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Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
Rachel Dollar PictureRachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar

Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry.



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Thursday, January 31, 2008

FBI Comments on Mortgage Fraud and Other Real Estate Schemes

Imagine landing your dream home.Your credit is a bit shaky, but you manage to get a subprime loan with an adjustable rate mortgage. A few years later the interest rates jump and you can no longer afford to pay. You see an ad for a business that’s willing to help—it’ll pay your mortgage for a modest monthly fee while you get back on your feet. But here’s the heartbreak: it’s a scam. The con artists just take your money and run…

It’s just one of the latest schemes and frauds we’re [teh FBI] seeing these days across the financial services industry, our senior criminal investigators said during a briefing Tuesday with the news media in Washington.

These scams—which include plenty of shenanigans with mortgages and subprime loans—are costing the nation tens of billions of dollars a year.

“Greed is definitely not good for our economy right now,” said FBI’s top criminal investigative exec Ken Kaiser following the briefing. “It’s hurting homeowners. It’s hurting honest businesses. And it’s hurting investors and markets around the world.”

All good reasons why we are squarely focused on cracking down on the largest of these financial crimes, launching proactive initiatives and shifting resources as trends emerge, all the while working hand-in-hand with a host of government and private sector partners.

Among the specifics discussed at the briefing:

Subprime mortgage loans:

We’re investigating 14 corporations involved in subprime lending as part of our Subprime Mortgage Industry Fraud Initiative launched last year.

The companies come from across the financial services industry, from mortgage lenders to investment banks that bundle loans into securities sold to investors. We’re also looking at insider trading by some executives.

Traditional mortgage fraud:

We have more than 1,200 cases open today (up about 40 percent from last year), mostly involving fraud for profit, where groups of straw buyers, realtors, etc. rig schemes to buy properties that are flipped or allowed to go into foreclosure.

Hotspots include California, Texas, Arizona, Florida, Ohio, Michigan, and Utah.

Suspicious activity reports that we review for potential mortgage fraud have grown from 3,000 in fiscal year 2003 to 48,000 in fiscal year 2007. This year, we’re on pace to receive more than 60,000 such reports.

A recent case: In November, the owners of a long-time Minnesota homebuilder called Parish Marketing—along with a bank officer, a closing agent, and others—pled guilty to a $100 million mortgage scheme involving some 200 homes.

Right now, we’re seeing no links to organized crime syndicates, street gangs, or terrorist groups in our cases.

For more information on financial frauds:

- Financial Crimes Report to the Public, Fiscal Year 2006

- Mortgage Fraud overview

 mortgage fraud

   

Posted by Staff Reporter on 01/31/08 at 01:58 PM
Mortgage Fraud Locations • Total comments: (11) (0) Trackbacks
  1. I think in the US the laws and reulations need to be tightened up a lot.

    Posted by  on  02/18  at  11:40 PM
  2. Unfortunately, scams abound in the real estate and mortgage world.  The best advice I give is pretty simple.  “If it sounds to good to be true, it usually is”. Good motto to live by.

    Posted by  on  05/24  at  05:09 AM
  3. very insightful, excellent information.

    Posted by  on  06/11  at  04:59 AM
  4. hurray for the fbi

    Posted by  on  06/27  at  10:59 AM
  5. This has nothing to do with outside business, this has to do with our own government being trapped in a cycle of perpetual debt.

    The FBI would do well to take a look at itself first and foremost…

    Posted by  on  10/14  at  07:05 PM
  6. Great post.

    Posted by  on  12/16  at  12:38 PM
  7. supper perfect admin perfect site smile

    Posted by  on  12/25  at  02:04 PM
  8. The companies come from across the financial services industry, from mortgage lenders to investment banks that bundle loans into securities sold to investors. We’re also looking at insider trading by some executives.

    Posted by  on  12/30  at  10:10 PM
  9. thank you for the information you provide

    Posted by  on  01/03  at  04:07 PM
  10. Hello! Happy New Year!!!

    Posted by  on  01/06  at  04:13 AM
  11. I’m trying to purchase a home in an area that I am told is a declining market. Whats funny to me is that the neigh boor hood in which I’m looking is one of the nicest places in the whole parish with new homes being built left and right.

    Posted by  on  01/07  at  11:49 PM

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Today's News

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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...

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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...

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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.

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