Tuesday, June 26, 2007
California Man Sentenced for Mortgage Fraud
David Jose Calderon, 40, Grand Terrace, California, was sentenced to 24 months in federal prison for his role in a mortgage fraud scheme that defrauded the Department of Housing and Urban Development. Calderon was also sentenced to 3 years of supervised release, and a court-ordered restitution of approximately $1.8 million.
Calderon was one of four people indicted in June 2004 by federal grand jury in the Central District of California. Also indicted were Calderon’s wife, Baneza Calderon, his brother, Carlos Calderon, and an employee, Robert Cardenas. The defendants were charged with making false statements, aiding and abetting, and conspiracy for their roles in a fraud scheme involving forty-two residential properties. These properties were sold to non-existent or unqualified buyers using federally-insured Federal Housing Authority (FHA) mortgage loans. Calderon and others caused loan applications to be submitted to mortgage lenders which included false down-payment, identity, income and employment information.
On June 12, 2006, David Calderon, pled guilty to one count which charged violations of Title 18, USC, Section 1001 (False Statements) and Title 18, USC, Section 2 (Aiding and Abetting) for his participation in the fraud scheme. The other co-defendants also plead guilty in April and June of 2006 to charges related to this scheme.
Carlos Calderon was sentenced on May 10, 2007, to ten months of incarceration, three years of supervised release, and a court-ordered restitution of $273,690. Baneza Calderon was sentenced on May 15, 2007, to three years of probation and court-ordered restitution of $370,354. Robert Cardenas has not yet been sentenced.
mortgage fraud
This is the fourth story I have read this week regarding the sentencing of an Appraiser and/or the parties to the transaction when in connection with Mortgage Fraud. I am blown away that “illegal” persons can, by way of mortgage fraud, can own real estate in the United States. Considering what is happening in our world today, this has to be curbed immediately!
Posted by on 06/27 at 05:40 AM
I just wanted to finally comment and let you know I really enjoy your blog. I just wrote my own blog article based on this one, you can find it it on my blog - HemetRealEstateBlog.Com with this tile: Everywhere You turn - Mortgage Fraud. The article before that also references your blog as an overall resource - I thought you might like to know. This article is called: So You Have a Short Sale Lined Up - The Loss Mitigation Specialist is Your Friend - Step #6.
Now Have a Blessed Day,
John Occhi, Hemet CA REALTOR
www.JohnOcchi.Com
Posted by
John Occhi, CA REALTOR on 06/27 at 06:57 AM
Someone has committed fraud by getting the family trust off of the deed and putting herself on as single owner?
Title company slipped this one so the fraudulent person could take out a reverse mortgage on our trust for over 300,000. Now the account is lower and frozen due to litigation..What steps should be taken to convict someone of this action?
Posted by on 07/17 at 11:57 AM
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Some Sources require Registration.
Mortgage Fraud: Beware the Wolf (Loan Officer) in Sheep's Clothing
24-7PressRelease.com - USA
US consumers looking to refinance their homes or to secure a home loan to purchase their dream homes would be well advised to educate themselves...
Internet Scammer Sells Cape Coral Residential Lot For $18,000
The News-Press - Fort Myers, FL
Because she had title insurance, Kunda will probably get back her money from the 2007 purchase, but the incident highlights cracks in the real estate market and the risk from international scammers who are growing more sophisticated.
Prosecutors Busy With Fraud Cases
Daytona Beach News-Journal - Daytona Beach, FL
The U.S. Justice Department has formed more than 40 mortgage fraud task forces nationwide as prosecutors and investigators struggle with a flood of mortgage-related criminal cases. The FBI reports that its mortgage-fraud caseload has more than doubled in three years to about 1,600 investigations that have cost lenders at least $4 billion. About 200 FBI agents are assigned to the cases, up from 120 a year ago.
Yanchek may take plea deal
Herald Tribune
Sarasota attorney John Yanchek is expected to plead guilty to mortgage fraud next week, statements from a federal prosecutor and the judge presiding over the high-profile criminal case seem to indicate.
Bear Stearns Execs Trial Slated for September
News Inferno
Two former Bear Stearns hedge fund executives are slated to go to trial in September over charges that they lied to investors about two of the funds they managed
Rockford, Chicago lead state in mortgage fraud
Rockford Register Star
Reported incidents of mortgage fraud grew by 45 percent in the second quarter compared with the year-ago period.
Report Finds Tampa No. 2 In Florida For Iffy Mortgages
Tampa Bay Online
In a state that leads the nation in mortgage fraud, Tampa had the second most cases of suspicious loan activity of any Florida city, according to a report released this morning from the Reston, Va.-based Mortgage Asset Research Institute.
Mortgage Fraud Jumps by 45% on Fewer Loan Applications in U.S., Per... MARI
Cloud Computing Journal
Key findings from the MARI Quarterly Fraud Report include that fraud most often occurs at the beginning of the loan process. More than 65 percent of fraud incidents are attributed to "General Application Misrepresentation"
Seven Are Accused Of Identity Theft And Mortage Fraud
The Star Ledger, New Jersey
Seven people have been arrested in connection with an international identity-theft scheme that targeted home equity lines of credit and siphoned at least $2.5 million away from dozens of banks, including more than 10 in New Jersey, according to documents unsealed today.
Suthers Cracks Down On Mortgage Fraud
Rocky Mountain News - Denver, CO
Suther’s office also indicted 10 individuals last March in an $11 million mortgage fraud ring involving 34 local properties...Several other investigations of mortgage fraud are ongoing.
Previous Articles
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
U.S. v. Miller, et al.
Thursday, December, 18, 2008
Verdict:
F. Jeffrey Miller Guilty of Conspiracy and Money Laundering
Steven Vanatta Guilty of Conspiracy , Money Laundering and Bank Fraud
Hallie Irvin Guilty of Conspiracy , Money Laundering and Bank Fraud
Sandra Jo Harris Not guilty- all counts
More Trial Coverage
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
