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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Wesley A. Snyder, 71, Oley, Pennsylvania, is charged in a one count Information filed in U.S. District Court in Harrisburg, Pennsylvania, with Mail Fraud Affecting a Financial Institution, 18 U.S.C. § 1341. The Information alleges that between 1988 and September of 2007, Snyder defrauded more than 800 individuals throughout Central and Eastern Pennsylvania via his “Wrap Around, Equity Slide Down Discount” Mortgage Program and his “Mortgage Participation” Investment Program. The charge carries a potential penalty of 30 years imprisonment and $1,000,000 fine.
Snyder has agreed to plead guilty to the charge pursuant to a written plea agreement filed with the Court. The agreement requires Snyder to cooperate with the government and to make restitution to his victims as ordered by the Court. The agreement stipulates the loss in the case is somewhere between $15 million and $32 million dollars, the exact amount to be determined by the Court prior to sentencing. Under the terms of the plea agreement the government has reserved its right to recommend any sentence, up to and including the statutory maximum. No date has yet been set by the Court for Snyder’s entry of his guilty plea.
The plea agreement Snyder signed is expressly contingent upon Snyder making full and complete disclosure of his assets to the government. The agreement acknowledges that SNYDER provided the government a comprehensive Financial Statement on October 24, 2007, which detailed all of the assets he owned and controlled. The agreement requires Snyder to freeze his assets and not transfer, dispose, sell, cash, assign, or otherwise encumber any asset, including but not limited to any bank account, insurance policy, or interest in real estate, without the express knowledge and written consent of the U.S. Attorney’s Office. The agreement also requires Snyder to submit to interviews regarding his financial status and, if necessary, to undergo a polygraph examination to ensure his compliance. The agreement provides that any violation of the agreement by Snyder would subject him to sanctions and the possibility the government would ask the Court to be relieved of its obligations under the plea agreement. Snyder filed for bankruptcy on September 18, 2007, on behalf of six Reading-based business entities he owned and operated, primarily under the names of Personal Financial Management and Image Masters, Inc. Four days earlier Snyder had notified more than 800 customers in Lancaster, Lebanon, Dauphin, Cumberland, York, Berks, and Schuylkill Counties that he could no longer make required mortgage payments on their behalf.
U.S. Postal Inspectors from Harrisburg executed a search warrant at Snyder’s Oley, Pennsylvania residence on October 12, 2007. The Information filed by the government alleges that between 1988 and 2007 Snyder took in more than $65.6 million from 811 Wrap Around mortgage customers but only forwarded approximately $39.1 million of that amount to their lenders. The Information also alleges that Snyder defrauded 31 individual Mortgage Participation investors out of an additional $3,000,000.
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.
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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