Sixteen individuals have been charged in relation to a telemarketing scheme to sell houses to investors in most of the U.S., including Michigan, according to a joint announcement by U.S. Attorney for the Eastern District of Michigan Barbara McQuade and Special Agent in Charge of the FBI Detroit Field Office Paul Abbate.
Read More »Report: Mortgage Fraud Risk Increases 3.2 Percent
CoreLogic's latest Mortgage Fraud Report, released Tuesday, shows a 3.2 percent year-over-year increase in fraud risk among mortgages in the U.S. in the second quarter of 2014, as measured by the Mortgage Application Fraud Risk Index.
Read More »Judge’s Ruling Paves Way For Class-Action Suit against JPMorgan Chase
A judge ruled on Wednesday that investors' claims in nine separate offerings for $10 billion worth of residential mortgage-backed securities (RMBS) were similar enough for the investors to proceed as a class for a potential lawsuit against JPMorgan Chase.
Read More »Maryland Woman Convicted for Role in Mortgage Fraud Scam
A Maryland jury has convicted Annika Boas, 37, for her role in a residential mortgage fraud scheme, U.S. Attorney for the District of Maryland Rod J. Rosenstein announced late last week.
Read More »Alleged Real Estate Fraud Leads to New York Man’s Indictment
According to SIGTARP, Zherka secured the loans for the purchase and refinance of apartment complexes across the country, lying all the while about the purchase prices of the real estate, the amount of the down payments he was making, and his assets, income, and tax returns. He also misrepresented the circumstances of a court judgment made against him in 2000 for assault and breach of contract, the special inspector general's office said.
Read More »California Man Convicted for Multi-Million ‘Mortgage Loan Reduction’ Scam
A California man was convicted on several counts of fraud relating to a mortgage scam earlier in the week, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero announced earlier this week.
Read More »$460M Settlement Reached in NJ Court Over Faulty RMBS
Swiss-based bank Credit Suisse and New Jersey-based insurance company Prudential agreed on a $460 million settlement over a lawsuit filed by Prudential alleging that the bank had sold fraudulent residential mortgage-backed securities (RMBS).
Read More »Report: Freddie Mac, Ginnie Mae Ignored ‘Red Flags’ in Fraud Case
A report filed last week by the Office of Inspector General of the Federal Housing Finance Agency (FHFA) states that GSEs Freddie Mac and Ginnie Mae ignored "red flags" with regards to a mortgage fraud scheme perpetrated by lenders Taylor, Bean, and Whitaker and Colonial Bank, which resulted in billions of dollars in losses for the GSEs.
Read More »Three Charged in Massive Mortgage Modification Scam
Three men were arrested and charged in connection with what is believed to be one of the biggest mortgage modification schemes ever perpetrated, according to an announcement made by Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, the U.S. Attorney for the Southern District of New York.
Read More »Mayor Indicted in Mortgage Fraud Scheme
A mayor in the Miami area has been suspended by Florida Gov. Rick Scott following a federal indictment alleging mortgage fraud. According to a report from the Miami Herald, North Miami Mayor Lucie Tondreau was suspended Tuesday after appearing in court to face charges related to her role in an $8 million fraud scheme.
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