If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!Federal law enforcement officials recently announced charges have brought against 41 defendants in five separate cases in Chicago. The cases involve more than $48 million in fraudulently obtained mortgages for dilapidated homes in urban areas as well as deals [...]
“This is the tale of two companies,” Robert Khuzami, Director of the Security and Exchange Commission’s (SEC) Division of Enforcement explained in a public statement announcing the filing of financial fraud charges against Countrywide Financial CEO Angelo Mozilo and two other former executives. “Countrywide portrayed itself as underwriting mainly prime quality mortgages using high underwriting [...]
“Fair housing advocates have been warning the federal government for a decade, to no avail, about the damage that abusive lending would bring,” said Shanna L. Smith, President and CEO of the National Fair Housing Alliance (NFHA). “For too long, HUD and the Justice Department have stood by while people and neighborhoods of color have [...]
Seven people have been charged with crimes related to nearly $20 million in fraudulent mortgage loans in the U.S. District Court of Indianapolis. The charges, announced April 30 by Timothy M. Morrison, U.S. Attorney for the Southern District of Indiana, include wire fraud and money laundering as well as fraud and conspiracy.
According to the charges [...]
The FraudBlogger Index climbed to 1427 during the first quarter of 2009, double what it was in the first quarter last year. Already in April a federal grand jury has indicted four individuals as part of a massive “Dream Homes†mortgage fraud scheme and 24 individuals in a Racketeering Influenced and Corrupt Organizations Act (RICO) [...]
A U.S. district court has ordered two companies, Hope Now Modifications, LLC, Hope Now Financial Services Corp. and New Hope Property LLC, to stop falsely advertising that they are part of the government-endorsed mortgage assistance network and that they successfully modify mortgages for almost all their clients or refund their money. The court order was [...]
Increased regulatory action at the end of 2008 has not added to the overall number of mortgage litigation cases winding their way through the American judicial system, according to a report just released by MortgageDaily.com in conjunction with the law firm of Weiner Brodsky Sidman Kider PC.
According to the Fourth Quarter 2008 Mortgage Litigation [...]
The military in Iraq wasn’t the only thing surging in 2008. Mortgage fraud also reached a new high last year, according to the FraudBlogger Index. Federal investigators have identified an increase in frauds and schemes in the real estate business as well.
Mortgage fraud activity that might have otherwise gone undetected was uncovered as falling home [...]
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