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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Ishmett Nazario, a Florida title agent, was sentenced by Chief U.S. District Court Judge Federico Moreno to forty-one months in federal prison in connection with her participation in a mortgage fraud scheme. In addition, Nazario was ordered to pay restitution in the amount of $1,442,000.
Nazario was arrested in July 2008 for her involvement in the fraudulent sale of residential property located in Coral Gables, Florida. The Coral Gables property was flipped three times within a one year period, almost doubling the price of the property from $780,000 to $1,400,000. Nazario served as the title agent in the third sale and, through her title company Blue Coast Title, fraudulently released the lender’s funds from escrow to fund the straw buyer’s down payment on the property. Once the final sale closed, the straw buyer, co-defendant Maritza Salan, failed to make a single payment on the mortgage. The property ultimately went into foreclosure, resulting in a significant loss to the lender.
In August 2008, Nazario pled guilty two counts of wire fraud, in violation of Title18, United States Code, Section 1343. Nazario had been charged in an indictment, along with co-defendants Jose E. Alvarez, Yadira Garrido, and Maritza Salan, with conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349 and two counts of wire fraud, in violation of Title 18, Untied States Code, Section 1343. Alvarez, Garrido and Salan also pled guilty to wire fraud charges.
In sentencing Nazario, Judge Moreno emphasized the seriousness of the offense in this case and the need for deterrence in view of the prevalence of fraud – particularly, mortgage fraud, health care fraud, and identity theft – in the Southern District of Florida and its negative impact on the economy.
This case was investigated by agencies participating in the Federal-State Mortgage Fraud Strike Force. Mr. Acosta commended the investigative efforts of the Mortgage Fraud Strike Force with particular commendation to the U.S. Secret Service and Miami-Dade Police Department. The case was prosecuted by Assistant United States Attorney Peter A. Forand.
Sounds like another bunch of foreigners ripping off America’s financial system at the expense of not only those who invested their savings into the affected institutions but also the U.S. taxpayers who are backing those institutions.
Posted by on 11/06 at 11:42 AM
there always has to be a few in the pie to make it dirty. Title can really help out to do a lot of shady things. I still am amazed at the things that are coming out in the fraud arena. Rachel do for see a decline in the fraud cases or more in the future. the way that lenders are cracking down.
Posted by on 11/07 at 07:45 AM
When is Complete Title Solutions a/k/a Title and Abstract going to be investigated for the same practices as Blue Coast Title? The owners are all covicted felons that should not be working in any industry that involves the handling of monies.
Posted by on 11/07 at 07:10 PM
I am a strong supporter of cracking down on the greed that has devastated the economy, but I don’t see why Rachel should allow racist, xenophobic comments to remain on her website.
Some people like to blame everything on “foreigners,” even if its just a “hunch” based on some unusual names.
This is not about where you born, it’s about greed - something we clearly have no shortage of here in this country.
Posted by on 11/08 at 01:51 PM
Groups of foreigners ripping off lenders is nothing new, it is so prevalent it has even earned a name for itself known as affinity fraud.
Posted by on 11/08 at 03:45 PM
steve is nothin but a racist punk; as you know foregners are not the ones going to prison for mortage fraud.
Posted by on 11/11 at 05:16 PM
Having worked for several major underwriters for 20+ years, I can unequivocally state this issue is purely about greed. While you may see a large number of cases involving foreign names, I can assure you there are an equal or greater number of “non-foreign” sounding names involved that haven’t yet been caught. As this mortgage crisis deepens, you will see much more of these types of cases come to light.
Posted by on 11/12 at 05:35 AM
I am not a racist, I have no more or no less fustration for the Armenians (who are the same race as myself) who have perpetrated rampant mortgage fraud in and around the San Fernando Valley area of Los Angeles County California. One might argue that I’m a nationalist, but I am by no means a racist and you saying that I am a racist was very mean spirited on your part.
Posted by on 11/12 at 09:27 AM
No need to worry about “foreigners” engaging in mortgage fraud. Older white men known as CEOs do quite well on their own. Who do you think runs Wall Street? Follow the bailouts of Wall Street and auto makers; you will find a preponderance of wealthy Anglos leading the charge. Don’t be like a cop walking a beat or a drunk in a bar. Look at the big picture.
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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