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Mortgage Fraud Ring- Branch Managers, Banker, Closing Attorney- Faces up to 30 years in prison - 05/30/10 11:28 AM
Former Boca Raton Mortgage Managers plead guilty for falsifying loan documents It was alleged that Peter Hartofilis and Jason Vitulano were branch managers of the Top Dot Mortgage office in Boca Raton, Florida, and devised a scheme to submit fraudulent loan applications to numerous lenders. More specifically, the loan applications contained grossly inflated statements of the applicants' earnings and assets on deposit in a local bank. In addition, according to court documents and statements made in court, attorney Joseph Miller acted as closing agent and title agent on a number of these loan transactions. Miller agreed to divert loan proceeds to (2 comments)
War on BPOs – Realtors vs. Appraisers - 05/28/10 09:55 AM
One of the biggest problems has been in the current real estate market has been the time it takes for the lender to review the short sale package. Short sale offers have been hampered by cycle times that have easily lasted months and most time you will not get a retail buyer to wait, as they are looking for a home that they need to move into in a reasonable time. The only buyers who will endure a long delay are the ones who are willing to trade the inconvenience for a very low-priced house. As most know we now have alternative (1 comments)
Attorney -Escrow Officer- Admittedly Executed a Scheme to Defraud Mortgage Lenders and Homeowners - 05/26/10 09:12 PM
The title insurance industry is part of the real estate industry sector caught in law enforcement investigation activity which appears to be a part of the epidemic of industry fraud that could have cost consumers millions -- if not billions. An escrow account holder is a neutral third party which holds onto, then exchanges, disburses and transfers deeds, documents and monies. Disbursements pay off existing loans and the agent records deeds, prorates property tax payments and interest and helps with the transaction's other transfer details. An attorney who owned and operated two title companies, Premier Title & Abstract, Inc., and Verity (0 comments)
WOW- FBI Agent Charged with Mortgage Fraud- Faces 345 Years in Prison - 05/25/10 04:27 PM
A Special Agent employed by the Federal Bureau of Investigation in Nashville, Tennessee, was indicted by a grand jury sitting in Nashville, Tennessee. The 19 count indictment charges McAllister in connection with the purchase of rental properties totaling $1.25 million. In addition, the indictment charges the defendant with devising a scheme to defraud the SunTrust Bank in connection with a $100,000 line of credit and making three false statements in connection with his subsequent bankruptcy petition in July 2009. Read the whole story @ http://tinyurl.com/29lnlsx When we believe in the existence of fraud could affect us individually, more will then start taking active steps, (1 comments)
Las Vegas Casino-Themed Sales Floor- Foreclosure Relief Fraud- 4 Arrested, 5 Wanted- - 05/24/10 11:49 PM
In these tough economic times, mortgage foreclosure rescue scams are sweeping the nation. Foreclosure rescue fraud is both underhanded and malicious. Homeowners that are finding it difficult to make ends meet and facing potential foreclosure are promised help in order to save their homes. When agents executed a search warrant at the office, they found a Las Vegas casino-themed sales floor complete with craps, poker and black jack tables fashioned as workstations, and a roulette wheel that top-selling telemarketers spun for cash bonuses. Read the whole story @ http://tinyurl.com/33ra64j The scams typically are one of the following categories Phantom Assistance - (0 comments)
Real Estate Broker Convicted- faces a "Prison Sentence" up to 111 years - 05/23/10 11:55 AM
Used 92 Year Olds Personal and Credit Information A California, a real estate broker, was convicted of conspiring with her boyfriend and his brother to commit $17.5 million in real estate fraud by purchasing 35 properties using stolen identities and intentionally defaulting on loans in order to steal the loan money. Kathy Chen's boyfriend, Richard Salgado Gonzalez, and his brother, Daniel Gonzalez, face the same charges and sentence. The brothers are fugitives have outstanding arrest warrants, it is believed that both may currently be living in Puerto Vallarta, Mexico. Read the whole story @ http://tinyurl.com/32zuzgh The faster we all help prevent real estate (66 comments)
Financial Fraud "one of the most glaring threats" facing the US economy- increased 400% in 2009 - 05/21/10 02:07 PM
Mortgage fraud investigations by the FBI increased 400% in 2009, according to an Office of Thrift Supervision (OTS) report on fraud and insider abuse. The report states that, "Difficult economic times often lead to an increase in fraud and insider abuse. During the market downturns of the late 1980s and early 1990s, fraud and insider abuse significantly contributed to thrift failures and caused substantial losses at many others. Since the recession began in 2007, there have been increases in white collar crime as well as changes in the way fraud scams are carried out. Although certain crimes such as, investment fraud (0 comments)
Judge she is “still a very dangerous person” who poses a substantial risk to society. - 05/21/10 01:01 AM
Fraud Schemes involved more than 400 victims and 20 fraudulently acquired properties The founder and head of Chicago Development and Planning was sentenced yesterday to 15 years and eight months in prison, and ordered to pay more than $9 million in restitution She fled to Mexico when she learned that federal authorities were investigating Chicago Development and Planning. After spending several months in Mexico, she returned to the United States, but made continued efforts to avoid law enforcement: she did not have a valid driver's license in her name, did not have a phone in her name, and she cut off (1 comments)
Mortgage Scammers- Creating a Human Tragedy of Immense Proportions - 05/20/10 11:57 AM
17 New York Charged in Massive Mortgage Scam have been charged with defrauding legitimate homeowners and various lending institutions out of more than $3 million in equity that had been stripped from 26 refinanced residential properties valued at $13 million. Many of the loans subsequently went into default, leaving lending institutions with insufficient collateral and substantial losses, or into foreclosure, leaving homeowners, in some cases, homeless. The defendants are variously charged with first and second-degree grand larceny, first degree criminal possession of stolen property, first-degree money laundering, first-degree identity theft, second-degree forgery, second-degree criminal possession of a forged instrument, first-degree falsifying (0 comments)
Are Realtors required to obtain mortgage loan originator licenses to negotiate terms re: short sales? - 05/07/10 10:41 AM
If the Realtor is "negotiating" with the lender, then it could be yes, probably will need to be licensed as an MLO and their company as a mortgage broker. As a general guide, if someone is discussing the terms of mortgage financing with a consumer for the purpose of obtaining a loan for them or to acquire/retain a borrower for a lender, it is a licensed activity. Some states expand this to include advertising, and not just one on one conversations. Thoughts?
Michael S. Richardson Director/Mortgage Fraud Services www.mortgagefraudsolutions.com Author of "An American Epidemic, Mortgage Fraud a Serious Business" Read more (3 comments)
Stolen Funds- Purchased a Pair of Diamond-Studded Handcuffs – - 05/03/10 04:48 PM
He was living the high life-taking up residence in a Miami Beach mansion worth more than $5 million, cruising around in a million-dollar yacht and his leased Mercedes-Benz, shelling out more than $400,000 for floor seats at Miami Heat basketball games, and donating thousands of dollars to the athletic program of a local university (the school was so appreciative it named a student athlete lounge after him). But it all came crashing down on Florida businessman Nevin Shapiro last month, The former owner and chief executive officer of Capitol Investments USA, Inc., a purported wholesale grocery distribution business, was charged in (4 comments)
The Enablers for this "Real Estate Crisis"- Willful Blindness, Greed or more? - 05/01/10 04:48 PM
Our Real Estate & Mortgage Industry is saturated with "Fraudsters", "Willful Blindness", "It Is Not My Problem" mind-set and a lack of integrity from many individuals.Congress, Fannie, Freddie and companies like Goldman "might" have been the enablers for this "Real Estate Crisis" to exist, although as I have said for years, institutions don't commit fraud, companies don't commit fraud - people commit fraud. We as an industry and country need to talk and learn from the past in order to move into a prosperous future. Read the whole article @ http://tinyurl.com/2bhjecl I know many people have been sitting back, waiting, watching, and (0 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.