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Tag Archives: Fraud

Mortgage Fraud Increases as Applicants Mislead Lenders: Experian

While fraud in the financial services sector declined year-over-year from April through June, mortgage fraud increased, according to the latest report from Experian, a global information services company based in London. Thirty-nine out of every 10,000 mortgage applications were fraudulent during the April to June period, up from 32 out of 10,000 in the same period last year, according to Experian. Twenty-four percent of all attempted mortgage fraud cases were the result of individuals misrepresenting their credit by hiding certain information.

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Final Homeowners’ Rights Bills Pass in California Legislature

California attorney general Kamala Harris announced Thursday that the final parts of the California Homeowner Bill of Rights have passed out of both houses and are awaiting action from the governor. Harris said the entirety of the Homeowner Bill of Rights stems from need to help homeowners and implement the sorts of reform that were outlined in the national mortgage settlement. Once signed into law, all aspects of the legislative package will take effect at the start of 2013.

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Wells Fargo Helps 27k Find Relief through Settlement Programs

Wells Fargo announced it has made progress in meeting requirements to offer homeonwers relief as outlines by the national mortgage servicing settlement. The company stated in a release that it has helped more than 27,000 homeowners under the settlement terms, and it estimates it has fulfilled about 35 percent of its $4.3 billion consumer relief and refinance commitment.

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California Anti-Blight Bill Signed into Law

California governor Edmund G. Brown signed into law a bill to help combat neighborhood blight, state attorney general Kamala Harris announced Monday. The bill-AB 2314-gives new homeowners additional time to fix any code violations in a home before local agencies move in to enforce the codes. It also extends indefinitely an existing provision that requires the owner of a foreclosed property to maintain the property.

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Virginia Man Pleads Guilty to Bank Fraud, Faces Up to 20 Years

A Virginia developer pled guilty Friday for his role in a massive bank fraud scheme that contributed to the collapse of Bank of the Commonwealth, officials announced Monday. Thomas E. Arney, 56, of Chesapeake, Virginia pled guilty to conspiracy to commit bank fraud, unlawful monetary transactions, and making false statements, according to the statement.

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Nevada Committee Passes $11.7M Foreclosure Help Proposal

The Nevada Legislature's Interim Finance Committee passed an $11.7 million proposal to address mortgage fraud and the state's foreclosure crisis, attorney general Catherine Cortez Masto announced Friday. The proposal outlines the first part of a three-year, estimated $33.5 million dollar program that uses part of Nevada's share of the national mortgage settlement to help struggling homeowners.

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Officials Charge Fugitive Who Operated Illegal Foreclosure Scam

Federal officials announced Monday that a federal fugitive of 12 years was charged with identity theft and fraud after operating an illegal foreclosure-rescue scheme. Glen Alan Ward of Canada was indicted Friday on two counts of bankruptcy fraud, one count of mail fraud, and two counts of aggravated identity theft.

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Arizona Attorney General Files Loan Mod Scam Suits

Arizona attorney general Tom Horne announced the filing of two lawsuits against Arizona companies offering allegedly fraudulent mortgage modification services to distressed homeowners. Horne brought suits against Phoenix-based Making All Homes Affordable, LLC (MAHA) and Tucson-based La Paz Source, LLC, alleging fraudulent practices by the two companies.

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Eight Companies Sued for Alleged ‘Abusive Foreclosure Practices’ in Ohio

A lawsuit against eight companies in the mortgage industry alleges the defendants used fraudulent mortgage documents to process foreclosures on Ohio homeowners and charged the foreclosed homeowners inflated, unfair fees. According to the lawsuit, the companies were involved in ""abusive foreclosure practices"" that involved preparing, executing, and notarizing fraudulent court documents and assignments of mortgages used to initiate and prosecute foreclosures.

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