Thursday, May 29, 2008

Father And Daughter Charged With Mortgage Fraud

Mark J. Calhoun and his daughter April Calhoun were indicted by a federal grand jury in connection with a mortgage loan fraud scheme.  Mark Calhoun is charged with 12 counts of wire fraud and an additional four counts of money laundering.  Mark and April Calhoun are both charged with conspiracy to commit money laundering and eight counts of money laundering offenses.

According to the 25-count indictment, Mark Calhoun worked as a mortgage broker as an employee of Professional Mortgage Consultants Corp. and as the operator of New World Mortgage doing business as Silver Cross Financial Group LLC where April Calhoun was employed.  The indictment alleges that from September 2004 through July 2006, Mark Calhoun prepared false and fictitious documents to insure that lenders would make mortgage loans to prospective borrowers.  If the mortgage loans were successful, Mark Calhoun received a fee for his brokerage services.

The false and fictitious documents, along with the loan application containing false information, were included in each loan application packet submitted to potential lenders by Mark Calhoun and others acting under his direction.  False entries were also included with loan application packets which showed that the borrower paid cash at the closing of the loan when no such funds were paid by the borrower.  During the time period covered by the indictment, Mark Calhoun obtained fraudulent loans for approximately 40 borrowers totaling more than $8.5 million.

According to the indictment, Mark Calhoun and April Calhoun conspired to create fictitious creditors to which these borrowers allegedly were indebted.  These fictitious creditors were actually companies under the control of Mark Calhoun and April Calhoun, who received funds for these fictitious creditors from the loan closings.  The investigation is continuing and other charges are expected in the near future.

“Mortgage fraud is a serious concern throughout the United States.  This case is part of our continuing efforts to bring to justice those people who are enriching themselves by committing crimes at the expense of borrowers and lenders,” said U.S. Attorney for the Southern District of Mississippi, Dunn Lampton.

mortgage fraud

1. Better than robbing banks, he would have went to jail for much longer exponentially.  This country is RETARDED............

   Posted by  on  05/29  at  06:52 AM

2. can someone please help me. many of my friends and family members were sold house that foreclosed. Our real estate agent made jobs for us and income documents and told us that it was a good investment and that we could sell our houses within 6 months for a good profit. she scamed us and we dont know where to turn.

   Posted by  on  05/29  at  10:14 AM

3. Jackie,

   you knew going into it the jobs and documentation werent legit.  If the homes were foreclosed, you got a home you couldnt afford.  I am not sure how she ‘scammed’ you, but if the home values were to double and you DID sell for a profit, i highly doubt you will be complaining to anyone.

   Posted by  on  05/29  at  04:31 PM

4. Get your affairs in order, and call your local District Attorney’s office. It appears that you broke the law.

   Posted by  on  05/29  at  06:42 PM

5. Will someone explain to me how come the Feds charge the entire amount of the fraud loans to the people who are indicted? Do the people who are living in these homes get to own them without paying?  When will the Feds go after the major lenders who “coached” these types of loans though underwriting to closing?  I think that it is wrong for the Feds to use “selective” recovery during their investigations!

   Posted by  on  06/05  at  03:53 PM

6. I think it is sad that a father corrupted his daughter into doing fraudulent loans.  This is a sad day for the ethics and morals of our culture.  We don’t know if she knew it was wrong, but what a lesson to learn.

   Posted by  on  06/05  at  04:48 PM

7. You know, for the past several years as a loan officer, I have been approached by people wanting to buy homes and produce fraudlent documentaion.  I had one just last week.  If those of us in the business are not careful we can be easily duped by those wanting to do this sort of fraud, and who gets blamed?  The loan officer.  Unknowingly many times.  It is also the responsibly of the the borrower to make sure his documents are correct, and not sign any document that contains wrong information.  The borrowers need to be blamed just as much as the brokers, and coaches.

   Posted by  on  06/09  at  02:59 PM

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Today's News

Some Sources require Registration.   Bend Oregon Event to Help Homeowners Prevent Foreclosures Oregon.Gov As part of an ongoing effort to help homeowners avoid foreclosure, state agencies are organizing a foreclosure-prevention event in Bend on Saturday, March 27, 2010. Shelbyville Man Gets 2-Year Sentence For Loan Fraud Chattanoogan.Com Prosecutor Gary Humble said the lost was approximately $2.3 million in the mortgage fraud involving hundreds of homes in the Shelbyville area. Lend America, VP Ashley Banned from FHA Housing Wire Michael Ashley, the embattled former vice president of Federal Housing Administration (FHA)-backed mortgage originator Lend America, and the company he worked for, were permanently banned from doing business in the industry last week. Countrywide Tries to Pin Blame on Insurer Court House News Countrywide Home Loans demands $111 million from Triad Guaranty Insurance, claiming Triad is trying to blame mortgage lenders for the insurer's role in the housing bubble and collapse. Investors Say They Were Swindled in Property Scheme Fox 13 Now Utah Division of Consumer Protection is joining forces with a few investors who claim they have been cheated by an agency called "Utah Mini Ranches. Greenfield Man Accused of Housing Scam The Republic A former real estate agent conned at least eight people by renting them properties actually owned by a federal agency and then running off with their deposits, prosecutors said. Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales' PR News Wire Citing concerns about increased mortgage fraud, four organizations representing more than 35,000 real estate appraisers today voiced their opposition to changes to an Obama administration program that will encourage "short sales" of homes. Ownership Rights to Get Another Look TBO.Com State lawmakers may beef up protections of property owners' rights by rewriting a law this spring that is at the center of a case of alleged fraud in Pasco County. Defaulted Loans May Haunt Seniors On Line WSJ.Com A little-noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old. Oregon to Help Homeowners Prevent Foreclosures CBS State As part of an ongoing effort to help homeowners avoid foreclosure, state agencies are organizing a foreclosure-prevention event in Bend on Saturday, March 27, 2010. Previous Articles

TRIAL COVERAGE

Trial coverage provided by Anne Mitchell, Crazy Fish Realty. Follow Anne on Twitter. Thursday, February 18, 2010 F. Jeffrey Miller Trial - 1 Convicted, 3 Acquitted The jury deliberated for approximately 3 days after receiving their jury instructions. They asked one question: Does ‘common sense' allow us to deduce what the banks may or may not been influenced by in order to make a loan? Judge Julie Robinson responded by admonishing the jurors to read all of the instructions. The jury presented its' verdict... Read More... Thursday, February 18, 2010 F. Jeffrey Miller Trial Continued Testimony As reported by Anne Mitchell, who viewed the trial: Angela Parenza worked for Jeff Miller as the office manager for 7 or 8 years beginning in 1998. Parenza was indicted along with Miller and pled guilty to conspiracy to commit bank fraud and money laundering. Parenza testified that Miller or his contractors allegedly preferred to build all the... Read More... Wednesday, February 10, 2010 F. Jeffrey Miller Trial Coverage Continued - Witness Testimony Steve Middleton Testimony - Coverage Provided by Anne Mitchell The Government continued in its cross examination of Steve Middleton. He was shown several HUD-1 statements involving sales of homes located in Overland Park, KS, and Olathe, KS. The HUD statements each allegedly showed line items of payments to (James) Moser & Associates, LLC's... Read More... Monday, February 01, 2010 F. Jeffrey Miller Trial Coverage - Continued Witness Examination According to Anne Mitchell, who is present in court for the trial: Next Witness: Kelly Sanford Kelly Sanford of the Federal Reserve was a short witness for the Government. Sanford manages electronic payments between banks and member financial institutions. He was shown copies of wire transfers and asked whether they coincided with the counts in... Read More... Wednesday, January 27, 2010 F. Jeffrey Miller Trial - Prosecution Witnesses Continued According to Anne Mitchell, who is viewing the trial: January 13, 2010 Witness: Rick Hayes Rick Hayes testified that on the day that he closed on his Miller Enterprise home, he received a phone call from the Kansas Banking Commission informing him that his loan was fraudulent. After the Hayes responded to a classified ad, they met with John... Read More... More Trial Coverage

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