania Man Sentenced to Prison for Mortgage Fraud Scheme

Posted on June 25, 2010
Acting United States Attorney Robert S. Cessar announced today, June 22, 2010, that Andrew McCullough, a resident of Allegheny County, Pennsylvania, has been sentenced in federal court in Pittsburgh to 15 months in prison to be followed by three years’ supervised release on his conviction of wire fraud conspiracy in connection with a mortgage fraud [...

Senior Loan Officer with Metropolitan Money Store Pleads Guilty in Maryland Mortgage Fraud Scheme

Posted on June 24, 2010
GREENBELT, MD?Rolando Alonzo Cousins, a/k/a ?Junior,? age 32, of Bowie, Maryland, pleaded guilty today to conspiracy to commit mail fraud and wire fraud in connection with a massive mortgage fraud scheme which promised to help homeowners facing foreclosure keep their homes and repair their damaged credit, but left them homeless and with no equity...

Three Minneapolis Men Indicted in $16 Million Mortgage Fraud Scheme

Posted on June 23, 2010
A federal indictment was unsealed today, charging three Minnesotans in connection with an alleged mortgage fraud scheme that resulted in a $16 million loss for lenders. The indictment, filed with the U.S. District Court in Minneapolis on June 15, 2010, was unsealed following the initial appearances of the three defendants, which occurred earlier today...

Fort Washington, Maryland Man Convicted in Mortgage Fraud Scheme Case

Posted on June 22, 2010
GREENBELT, MD?A federal jury today convicted Robert Dewain Venson, age 38, of Fort Washington, Maryland, for mail and wire fraud, money laundering and failing to file tax returns in connection with a three-year mortgage fraud scheme involving 13 residential properties...

Owner, Employees, and Customers of California Liberty Mortgage Company Indicted for Roles in Multi-Million-Dollar Mortgage Scam

Posted on June 21, 2010
SACRAMENTO, CA?United States Attorney Benjamin B. Wagner announced that last Thursday a federal grand jury returned a 48-count indictment charging 10 defendants with conspiracy to commit mortgage fraud, mail fraud, and making false statements in mortgage applications to federally insured banks...

Manhattan U.S. Attorney Charges New Jersey Woman with $45 Million Real Estate Investment Ponzi Scheme

Posted on June 20, 2010
PREET BHARARA, the United States Attorney for the Southern District of New York, and GEORGE VENIZELOS, the Acting Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation (”FBI”), announced today the arrest this morning of ANTOINETTE HODGSON on charges that she orchestrated a $45 million real estate Ponzi scheme that fraudulently [...

Seven in Michigan Charged in Multi-Million-Dollar Mortgage Fraud Scheme

Posted on June 19, 2010
Seven individuals were charged today in a federal criminal complaint in connection with an extensive multi-million-dollar mortgage fraud scheme, United States Attorney Barbara L. McQuade announced. Joining her in the announcement was Special Agent in Charge Andrew G...

FBI Issues 2009 Mortgage Fraud Report

Posted on June 18, 2010
According to the Federal Bureau of Investigation?s 2009 Mortgage Fraud Report, released today, mortgage fraud suspicious activity reports referred to law enforcement increased 5 percent to 67,190 during fiscal year (FY) 2009. The total dollar loss attributed to mortgage fraud is unknown...

More Than $1.9 Billion Fraud Scheme that Contributed to the Failure of Colonial Bank

Posted on June 17, 2010
WASHINGTON?Lee Bentley Farkas, the former chairman of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), was arrested last night in Ocala, Fla., and charged in a 16-count indictment for his alleged role in a more than $1.9 billion fraud scheme that contributed to the failures of Colonial Bank, one of the 50 largest [...

National mortgage meltdown has strong Western Pennsylvania ties cost $7 billion

Posted on June 16, 2010
Kenneth Cowden relied on digital photographs and a flair for creative fiction to write up $137 million worth of false property appraisals over five years. For a while, Cowden, 58, formerly of Coraopolis, used the identification of a dead man to continue the scam, according to federal court papers...

Modesto Man Charged with Real Estate ?Advance Fee? Scheme

Posted on June 15, 2010
FRESNO?United States Attorney Benjamin B. Wagner announced today that a federal grand jury returned a 30-count indictment charging Tony Huy Havens, 36, of Modesto, California, with wire fraud and criminal forfeiture. According to the indictment, Havens targeted victims in at least eight states who were seeking multi-million-dollar loans for large construction projects that were in danger [...

Federal prosecutors after two Western Pennsylvania mortgage fraud suspects

Posted on June 14, 2010
Frank S. Guzik Jr., 41, of Derry owned and operated investment and housing companies in Monroeville. He received more than $14 million from 105 investors before disappearing, federal court filings say. He promised annual returns of 8 percent to 14 percent from the practice of “flipping” properties — buying distressed houses cheaply, fixing them up [...

Accountant Sentenced to 60 Months for Multi-Million-Dollar Mortgage Fraud Scheme

Posted on June 13, 2010
ALEXANDRIA, VA?Lloyd Mallory, 48, of Silver Spring, Maryland was sentenced today to 60 months in prison, followed by three years of supervised release, for his role in helping to carry out a multi-million-dollar mortgage fraud scheme. He was also ordered to pay $2,797,855 in restitution...

California Sisters Plead Guilty to Mortgage Fraud

Posted on June 12, 2010
SACRAMENTO - United States Attorney Benjamin B. Wagner announced today that Ralondria Stafford, 36, and Necole Ward, 31, both formerly of Vallejo, pleaded guilty today before United States District Judge Morrison C. England, Jr., to Bank Fraud. According to court documents, from 2004 through 2006, Stafford and Ward, who are sisters, operated RN Realty, a real [...

Denver Man Indicted on 63-Count Mortgage Fraud Scheme

Posted on June 11, 2010
DENVER?Gary A. Noble, age 31, of Denver, Colorado, was indicted by a federal grand jury in Denver, which on May 20, 2010, returned a 63-count wire fraud indictment related to a mortgage fraud scheme, United States Attorney David Gaouette and Federal Bureau of Investigation (FBI) Special Agent in Charge James Davis announced...

Two Indicted in $2.5 Million Mortgage Fraud Scheme

Posted on June 10, 2010
A mortgage broker and real estate closing agent in the Twin Cities have been indicted in federal court for allegedly orchestrating a mortgage fraud scheme that resulted in a $2.5 million loss for financial lenders. The indictment, which was filed earlier today in U...

Federal Jury Convicts Five Involved in Mortgage Fraud Ring

Posted on June 09, 2010
BOSTON, Mass. ? Following a seven-week trial, a federal jury found five defendants guilty of mortgage fraud stemming from a scheme that involved 21 properties in the Greater Boston area, 10 mortgage lenders, and more than $10.6 million in loan proceeds...

Lincoln lawyer disbarred in mortgage fraud case

Posted on June 08, 2010
PROVIDENCE, R.I. - Attorney Jon A. Mills, of Lincoln, has been disbarred by the Rhode Island Supreme Court. The court released an order Tuesday authorizing the disbarment after Mills agreed to voluntarily give up his law license and cooperate with authorities in the prosecution of a wide-ranging $16-million mortgage-fraud case...

Virginia Real Estate Investor Sentenced 46 Months for Mortgage Fraud

Posted on June 07, 2010
ALEXANDRIA, VA - Ahmad Z. Abbasi, 36, of Woodbridge, Va., was sentenced today to 46 months in prison, followed by three years of supervised release, and ordered to pay $1,637,412 in restitution. Abbasi pled guilty on March 3, 2010, to conspiracy to commit mail fraud for recruiting unqualified buyers who provided false information to obtain [...

Loan officer gets 77 months in Fairfax mortgage fraud conspiracy

Posted on June 06, 2010
A Fairfax County loan officer who helped defraud banks of more than $2.5 million in a mortgage fraud conspiracy, then tried to flee the country after her guilty plea, was sentenced Friday to 77 months in federal prison. Lourdes Rojas Almanza, 28, of Falls Church was part of a ring of investors, real estate agents and [...

15th person to plead guilty in mortgage case

Posted on June 05, 2010
A Charlotte appraiser is the 15th person who has agreed to plead guilty in the “Waxhouse Investigation,” a long-running federal mortgage fraud case involving pricey new Mecklenburg and Union county subdivisions. Clinton Bruce Darden was the owner of ValuEstimators Inc...

Connecticut man charged with selling homes to straw buyers

Posted on June 04, 2010
Federal authorities have charged Rab Nawaz of Waterford in connection with a real estate fraud scheme that involved purchasing homes in New London and selling them to straw buyers at artificially inflated prices. Nawaz, 47, of Harbor View Avenue, was arrested Wednesday morning at his home...

Federal Jury Convicts Five Involved in Mortgage Fraud Ring

Posted on June 03, 2010
BOSTON?Following a seven-week trial, a federal jury found five defendants guilty of mortgage fraud stemming from a scheme that involved 21 properties in the Greater Boston area, 10 mortgage lenders, and more than $10.6 million in loan proceeds. United States Attorney Carmen M...

One Attorney Pleads Guilty, Another is Sentenced in Separate Mortgage Fraud Schemes

Posted on June 02, 2010
Acting United States Attorney Robert S. Cessar announced today, May 28, 2010, that during the week beginning May 24, 2010, one attorney pleaded guilty in connection with a mortgage fraud scheme and another attorney was sentenced to two years of imprisonment in connection with a different mortgage fraud scheme...

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