mortgage fraud

Mortgage fraud is a crime punishable by law where potential buyers of houses attempt to deceive lenders by providing incorrect information or blatantly omitting details which would cause banks to not lend them money. Mortgage fraud is a crime which has risen in numbers and notoriety in the first decade of the 21st Century, especially during the United States' financial crisis of 2008.

There are many types of mortgage fraud including: Occupancy fraud, Income fraud, Employment fraud, Failure to disclose liabilities, Fraud for profit, Appraisal fraud, Cash-Back Schemes, Shotgunning, and Identity Theft. These crimes could yield a person a fixed amount of jail time and fines, with some prison sentences approaching a 30-year maximum.

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Original Technorati articles tagged “mortgage fraud”

• in Business
  Bank of America Documents Show Mortgage Fraud: Operation #BlackMonday
  Anonymous Operation #BlackMonday: Former Bank of America manager, Jason Vaughn, details fraudulent lending practices.
  by angelaorr / on Mar 14, 2011

Latest blogosphere posts tagged “mortgage fraud”

 

• Foreclosure Rescuer Sent to Prison for Mortgage Fraud

  
  Mortgage Fraud Blog — Authority: 117
  Kathleen Harps, 51, Chesapeake, Virginia, was sentenced in Norfolk, Virginia, federal court to 54 months in prison for operating a foreclosure rescue mortgage fraud scheme. Chief United States District Judge Rebecca Beach Smith imposed the sentence.  Harps previously pled guilty on August 23, 2011.
  10 hours ago

• Real Estate Agent Bilks Lenders out of $3.3M

  
  Mortgage Fraud Blog — Authority: 117
  Steven Carver, Carver and Associates Real Estate, Minnetonka, Minnesota, orchestrated an elaborate mortgage kickback scheme that cost lenders $3.3 million and put more than 18 homes into foreclosure or short sale.
  10 hours ago

• 4 Mortgage Fraudsters Sentenced

  
  Mortgage Fraud Blog — Authority: 117
  Aaron Hand, Kenneth Law, Eric Shields and Jerry Strklja were sentenced for perpetrating a massive mortgage fraud scheme conducted through a corrupt loan origination company called AFG Financial Group, Inc.
  10 hours ago

• Real Estate Investment Scammer Pleads Guilty

  
  Mortgage Fraud Blog — Authority: 117
  Christopher Plummer, 50, Lyme, Connecticut, pleaded guilty before Senior U.S. District Judge Warren W. Eginton in Bridgeport, Connecticut, to one count of conspiracy to commit wire fraud stemming from a real estate investment fraud scheme that defrauded individuals out of approximately $1.9 million. 
  10 hours ago

• Real Estate Agent Admits Role in $6M Mortgage Fraud Scam

  
  Mortgage Fraud Blog — Authority: 117
  Rodney T. Riddle, 44, Cincinnati, Ohio, pleaded guilty in U.S. District Court to submitting fraudulent mortgage loan applications to secure $6,971,870 from lending institutions as part of a mortgage fraud scheme.
  4 days ago

• Stealing Trust screening event in Baltimore

  
  The Real Estate Wonk — Authority: 106
  If you havent had your recommended daily dose of outrage, heres an upcoming source: The Maryland Consumer Rights Coalition is showing its "Stealing Trust" documentary at the Enoch Pratt Free Librarys Central location in downtown Baltimore next Wednesday, Feb. 1. The groups film focuses on local residents who lost ...
  5 days ago

• Foreclosure Rescuer indicted for Fraud

  
  Mortgage Fraud Blog — Authority: 117
  Philip Villasis, 41, and Ray D. Gata, 56, both of Chesapeake, Virginia, were indicted by a Norfolk federal grand jury on nine charges including conspiracy to commit wire fraud, wire fraud, and money laundering for their roles in a foreclosure rescue scam involving straw buyers.
  5 days ago

• Court Clerk Sentenced for Lying to Obtain a Home Loan

  
  Mortgage Fraud Blog — Authority: 117
  Kim S. Morris, 42, Belleville, New Jersey, was sentenced to 33 months in prison for participating in a mortgage fraud scheme that defrauded Wells Fargo Bank and structuring money orders to evade transaction reporting and identification requirements.
  6 days ago

• 5 Indicted for Real Estate Development Conspiracy

  
  Mortgage Fraud Blog — Authority: 117
  David P. Drake, Donald D. Snider, Jr., Vickie A. Hall, Heather A. Gibbs, and James B. Clarkson have been indicted in federal court, District of Kansas, for their roles in a mortgage fraud and investment scheme in Branson, Missouri.
  1 week ago

• Seminar, TV and Radio Host Sentenced for Real Estate Investment Scam

  
  Mortgage Fraud Blog — Authority: 117
  Anthony Cutaia, who pleaded guilty to mail and wire fraud by misleading investors and misappropriating funds, was sentenced in United States District Court, Southern District of Florida, to 51 months in prison for a real estate investment scheme.
  1 week ago

• WMC Probe Focuses on Fraud

  
  Mortgage-Blog — Authority: 128
  Federal authorities have launched an investigation into defunct subprime lender WMC Mortgage Corp. to determine whether senior managers condoned mortgage fraud, sources said. The government wants to find out if WMC used fake documents, overstated income and other fraudulent practices in search of loan approvals. ...
  1 week ago

• Federal Jury Convicts 2 of Loan Application Misrepresentations

  
  Mortgage Fraud Blog — Authority: 117
  William "Ondra" Joel, 32, Oxford, Florida, and Maurice Vernon, 33, Tampa, Florida, were found guilty by a federal jury of conspiracy to commit mail fraud and wire fraud and making false statements on loan applications submitted to FDIC-insured financial institutions.
  1 week ago

• Man Orchestrates Arson of Properties to Buy Them at Lower Price

  
  Mortgage Fraud Blog — Authority: 117
  Angelo Reyes, 45, New Haven, Connecticut, has been charged with federal offenses stemming from his alleged participation in the arson of two additional New Haven properties so that he could purchase them at a decreased value in order to provide better access to adjacent properties that he owned and developed.
  1 week ago

• TV / Radio Host Sent to Prison for Real Estate Ponzi Scheme

  
  Mortgage Fraud Blog — Authority: 117
  Anthony F. Cutaia, 65, Boynton Beach, Florida, was sentenced yesterday in federal court.  U.S. District Court Judge Daniel T.K. Hurley sentenced Cutaia to 51 months in prison, to be followed by 3 years of supervised release for his role in a real estate ponzi scheme.  
  1 week ago

• * Raymond Foakes, Former President of Sonoma County Hells Angels Motorcycle Club, was Sentenced to 5 Years and 10 Months in Prison for a $10 Million Mortgage Fraud Scheme

  
  Fugitive Watch / Wanted Fugitives From Justice — Authority: 435
  A former president of the Sonoma County Hells Angels Motorcycle Club has been sentenced in federal court in San Francisco to five years and 10 months in prison for his role in a $10 million mortgage fraud scheme. Raymond Foakes, 48, of Rohnert Park, was sentenced on Monday by U.S. District Judge William Alsup. The ...
  1 week ago

• Florida man pleads guilty to $3 million mortgage scheme

  
  Housing Wire — Authority: 663
  A Florida real estate agent faces jail time after admitting he played a role in a multimillion-dollar mortgage scheme that shook up the Versailles development in Wellington, Fla.David Lam, 42, is one of nine people charged in the highly publicized case.Lam pleaded guilty this week to four counts of conspiracy to ...
  1 week ago

• More Republicans Found to Have Received Countrywide VIP Loans

  
  Firedoglake — Authority: 622
  Congressman Pete Sessions (R. Texas) received Countrywide sweetheart loans Rep. Pete Sessions (R-TX) has become the third House Republican discovered to have received a sweetheart loan as part of Countrywide’s “VIP” program. The program became notorious when conservatives jumped on the revelations that ...
  1 week ago

• Inflating Appraisals and Falsifying Documents Leads to Prison

  
  Mortgage Fraud Blog — Authority: 117
  Guillermo Laureiro, 40, Jefferson Township, Pennsylvania, that a fourth defendant connected to a mortgage fraud scheme was sentenced by Senior U.S. District Court Judge Edwin M. Kosik to spend five months in federal prison.
  1 week ago

• Trial to Begin in Indiana Mortgage Fraud Case

  
  Mortgage Fraud Blog — Authority: 117
  Randall B. Causey, Gary, Indiana, is set to begin trial in U.S. District Court in Hammond, Indiana, on January 23, 2012.  Causey had agreed to plead guilty in October 2011, but then withdrew his plea less than a month later. 
  1 week ago

• Agent Admits Conspiracy Involving Double Settlement Statements

  
  Mortgage Fraud Blog — Authority: 117
  David Lam, 42, Parkland, Florida, a real estate agent, pled guilty before U.S. District Judge Kenneth A. Marra for his participation in mortgage fraud schemes relating to properties in the Versailles development in Wellington, Florida.  
  1 week ago

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