Situation needs to be fixed
Authorities should make solving and preventing these crimes among their highest priorities

Homeowner horror
Paul Reviczky, who fled Hungary in 1957 to escape Communist persecution, is one of the latest homeowners to discover that Ontario law favours banks, mortgage companies and purchasers over victims of fraud

Study: Minorities face 'rate shock' over home loans
 Too many minority homeowners have been saddled with high-cost, adjustable-rate mortgages during the five-year housing boom, which makes them especially vulnerable now that rates are rising, according to a new study released Tuesday.

Fraud Probe Nets Prison Guard
A federal prison guard and a state parole officer are among five people arrested as part of an elaborate mortgage fraud scheme in Atlanta, officials announced on Friday. Investigators said the five suspects devised a scheme to buy a house, use fraudulent means to inflate the value of the house, and then borrow money based on the inflated value.

State cites fraud in shutting title companies
State regulators said Friday they shut down a mortgage fraud scheme that might have cheated Chicago area residents out of title to their homes. Officials said the fraud involved a loan originator from the South Side, a mortgage broker with a downtown office and seven interconnected title insurance companies based in Palatine. They said the scheme was so complex that they're still trying to sort out how many homeowners might be affected.

Mortgage Company Owner Charged in Massive Fraud Case
24 people face charges in an identity theft ring where some participants, including a mortgage company owner, were involved in a mortgage fraud scheme on 180 properties.  The fraud scheme may end up costing mortgage lenders as much as $11 million. Philadelphia prosecutors allege that of the group of 24 involved, 10 people led by Allen Smith were charged with aggravated identity theft and bank fraud for using the personal information of hundreds of Commerce Bank, M&T Bank, PNC Bank, and Wachovia Bank customers.

Real Estate Fraud
As home prices and interest rates rise--- so does real estate fraud. The Better Business Bureau today issued an international alert to help combat the growing incidences of real estate fraud. Real estate fraud is a losing proposition. In most cases the mortgage industry is being cheated out of money by fraudsters using inflated appraisals and property values, and placing bogus documents into public record.

Homeowners get mortgage fraud alert
While it may seem an unlikely threat, mortgage fraud was a $26 million problem in Michigan last year, up from $9 million in 2003. Seven new OFIS field examiners have joined six others to investigate the crime. The FBI underlined the problem in Michigan last year when it identified the state as among 10 hot spots for mortgage and deed fraud.

Builders MDC, WL Homes and lender to pay $1.6 million
In the first enforcement action of its kind, HUD settled with two home builders and a national mortgage lender for $1.6 million for their role in an illegal kickback scheme...Additional HUD settlements could be announced in the coming months because more than 50 firms - including KB Home, Shea Homes, Pulte Homes, Beazer Homes and Meritage Homes - participated in the arrangements. Banks involved include Wells Fargo, Bank of America and Citifinancial.

Fannie Mae to suspend construction lending program
 Fannie Mae (FNM) said Thursday it has agreed to suspend its acquisition, development, and construction lending program because of concerns raised by its safety and soundness regulator, the Office of Federal Housing Enterprise Oversight...The mortgage finance giant is recovering from a $10.6 billion accounting scandal and recently paid a $400 million fine to federal regulators because of its internal lapses.