Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
Rachel 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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Idaho Weathers The National Mortgage Fraud Problems
Gavin Gee, director of the Idaho Department of Finance, announced the highlights of the agency’s fiscal year 2008 activities. Among the news are indicators that Idaho state-chartered banks and credit unions remain strong, Idaho has weathered the national mortgage problems better than most other parts of the country, and Idaho continues to attract business. Gee said, “The news in Idaho is positive – our state-chartered financial institutions are safe and sound, the number of financial service providers continues to grow and competition among them remains healthy - all signs that Idaho continues to be a great state in which to do business. The Department has set another record number in fiscal year 2008 with more than 158,000 charters, licenses, registrations and other business filings, a 3.9% increase over last year.”
Idaho Mortgages Hold Steady – Regarding the mortgage turmoil that dominated the national news, Gee said, “Any one instance of a family facing foreclosure remains a tragic personal story. However, the data used by the Department does not reflect a statewide mortgage crisis and, just as important, Idaho’s financial service providers remain ready to continue to make good loans.”
Data provided by the Mortgage Bankers Association shows that the total percentage of Idaho mortgage delinquencies for the first quarter of 2008, 3.62%, is down from the fourth quarter 2007 number of 3.86%. Also, if putting 2007 in the historical context of the past 20 years, the annual total Idaho mortgage delinquency number was lower than 10 of the past 20 years. Both the first quarter and annual numbers are much lower than those reported for the nation. Idaho ranked better than 44 other states in percentage of mortgage loans seriously delinquent (90 days plus) or in foreclosure.
The Department has prepared a brochure to assist homeowners avoid foreclosure; it, along with links to other foreclosure-assistance information, is available on the Department’s website under “Foreclosure Prevention Resources”.
A major initiative this year was the Department’s preparation to be one of the first states to participate in the Nationwide Mortgage Licensing System (NMLS), used to accept and process national, uniform license applications and renewal forms. It is anticipated that the system, which was successfully implemented in Idaho in January, 2008, will reduce industry and department costs for processing licenses, streamline the licensing process, reduce fraud and provide better overall supervision of the mortgage industry for the protection of consumers.
Enforcement Responsibilities Continue to be a Priority – This past year the Department continued to vigorously investigate and take enforcement action against those who commit financial fraud or otherwise harm Idahoans through violation of the laws administered by the Department. The Securities Bureau initiated or completed 11 enforcement actions, resulting in more than $3.2 million in refunds to investors and $300,000 in penalties. These actions have alleged violations of the Idaho Uniform Securities Act by individuals and companies within Idaho, in other states, and as far away as the British West Indies. The Consumer Finance Bureau initiated or completed 70 actions in the fiscal year to enforce the Idaho Residential Mortgage Practices Act and the Collection Agency Act. One administrative action against a Texas-based debt settlement company for unlicensed credit counseling activities resulted in $588,000 in restitution to Idaho consumers; another Consent Order with a California-based mortgage broker stopped the dissemination of confusing and deceptive mortgage loan solicitations.
Idaho Banks and Credit Unions Remain Strong - Contrary to the increasing number of news stories about large financial institutions experiencing significant losses connected to mortgage defaults, Idaho’s banks showed continued strength. Idaho commercial banks and savings institutions continued to outperform the nation during the first quarter 2008 and reported higher levels of capital, higher profitability, and lower nonperforming loans and net charge-offs than institutions nationwide.
Other indicators of the strength of Idaho banks during the past year included the record first quarter amount of assets at Idaho-headquartered banks, $7.7 billion, and deposits of $5.7 billion; chartering of a new bank in Boise; and continued branching throughout the state. Idaho credit unions also continue to experience positive growth in assets, shares (deposits) and loans. Idaho-chartered credit unions reported, at first quarter, over $1.8 billion in assets, $1.6 billion in shares, and loans to Idahoans or other members of more than $1.3 billion.
Commitment to Financial Literacy Increases – The Department devoted increased resources to developing financial literacy, both to enhance the personal financial well-being of Idahoans and to help combat financial fraud. Through the efforts of Department staff members, a record number of presentations were made to high school classes, civic organizations and retirement centers throughout the state. The Department participated in the Idaho State Treasurer’s Smart Women, Smart Money Conference, AARP’s Senior Scam Jams, and the ninth annual Financial Literacy Month. The Department remained actively involved in the Idaho Financial Literacy Coalition (IFLC), a broad-based partnership of private sector, education and government members organized to enhance the financial literacy of all Idahoans and entered into a new agreement with the Idaho Council on Economic Education to specifically enhance the education of Idaho’s children and teachers on financial issues.
From these problems I knew that,the banks in Idaho mainly facing the problems with Departments and large financial institutions.If they aware of them.They will easily clear their problems.
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maria
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.
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...
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...
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...
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.
Rachel 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 
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