Florida Real Estate Appraiser going to Prison- Mortgage Fraud Scheme - 02/27/10 11:06 AM
A Jacksonville, Florida appraiser has been sentenced to four years in federal prison as he and his fraudster partner, contracted to purchase about 55 houses and commit fraud. He would appraise most of the properties then his partner swindler would submit the fraudulent inflated appraisals to support the purchase price.  
They both did this with intent to submit the appraisals to lenders in support of mortgage loan applications. The lender was did not know that the price listed in the submitted documents was higher than the real price negotiated with the seller. In the efforts to get the loan approved they then … (2 comments)

Murder Led Prosecutors to “Operation Bankroll” Fraud Scheme – - 02/24/10 07:30 AM
An investigation dubbed "Operation Bankroll" involving an assortment of schemes including money laundering, identity theft, mortgage fraud and larceny. The indictment charges that between 2006 and 2009, the defendants participated in a series of financial and real estate scams in order to steal and launder money from the clients of a law firm, as well as clients of an Abstract Company. This indictment was a result of an investigation that was initiated after the July 2008 murder of attorney Mark Schwartz and his wife in their home. The person responsible for of that crime is still unknown, although the investigation into … (1 comments)

Former Pastor- $1 Million Judgment for Real Estate Fraud and more - - 02/23/10 07:10 AM
Jeremiah Yancy appears to have used his ministerial trusting relationships for personal gain. He has lived in the Boise, Idaho area, Tucson, Arizona and Colorado Springs, Colorado. He has been called a con-man who has convinced trusting church families and friends with high FICO scores to invest in his Ponzi-type scams. It has been reported that he convinced them to take out large lines of credit or invest their own personal savings to "invest" in different investment opportunities.
To Read the whole story: http://tinyurl.com/yepx99r
 
We must be vigilant against fraud, recognizing its signs and taking proactive, definite, and realistic steps … (6 comments)

Real Estate Agent Pleads Guilty in Short Sale Mortgage Fraud Scheme - 02/22/10 08:53 AM
Real Estate Agent Pleads Guilty in Short Sale Mortgage Fraud Scheme - http://tinyurl.com/ykfyng9
A Connecticut, a licensed real estate agent, has pleaded guilty from her involvement in a "short sale" mortgage fraud scheme. The charges had stemmed from an alleged "short sale" mortgage fraud scheme involving four properties located in Connecticut.
A "short sale" of a home involves a lender who enters into an agreement to release its mortgage or lien on real property in exchange for an amount less than the total amount owed on the existing mortgage balance. In this day and time there 1000's of short sale transactions that are … (0 comments)

The Constitution of the United States - 02/21/10 08:50 AM
Here is the complete text of the U.S. Constitution. The original spelling and capitalization have been retained.
The Constitution of the United States of America is the supreme law of the United States. It is the foundation and source of the legal authority underlying the existence of the United States of America and the federal government of the United States. It provides the framework for the organization of the United States government and for the relationship of the federal government to the states, to citizens, and to all people within the United States.
The Constitution defines the three main branches … (3 comments)

Mortgage Loan Fraud Up 7.5 percent - 02/19/10 09:03 PM
The Financial Crimes Enforcement Network (FinCEN) released a new analysis of suspicious activity related to possible mortgage loan fraud in the third quarter of 2009. The report shows that in the third quarter of 2009, depository institution filer's submitted 15,697 mortgage loan fraud (MLF) SARs, a 7.5 percent increase over the same period in 2008.The analysis found that suspicious activity reports (SARs) indicating suspicious activity by:
Loan Modification's Foreclosure Specialists Two types of schemes were most common:1. The fraudsters conned homeowners into signing quit-claim deeds to their properties and then sold homes from under the former owners to straw borrowers; the … (2 comments)

Florida Quality Council - HOLD THE DATE!!! - 02/19/10 03:40 AM
HOLD THE DATE!!!
The Quarterly and ANNUAL meeting of the Florida Quality Council
Friday, March 12th, 2010
Registration will be available soon on-line at http://www.floridaqualitycouncil.org/.  Meeting Topics will Include
Mortgage Modifications and Economic Recover
Valuation Challenges Impacting Florida
Washington Update & Current Challenges & Open Discussion of Current Issues
Meeting Details:
Check-in & Coffee:  9:00 a.m. - 10:00 a.m.
Meeting:  10:00 a.m. - 3:00 p.m.
Registration fee is $50.00. Lunch at noon is included in your fee, and parking is free
Location:  Hawthorn Suites, Orlando Airport. (Off 436 and very close to the airport!) You can find directions on the FLQC website.   
Hotel Address is: 7450 … (1 comments)

“Mortgage E-Verify Act” to Prevent Mortgage Fraud by Illegal Aliens - 02/19/10 03:37 AM
The Mortgage E-Verify Act, introduced would require that the identity of all applicants for new or modified mortgages held by Fannie Mae or Freddie Mac or insured by the FHA, be confirmed through the E-Verify program of the Department of Homeland Security. 
U.S. Congressman Rep. Kenny Marchant from Texas has just introduced a bill intended to prevent mortgage fraud by illegal aliens.
"My bill will potentially save millions by cutting down on fraudulent claims from illegal immigrants and protect taxpayers from subsidizing the restructuring or renegotiation mortgages of illegal immigrants," said Rep. Marchant in a press release.
Marchant cites Treasury Department … (2 comments)

Spotlight on Fiduciary Responsibility of Homeowners Association Leadership - 02/14/10 11:03 AM
There hundreds of stories on blog sites about the association management, staff, and board members spending money without accountability and downright unethical directors who steal association funds or find a way to benefit one way or another. With this alarming number of homeowner association members or owners complaining about fraud - or perceived fraud - we need to turn the spotlight on fiduciary responsibility.
We should all know individuals commit the act of fraud not corporations. Community associations are a type of corporation, but they lack a corporate-like investigatory body to flush out suspicious activities. In other words, most members of … (0 comments)

Commercial Real Estate Losses –Will it affect the Housing Market? - 02/11/10 03:50 PM
Very Large Losses Are Forecast for Commercial Real Estate and expected to strongly affect some Community Banks and will the Housing Market be affected further by the fallout?
Will this affect you if you are not an investor in commercial real estate or a banker? It could as the panel stated "a significant wave of commercial mortgage defaults would trigger economic damage that could touch the lives of nearly every American."
The Congressional Oversight Panel issued a report today, "Commercial Real Estate Losses and the Risk to Financial Stability" which expressed concerns about coming losses in Commercial Real Estate and also … (1 comments)

Florida Quality Council- Join in the awareness and prevention of fraud - 02/11/10 03:00 PM
Florida Quality Council is having a membership drive, only $39.00 for 2010!
Florida Quality Council Vision:
The Florida Quality Council will be a voice for quality and awareness of fraud in the mortgage profession:advocating fairness to all lenders, support vendors and homeowners, promoting best practice, and providing exceptional service to its members.
MISSION
The mission of the Florida Quality Council is to provide dynamic leadership in the awareness and prevention of fraud for the profession of mortgage lending.  Activities in support of this mission will include but will not be limited to:
Advocating and promoting the value that real estate … (0 comments)

Florida's Foreclosure Rescue Fraud Prevention Act. - 02/07/10 08:41 AM
A California company providing loan modification services to homeowners facing foreclosure has been charged with charging consumers up-front fees in violation of Florida's Foreclosure Rescue Fraud Prevention Act.
According to the Attorney General Bill McCollum's lawsuit, the corporation solicited loan modification services to Florida homeowners by telephone, mail and internet marketing. An investigation conducted by the Attorney General's Economic Crimes Division revealed that 21st Century Legal Services charges an up-front fee as high as $2,500 to homeowners seeking loan modification services. Moreover most of their customers have complained that the company has not performed the promised services and that customers remain unable to … (0 comments)

Florida Mortgage Fraudster Gets Prison Time! - 02/07/10 08:40 AM
It is important to note that institutions don't commit fraud, lenders don't commit fraud, companies don't commit fraud - people commit fraud.
The president and owner of Homes for Sale by Owner, Inc., in Florida was sentenced to six years in prison after pleading guilty to a criminal racketeering scheme that involved mortgage fraud in home purchasing. Upon his release from prison, he must also pay full restitution, including $200,000 to an investing couple in one transaction and compensation to the lending institutions he defrauded in other transactions.
He orchestrated for several years a series of bogus mortgage transactions in Lake … (0 comments)

Mortgage Fraud Appraiser to pay $46 Million in restitution after federal prison time! - 02/03/10 08:39 AM
During the trial last summer a real estate appraiser was shown as a part of a wide-ranging and sophisticated scheme that obtained inflated mortgage loans on homes in some of California's most expensive neighborhoods, including Beverly Hills, Bel Air, Malibu, and more. The fraudsters created and submitted false documents, including fake purchase contracts and appraisals, to the victim banks to swindle them into funding mortgage loans that were hundreds of thousands of dollars more than the homes actual value. Lehman Brothers Bank is just one deceived into funding more than 80 such inflated loans that resulted in tens of millions of … (3 comments)

High End “Straw Buyer” Mortgage Fraud Scheme- Exposed - 02/01/10 05:41 PM
A self-employed tax preparer, banker, mortgage broker, interior designer , owner of a property management company and others called have been charged in participating in a mortgage fraud scheme to sell four high-end luxury properties to "straw buyers" were indicted.  An indictment is merely an accusation and all defendants are presumed innocent unless and until proven guilty in court.
Carter M. Stewart, United States Attorney for the Southern District of Ohio, Ohio Attorney General Richard Cordray, Warren County Prosecuting Attorney Rachel Hutzel, and Keith L. Bennett, Special Agent in Charge, Federal Bureau of Investigation (FBI) and other task force participants announced the indictment.
Stewart … (2 comments)

 
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Michael Richardson

First Colorado Lending

Golden, CO

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