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
Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry.
Rachel Dollar, CMB, a partner in the law firm Smith Dollar PC in Santa Rosa, California testified on February 13, 2008, before the U.S. Senate Special Committee on Aging at a hearing titled, “Foreclosure Aftermath: Preying on Senior Homeowners.” Ms. Dollar is one of the nation’s foremost experts on mortgage fraud schemes and has been named one of the country’s “100 Most Influential Real Estate Leaders” by Inman News.
In her testimony before the committee, Ms. Dollar made the following comments:
“It is important to protect homeowners, especially the elderly, from scams that can result in the loss of people’s primary financial asset, their home. The impact of fraud, scams and deceptive practices on the elderly can be both psychologically and financially devastating.”
The current increase in foreclosures around the country heightens the concern that borrowers may be lured by bogus offers of help, particularly in the case of older homeowners, who may be targeted by fraudsters.
To protect a borrower from becoming a victim of a foreclosure rescue or bailout scheme, MBA recommends consumers keep the following six points in mind:
* If it sounds too good to be true, it probably is;
* Beware of offers to “save” homeowners from default or foreclosure;
* If you’re having trouble, contact your mortgage servicer or call (888) 995-HOPE;
* Make every effort to understand the papers and forms being presented;
* Never sign any loan documents that contain blanks; and
* Make sure the servicer is fully aware of, and approves any transfer of title to the property.
The best assistance Senators can offer to stop foreclosure rescue scams is to educate constituents who find themselves in financial difficulty to call their loan servicer or the HOPE hotline at (888) 995-HOPE.
Although there are no precise statistics available on the extent or cost of mortgage fraud, the Department of Treasury’s Financial Crimes Enforcement Network reported that Suspicious Activity Reports or “SARs” related to mortgage fraud increased almost 400 percent from 2003 to 2006. The FBI has also seen its mortgage fraud casework increase over 235 percent and estimates financial losses to the mortgage industry for 2006 between $946 million and $4.2 billion.
MBA is proactively working with law enforcement in an effort to curb mortgage fraud crimes. On March 8, 2007, MBA signed a memorandum of agreement with the FBI to promote the FBI’s Mortgage Fraud Warning Notice. The Notice states that it is illegal to make any false statements regarding income, assets, debt or matters of identification, or to willfully inflate property value to influence the action of a financial institution.
MBA continues to advocate for increasing the investigation and prosecution of mortgage fraud by law enforcement agencies, improving the communication between mortgage lenders and state and federal agencies.
To that end, MBA requests Congress appropriate $6.25 million per year, over a five-year period, of dedicated funding for the FBI’s efforts in tracking down and prosecuting mortgage fraud. The funding would provide for new FBI field investigators; additional prosecutors dedicated to mortgage fraud; and support for the operations of FBI Interagency Task Forces.”
Where ever there are victims or elderly there will be people scaming them. You gave alot of great advice but I don’t hear this in the media can you get this on the wire service to have media update americans and yes hold them accountable when caught.
Posted by on 02/14 at 09:31 AM
thanks for your knowledge in the mortgage industry.
Posted by on 02/14 at 06:26 PM
THANK YOU FOR TESTIFING.NOW LETS HOPE THAT THE SENATE TAKES ACTION.
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...
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.
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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