Thursday, December 06, 2007

Guilty Plea in Conspiracy Aimed at Low-Income Borrowers

Terrell Ford, 33, Kansas City, Missouri, pled guilty to participating in a conspiracy in which low-income borrowers obtained home loans or refinancing by submitting fraudulently inflated appraisals and false financial information to lenders. Ford faces up to 25 years in prison for his role in the $14 million mortgage fraud scheme.

According to the Information and other court documents, from January 2002, through January 2004, Ford was involved in a conspiracy wherein he and his co-conspirators would submit false and fraudulent loan applications and appraisals to lenders for the purposes of obtaining funds. The funds were then transferred in whole or part to accounts managed by the defendant and his co-conspirators. During the conspiracy, Ford would entice prospective borrowers, usually those that were low income or lacked real estate experience, and were in need of money, to purchase a home. The conspirators told the borrowers that they could qualify for a loan or a refinance regardless of their credit rating or financial situation. What the conspirators failed to advise is that the appraisals would be inflated and at closing, significantly increased origination fees would be charged and higher interest rates would be applied.

The following properties are listed in the Information as involved in the scheme:

4000 Block of College, Kansas City, Missouri; and

East 58th Street, Kansas City, Missouri.

mortgage fraud

1. This is truly a disgusting scam they were running. It is most of all disturbing to read about with the current state of the market.

   Posted by  on  12/06  at  11:17 AM

2. Great article, we here in San Luis Obispo, CA have also been cheated by RW Hertel & Sons, Inc. a well known defective home builder in Calif.

   He has sold many “ Low Income” homes got the money and the homes started to fall apart with the first rains of the year. The State Investigated found all 100% of the homes inspected to be defective and leaking many with toxic mold and massive defects. The builder then tried to scare them off from complaining so he filed a false suit against them, the judge ruled under the anti-Slapp law now the builder has been ordered to stand trial for Fraud, Theft and Discrimination justice is coming albeit slow.

   Posted by  on  12/13  at  05:04 AM

3. 
   Talk about Mortgage Fraud, California Builder Ron Hertel and Partner/Lover Robert JS Fowler owners of RW Hertel & Sons, Inc. are now in default on several fraudulent loans they scammed from investors and banks. They are facing both Civil and Criminal Investigations and over 31 Lawsuits.

   They have over 25 different LLC’s, LP’s, Inc.,s etc so do a indepth search hire a lawyer and check them out prior to investing or buying any Hertel related projects. They now have gone into the Wine making business as well. 5 Mile Bridge wines so once again caution.

   Posted by  on  02/11  at  05:20 AM

4. Dear Sir or Madam, It has come to our attention that your site is showing a
   post regarding the company RW Hertel & Sons, a home builder in CA. We are respectfully requesting that the post be removed from your site in an expedient manner.  The posts/story has been ruled to be from a slanderous source. Thank you so much for your prompt attention to this matter.

   Posted by  on  03/14  at  04:58 PM

5. Well now that RW Hertel & Sons and Bob Fowler aka Robert John Samuel Fowler have defaulted on millions of dollars of loans albeit under false pretenses and Fraud, they have hidden monies in the accounts of several banks so they are cheating not only investors but banks.

   But we know who and where they are there is a rat in his midst so we are on his trail as we get the information we send it to the Authorities. Smile Justice will be coming. As is evident by the public notices from the Courts, CSLB, Clerks offices etc.

   Posted by  on  06/14  at  05:53 AM

6. 

   Well now all one has to do is check the State of California Web site www.cslb.ca.gov and see RW Hertel License is being revoked for fraud and unpaid Court ordered Judgments. Then check with any Legal firms site and see all the Law Suits against Hertel and Fowler for fraud, and theft not to mention up in San Luis Obispo County Clerks office all the Defaults named against them and there Atascadero Venturess, LLC thus now over $21,000,000.00 in Loan fraud and there failure to pay contractors, vendors and subs ? hum ! it is all a public record as well as the many lawsuits.

   Posted by  on  06/28  at  12:46 PM

7. I see where the FBI & IRS are finally investigating Ron Hertel and Robert Fowler for the Criminal activity they did all over California.

   Posted by  on  06/23  at  03:01 PM