Mortgage Fraud Blog Conference 2008

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. 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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Recent Posts

- Man Indicted For Abuse of Foreclosure Process
- 2 Indicted In Florida Straw Buyer Scheme
- Man Arrested in Georgia on Real Estate Fraud Charges
- Father, Son, Broker Indicted In Missouri Scam
- Real Estate Loan Officer Pleads Guilty to Mortgage Fraud Scheme
- Connecticut Man Sentenced For Misreps
- Woman Charged In Mortgage Fraud Scheme
- Man Sentenced T 13 Years For Fraudulent Mortgage Rebate-Coupon Conspiracy
- Defendants Sentenced In Louisiana Mortgage Fraud Case
- 2 Indicted In Arizona Mortgage Fraud Scheme

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.

   

Posted by Staff Reporter on 05/16/08 at 05:52 AM
Mortgage FraudPennsylvania • Total comments: (5) (0) Trackbacks
  1. 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
  2. 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
  3. 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
  4. 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
  5. 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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Real Estate Fraud Widespread, Insider Q&A Told
Orange County Register- California
As head of the California Department of Real Estate, it’s Davi’s responsibility to oversee the licensing and regulation of real estate agents and to investigate complaints.

Complaints Against Ohio Real-Estate Agents Rise
Cincinnati.com - Cincinnati, OH
Some of the most common complaints involve buyers upset over undisclosed property problems and agents not doing the marketing they had promised. There's also been an increase in mortgage fraud and criminal allegations.

Millions At Risk Of Foreclosure Fraud
Inland Empire News - Riverside, CA
The reason Carter, 55, is facing eviction, she says, is that she fell for a high-stakes scam that’s sweeping the nation, preying on the 1 in 11 consumers who are either behind on their mortgage payments or already in foreclosure.

Florida Comes Clean, Allowed Criminals to Enter Mortgage Industry, Prey on Consumers
By The Liput Group
In a stinging critique of the state's oversight of the mortgage industry, top Florida investigators found that state regulators failed to alert police agencies to crooked mortgage brokerages, ignored citizen complaints and allowed hundreds of people with criminal histories to peddle loans.

FBI's Mortgage Fraud Caseload Grows To 24
Toronto Star - Ontario, Canada
The FBI is investigating 24 cases of potential corporate fraud related to mortgage lending, up from 21 cases disclosed by the bureau in July, bureau director Robert Mueller told Congress yesterday.

Convicted Appraiser Nicolo Back In Custody
MPNnow.com - Rochester, NY
John Nicolo, who was convicted in a widespread kickback scheme involving Eastman Kodak Co. and a former Monroe County assessor, is back in police custody after he allegedly violated the conditions of his release.

Mortgage Crisis Leads To An Increase In Scams
WSBT-TV - South Bend, IN
When it comes to perpetrating a scam or a fraud some tools used are a gun, or a fist, or a knife,” Zultanski said. “Mortgage is another avenue to commit a fraud.”

Mortgage Firm Countrywide, In Response To Alleged Data Breach, Offers Free Credit Monitoring
Los Angeles Times - CA
Countrywide Financial Corp. is offering two years of free credit monitoring to customers whose sensitive personal information, including Social Security numbers, allegedly was stolen from the home lender's computer files.

Caught in ID Theft's 'Horrible Web'
Columbian - Clark County, Washington
A woman took Carpenter's professional identity as a real estate appraiser, using Carpenter's name and license number. She even appraised commercial and million-dollar properties that Carpenter, a residential appraiser, isn't licensed to do.

Top 10 Riskiest Areas for Mortgage Loans
U.S. News & World Report - Washington, DC
First American CoreLogic recently released a study that ranks America's top 10 riskiest areas in which to make a home loan.

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© Copyright 2004-2007 Rachel M. Dollar

Legal Disclaimer.
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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