Loan Modification

Mortgage Broker and Real Estate Developer Indicted in $19.6M Mortgage Fraud

Posted on February 13, 2010
Mortgage Broker and Real Estate Developer Indicted in $19.6M Mortgage Fraud SAN FRANCISCO?Yesterday a federal grand jury in San Francisco indicted Michael Ohayon and David Papera with conspiracy to commit bank fraud, bank fraud, and money laundering, United States Attorney Joseph P...

KC Home Builder acquitted in alleged $25M mortgage fraud scheme

Posted on February 13, 2010
F. Jeffrey Miller, the primary defendant in an alleged $25 million mortgage fraud scheme, has been acquitted by a federal jury. A jury in U.S. District Court in Kansas City, Kan., on Friday said Miller was not guilty of 56 criminal counts of money laundering and bank fraud...

KC home builder arrested after federal indictment

Posted on February 13, 2010
A Kansas City home builder already under indictment for fraud was arrested Thursday in connection with a new federal grand jury indictment for allegedly continuing to operate illegally while his trial is pending. F. Jeffrey Miller, 45, of Stanley, was indicted in May on charges including conspiracy to commit bank fraud and money laundering...

2nd Indiana woman sentenced in mortgage fraud scheme

Posted on February 13, 2010
A Noblesville woman was sentenced to more than five years in prison for her role in a multi-million dollar mortgage fraud scheme. A U.S. District Court judge in Indianapolis ordered Beverly A. Ross, 51, to serve 63 months in prison and repay $5.6 million to 21 lenders she defrauded as part of a plea agreement, according [...

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No restitution in R.I. $674,000 mortgage-fraud scheme

Posted on February 13, 2010
PROVIDENCE ? A woman who has been sentenced to 46 months in federal prison will not, for now, have to pay restitution to the institutions that gave her financing that she then used in a $674,000 mortgage-fraud scheme. Lisa Torres, formerly of Johnston, was sentenced in U...

Mortgage Broker and Real Estate Developer Indicted in $19.6M Mortgage Fraud

Posted on February 13, 2010
SAN FRANCISCO?Yesterday a federal grand jury in San Francisco indicted Michael Ohayon and David Papera with conspiracy to commit bank fraud, bank fraud, and money laundering, United States Attorney Joseph P. Russoniello announced. According to the indictment, Ohayon, 41, and Papera, 47, are alleged to have recruited thirteen straw buyers who used their good credit scores [...

Real Estate Broker and Appraiser Sentenced for Multi-Million Dollar Mortgage Fraud

Posted on February 13, 2010
Kurt Warren Heintz, age 39, of Grand Blanc, Michigan, formerly the owner of Great Lakes Broker Funding in Grand Blanc, Michigan, was sentenced on Wednesday, February 10, 2010, to 65 months in the custody of the Bureau of Prisons on one count of Financial Institution Fraud in violation of Section 1344 of Title 18 of [...

New Hampshire man charged with mortgage fraud and exploitation of the hearing impaired

Posted on February 11, 2010
Eric W. Eliason, 30, of Tamworth New Hampshire, is charged with crimes that occurred in connection with his business, Deaf and Hard of Hearing Mortgage Consultants. The first set of complaints allege that the defendant took up-front money to assist hard of hearing victims in completing a loan modification of their home mortgage...

Lawyer admits mortgage scam

Posted on February 11, 2010
A Doylestown lawyer admitted his guilt yesterday in federal court in connection with a $14.6 million mortgage-fraud scheme that victimized 35 homeowners from fall 2004 to June 2007. Stephen G. Doherty, 43, pleaded guilty to 15 counts of conspiracy, wire fraud and related bankruptcy and money-laundering offenses...

Forged T-Bills Used in Mortgage Fraud Attempt

Posted on February 10, 2010
A Georgia man is facing mortgage fraud charges after allegedly printing up $1.6 billion in bogus U.S. Treasury bonds and trying to buy a house, officials said. Authorities said Lloyd Clifford Norris, 57, of Duluth was being held without bond following his arrest last week, The Atlanta Journal-Constitution reported Tuesday...

Realty owner admits stealing mortgage funds

Posted on February 10, 2010
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Bankruptcy Trustee Files $300 Million Dollar Malpractice Complaint

Posted on February 10, 2010
The trustee in a bankruptcy case tied to a multimillion-dollar mortgage fraud allegation has filed a malpractice complaint against the debtor’s brother and is seeking more than $300 million in damages. Derek Henderson is the trustee in bankruptcy cases filed by Chris Evans of Madison County and his companies...

Congressman Marchant Unveils ?Mortgage E-Verify Act?

Posted on February 09, 2010
Washington, D.C. - Congressman Kenny Marchant (TX-24) issued the following release today after unveiling his new bill, H.R. 4586 the Mortgage E-Verify Act. “As a member of the House Financial Services Committee, I am happy to introduce my bill, the Mortgage E-Verify Act, which would require, as a condition for modification of a home mortgage loan [...

Grim Foreclosure Numbers Spur Mortgage Reform Bills

Posted on February 09, 2010
ATLANTA - Metro Atlanta’s foreclosure notices jumped a whopping 27% this month over January. More than 10,000 of those notices came in the 13-county metro area, according to Alpharetta’s Equity Depot. That bad news is sure to spur on some state lawmakers who’re trying to reform Georgia’s mortgage laws and crack down on fraud...

High-Stakes Mortgage Fraud Trial Gets Under Way in San Francisco

Posted on February 09, 2010
At the heart of a mortgage fraud trial that opened Monday in San Francisco Superior Court are millions of dollars in loans that never should have been made, the lawyer for a family estate told the jury in opening statements. U.S. Bank sued on behalf of a mortgage pool to try to recover $1 million from [...

FBI officials say mortgage fraud is a big problem in St. Louis.

Posted on February 09, 2010
FBI officials said mortgage fraud is the top priority of the white collar crime squad in the St. Louis area. Mark Aldrich, supervisory special agent for white collar crime squad said mortgage fraud hasn?t hit Missouri as hard as Arizona, California and numerous other states–but it is still a problem...

Can Government?s Witness Be Trusted in City Official Corruption / Real Estate Fraud?

Posted on February 09, 2010
Solomon Dwek’s credibility is key in Beldini corruption trial Defense lawyer puts focus on deal failed mogul made NEWARK - A federal jury’s answer to that question is likely to decide the fate of the government’s extortion and bribery case against suspended Jersey City deputy mayor Leona Beldini...

Mortgage scams shifting, changing faces

Posted on February 09, 2010
SALT LAKE CITY — Officials are warning Utahns to be watchful this year because a number of mortgage scams are surfacing, costing homeowners and lenders thousands of dollars. The Federal Bureau of Investigation in Salt Lake City and the Utah Division of Real Estate recently issued an alert detailing the top mortgage scams to look out [...

Attorneys, real estate barons busted for bilking their friends, family, everyday people

Posted on February 09, 2010
Kings County District Attorney Charles Hynes announces indictments against a dozen individuals arrested by his Mortgage and Real Estate Fraud Unit. A major milestone in every homeowner?s life is the day when they pay off their mortgage and their humble abode is truly theirs...

Fictitious Real Estate Venture Leads to 58 Charges Against Manhatten Businessman

Posted on February 09, 2010
NEW YORK - Manhattan District Attorney Cyrus Vance, Jr., announced the arrest and second indictment of former businessman Adam Hochfelder, 39, of Manhattan, on charges of defrauding investors in two real estate deals, following an investigation by the Manhattan District Attorney?s Office...

Real Estate Scams Flourish in Brooklyn

Posted on February 07, 2010
NEW YORK ?Despite a depressed real estate market, mortgage fraud and other related crimes continue to be a major problem, according to Brooklyn District Attorney Charles Hynes. Today he announced charges against 12 people for a variety of unrelated housing schemes, including mortgage fraud...

Real Estate Appraiser Receives Three Years for Mortgage Fraud

Posted on February 07, 2010
BEL AIR?On January 29, a former state-licensed real estate appraiser was sentenced to three years in federal prison and ordered to pay more than $46 million in restitution for her role in a massive mortgage fraud scheme that caused tens of millions of dollars in losses to federally insured banks, according to the Federal Bureau [...

Two Sentenced in Indiana for Mortgage Fraud Crimes

Posted on February 07, 2010
INDIANAPOLIS?Kevin Lafavers, age 46, formerly of Indianapolis, was sentenced today to 33 months in federal prison, and Donald T. Brown, age 67, Lebanon, Indiana was sentenced to 27 months in prison. Circuit Judge David F. Hamilton sentenced both individuals following Lafavers? guilty pleas to conspiracy to commit wire fraud and wire fraud and Brown?s guilty [...

FBI Uses Informant to Investigate Florida?s Largest Real Estate Fraud Ring

Posted on February 07, 2010
Tampa, FL - Craig Adams, orchestrator of one of the largest real estate fraud rings in Florida history, has secretly spent more than a year and a half as an FBI informant, helping build cases against the people he once recruited into his schemes, the Herald-Tribune has learned...

Salt Lake City FBI and Utah Division of Real Estate Name Top Five Mortgage Scams in 2010

Posted on February 06, 2010
Special Agents and State Investigators Warn Utahns to Beware Is someone letting you live in a home for free? Did a builder offer you deep discounts to move into a newly constructed house? Has a company offered to refinance your mortgage for a fee? If the answer to any of these questions is ?yes,? then you [...

Ten Florida Residents Charged in Multi-Million Dollar Mortgage Fraud Scheme

Posted on February 06, 2010
Jeffrey H. Sloman, United States Attorney for the Southern District of Florida; John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation, Miami Field Office; and C. Ed Slagle, Special Agent in Charge, Federal Deposit Insurance Corporation, Office of Inspector General, Southeast Region, announced the January 26, 2010 unsealing of an Indictment charging Yamil [...

Cuomo Brings Suit Over BofA-Merrill Merger

Posted on February 06, 2010
NEW YORK CITY-State Attorney General Andrew Cuomo on Thursday filed suit against Bank of America and its former CEO Kenneth Lewis and former CFO Joseph Price, charging that the banking giant misled shareholders and federal regulators over its merger with Merrill Lynch...

Loan Officer Redirects $4 Million in Broker Fees to Himself

Posted on February 06, 2010
A United States District Court Judge sentenced a 52-year-old Andover man Friday (Feb. 5) to 37 months in prison for his role in orchestrating a residential real estate loan scam. Eric Krahnke, a loan officer at Associated Bank, bypassed normal loan-approval channels to get 21 real estate loans totaling more than $4 million between March 2003 [...

Former Indiana player, current broadcaster Todd Leary arrested in real estate fraud case

Posted on February 06, 2010
FORT WAYNE, Ind. (AP) ? Indiana broadcaster and former Hoosiers player Todd Leary has been arrested on felony charges in connection with what authorities say was a multimillion-dollar fraud scheme. The 39-year-old Leary was booked into jail Thursday night...

President of First Fidelity Mortgage Forging Signatures of Borrowers

Posted on February 05, 2010
SHREVEPORT, LA?William Everett Nichols, 56, of Alexandria, La., President and sole shareholder of First Fidelity Mortgage, Inc., was sentenced to six years in federal prison and ordered to pay $3,903,071.00 in restitution for bank fraud, Acting United States Attorney William J...

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