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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

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Friday, May 02, 2008

FinCEN Report Warns of Methods and Trends in Residential Real Estate Industry

The Financial Crimes Enforcement Network (FinCEN) today released the latest in a series of reports, which are based upon analysis of suspicious activity reports (SARs) provided by the financial industry. Today’s report, Suspected Money Laundering in the Residential Real Estate Industry: An Assessment Based Upon Suspicious Activity Report Filing Analysis identifies several transactional typologies and associated illicit activities that may be perpetrated by individuals or groups seeking to launder funds via residential property transactions.

This study confirms an increase in the number of SARs indicating suspected money laundering in the industry which tracks closely with the past expansion of the real estate market, especially in the 2004-2005 period. Previous FinCEN studies concerning Mortgage Loan Fraud and Money Laundering in the Commercial Real Estate Industry confirmed similar trends. However, in contrast to criminals seeking to profit by committing mortgage fraud, those who seek to launder money through residential real estate generally intend to make timely payments and seek to make their transactions appear as unremarkable as possible in order to disguise the source of their funds.

Laundering money through residential real estate involves turning the proceeds of crime into the use or ownership of real property assets. For example, a criminal may use illicit funds to outright purchase or to make monthly rental payments on real property. Internationally, these laundering techniques are well known and have been described in the Egmont Group publication, FIU’s [Financial Intelligence Units] in Action, 100 cases from the Egmont Group, and are often referred to in various reports on methods and typologies published by the Financial Action Task Force (FATF). FinCEN’s report shows that U.S. financial institutions have been able to identify some possible instances of money laundering through residential real estate. The report is intended to help raise awareness of the vulnerability and assist financial institutions to better recognize risk and thus provide better information to law enforcement in order to combat criminal activity.

Significantly, as the report describes, more than 75 percent of reported suspects had no professional relationship with the residential real estate industry and any reported collusion with various real estate or construction professionals was somewhat rare. Money launderers were found to use many techniques, including: structuring large transactions into smaller amounts in order to evade detection; using “straw buyers” to front for the true purchaser; and fraudulent documentation. In some cases, laundering money through residential real estate was found to support tax evasion, fraud and identity theft.

 mortgage fraud

   

Posted by Staff Reporter on 05/02/08 at 01:32 AM
Mortgage Fraud Locations • Total comments: (1) (0) Trackbacks
  1. WELL WHAT DO YOU KNOW ABOUT THAT!! AFTER TALKING TO HOUSTON OFFICE OF WELLS FARGO I WAS TOLD THAT THEY WERE NOT INTERESTED IN HEARING ABOUT FALSE APPRAISAS!!! THEY HAVE SOME OF THE BAD PAPER FROM A PROPERTY FLIPPING DEAL IN 2001 AND FALSE SALES ENTERED IN THE MLS.THIS ACTION THEN BECAME LOANS ON OVER VALUED PROPERTIES (70) OF THEM.THE PAPER WAS SOLD TO MANY BANKS.HELLO WELLS FARGO!!!! MOST WERE NEVER RENTED SO NO INCOME.NOW NO TAX PAYMENT!!!! THE FBI HAD THE INFO AND SAT ON IT.

    Posted by  on  05/02  at  12:55 PM

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Today's News

Some Sources require Registration.

 

Marco Island Man Arrested in Ohio on Grand Theft Charge
Naples News
A man who claimed he was a broker is accused of bilking a long-time family friend out of more than $130,000.

Failed Mortgage Firm Trustee Allowed $50,000 in Fees
Union Leader
U.S. Bankruptcy Court Judge J. Michael Deasy will approve $50,000 in legal fees for the trustee of failed mortgage brokerage businesses Financial Resources Mortgage Inc. and CL&M Inc.

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.

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...

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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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