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Tag Archives: Mortgage Fraud

New Rule Would Streamline GSE Fraud Reports

Fraudsters and money-launderers may find it more difficult to move forward with their illicit activities if a new draft rule receives approval. Publishing a draft rule in the Federal Register Thursday, the Financial Crimes Enforcement Network proposed eliminating the Federal Housing Finance Agency as a middle-man in the reporting process for suspicious activity for GSEs Fannie Mae and Freddie Mac. The rule would require GSE officials to file suspicious activity reports with FinCEN itself.

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Feds Sue Allied Home Mortgage, Alleging $834M Fraud

Prosecutors slapped Allied Home Mortgage Capital Corp. with a lawsuit Tuesday, seeking to recoup $834 million in bad claims from two executives for their alleged roles in bilking the government over the course of a decade. The complaint accused president and CEO Jim Hodge and EVP Jeanne Stell of violating federal law by knowingly misrepresenting mortgages to authorities, failing to keep up with quality control guidelines, and originating federally insured loans at 600 unapproved branch offices.

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Court Sentences Bank Execs for Trying to Bilk TARP

A U.S. federal judge handed prison sentences and $100 million in fines to two former bank officials and a borrower Thursday for their roles in trying to bilk the Troubled Asset Relief Program during the financial crisis. Former Orion Bank EVP Thomas Hebble and SVP Angel Guerzon, along with onetime borrower Francesco Mileto, received time in federal prison for falsifying information about bad loans under the pretenses that their financial institution qualified for bailout funds from the federal government.

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B of A Case, Two Attorneys Make Friday Fraud Blotter

Fraud

A Bank of America case, two attorneys, and state legislation that made mortgage fraud felonious helped complete the MReport mortgage fraud blotter Friday. MReport sourced two stories from multiple news outlets, which found Bank of America gaining the upper hand in a fraud-related suit and two attorneys alternately disbarred and charged for their roles in scamming lenders and homeowners. Also: A new state law makes mortgage fraud a felony in Michigan.

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Fraud Participant Pleads Guilty in $7 Million Case

Another mortgage fraud engineer has been brought to justice in New York, with Marleen Shillingford entering a guilty plea following her participation in a multimillion-dollar scheme. Appearing before U.S. Magistrate Judge Donna F. Martinez, the defendant waived her right to indictment on charges related to a scam that involved more than 40 properties. The fraudulent acts were primarily executed against properties held by banks receiving funding from the Troubled Asset Relief Program (TARP).

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Survey Shows Global Rise In Fraud Tech Efforts

Fiserv, Inc. recently evaluated technology initiatives targeting the prevention of fraud money laundering, and the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós survey shows that financial institutions are continuing to invest in such measures in spite of the growing need for mortgage banks to limit spending.

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Alleged Hit Job, Serial Scammer Make Fraud Blotter

Making the mortgage fraud blotter Friday, a real estate agent received a 20-month sentence and $5.6 million in fines, while a former attorney convicted on charges related to adoption fraud now also has mortgage fraud to his name. Meanwhile, a convict allegedly tried to orchestrate a hit on a co-defendant from a mortgage fraud scheme that sent him to the slammer in the first place. As with other blotters, MReport culled stories from a number of local, regional, and national news outlets.

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Kontogiannis, Six Others Make the Fraud Blotter

Two cases from New York resonated with the mortgage fraud blotter Wednesday, with news sources reporting indictments against six people accused of raking in some $25 million in mortgage fraud and a reduced prison sentence for a money launderer previously convicted for stripping $98 million from lenders. A statement by the Federal Bureau of Investigation and Reuters story contributed to the round of news for the MReport blotter. Left unclear: the amount of ruin for lenders and homeowners.

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Big Banks Sued for Allegedly Bilking Veterans, Taxpayers

In yet another blow to major mortgage lenders, two brokers unveiled suits Monday against a string of companies alleging the defendants bilked veterans out of millions by hiding illegal fees under other charges for their refinance loans. Quickly emerging as a hot-button topic inside the Beltway, with some pointing fingers at federal agencies, the suit joins a pack of other litigation on the way for big banks. The matter involves the Interest Rate Reduction Refinancing Loans program for veterans.

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20 Floridians, Former Company Exec Accused of Mortgage Fraud

A former mortgage company executive and 20 South Floridians found themselves in a hot seat Thursday as authorities pressed charges for roughly $8 million and $40 million in mortgage fraud activity, respectively, according to multiple news outlets. The news follows a mortgage fraud report that forecasts $73 billion in mortgage fraud over the rest of the year. MReport culled information from two news sources for the mortgage fraud blotter Thursday.

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