Friday, May 16, 2008
Guilty Plea In Conspiracy To Inflate Property Values
Anthony Fields, 38, Pittsburgh, Pennsylvania, pleaded guilty to one count of wire fraud in connection with a mortgage fraud conspiracy involving inflated property values.
As previously reported by Mortgage Fraud Blog, and according to his plea, Fields participated in a mortgage fraud conspiracy with, among others, his sister-in-law, Kelly Fields, who was an unlicensed mortgage broker. As part of the scheme, Kelly Fields recruited buyers to purchase properties for prices much higher than the true market value of the properties. Kelly Fields would then obtain financing for these buyers by submitting to the lenders fraudulent loan applications that misrepresented the financial condition of the buyers. In addition, Kelly Fields submitted fraudulent documents in support of the applications, including false pay stubs, W-2s, verifications of deposit and employment, and appraisals. Once the loans were funded by the lenders, in order to compensate the co-conspirators, the funds were distributed contrary to representations to the lenders.
Judge Ambrose scheduled sentencing for September 10, 2008. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.
mortgage fraud
i am a victim of mortgage fraut. my morgage went up by 500.00 so i called my company i am paying my loan to and they said i have an ajustable mortgage. i went to look over my loan papers and i dont see anything in it about an ajustable mortgage what should i do. i been in my house for two years now but cant afford it anymore
Posted by on 05/17 at 07:06 PM
always go with a experienced loan officer. The news ones seem to be money hungry and not upfront with borrowers. we work with only qualified and knowledgeable loan agents. we don’t look for 3 or 4 points to gouge the borrower. We look for what is best so we will get repeat business and referrals.
Posted by on 05/18 at 05:52 AM
Cmichael - what does your Note look like? That would reflect the adjustments. Also the Truth-In-Lending would reflect change schedule. If not you should definitely consult a real estate attorney.
Posted by on 05/21 at 04:29 AM
When you say mortgage papers, are you speaking about your application package?
The mortgage papers are signed at closing. Do you have copies of the documents you signed at closing?
Mortgage note and addendums? You should have also been sent disclosures from the lender before closing.
Paul
Posted by on 06/23 at 08:07 AM
I’m always been amazed at how even large organisations like HSBC and other big banks get caught with their hands dirty in property.
I work in the commercial property market in London and I’m glad I’m associated with ethical colleagues and businesses.
Posted by on 08/25 at 06:58 AM
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Some Sources require Registration.
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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. 
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