Freedom Companies Lending, Inc., Minnesota, is the subject of a cease and desist order for allegedly engaging in mortgage modification activities in Idaho without a license and targeting Spanish-speaking Idaho homeowners by unlawfully charging them large upfront fees.
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Matthew Paul Kay, 36, a British citizen who formerly lived in West Los Angeles and the Park La Brea district of Los Angeles, California, a former real estate agent and mortgage broker charged with running a multi-million dollar mortgage fraud scheme was ordered held without bond after arriving in the United States to face federal fraud, identity theft and tax charges.
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Lawsuits have been filed against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.
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Shafik Hirji, 53, Las Vegas, Nevada, who unlawfully obtained financing on the home of one of his acquaintances, was indicted on three counts of forgery and one count of theft for obtaining the loan on the victim’s home and embezzling the proceeds.
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In an effort to help families avoid mortgage scams, more than $10 million in housing counseling grants have been issued. This is unspent funding from the 2010 appropriation that was re-competed and awarded to HUD-approved counseling agencies.
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James Andrew Lawyer, 30, Utah County, Utah, will be sentenced Oct. 26, 2011, in U.S. District Court after pleading guilty to conspiracy in connection with a mortgage fraud scheme involving the purchase of a home in Highland, Utah.
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Derrick Reuben Smith, 47, Midwest City, Oklahoma, was sentenced by United States District Judge Timothy D. DeGiusti to serve forty months in federal prison for his role in a conspiracy to commit wire fraud in connection with mortgage loans.
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Robert C. Sasser, 31, West Columbia, South Carolina, pled guilty to his involvement in eight real estate transactions financed by Wachovia for approximately $2.5 million. The loans were collateralized by homes that were significantly overvalued.
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Roy Fluker, Jr., 56, Highland Park, Illinois, was sentenced to 15 years in federal prison, after eight-year prison terms were imposed previously for his son and daughter, in connection with a massive “affinity” fraud scheme in which approximately 2,000 victims were swindled of approximately $10.7 million in losses.
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John Pitlick, 44, New Hope, Minnesota, who had been charged with mail fraud, was sentenced on August 26, 2011, by Chief US District Judge Karen E. Schreier to 30 months in prison, three years of supervised release, $300,000 in restitution, and a $100 assessment to the Victim Assistance Fund.
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