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Mortgage Fraud - $325 Million Nationwide Settlement. |
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Wednesday, 25 January 2006 |
Ameriquest to pay millions to mortgage customers
Thousands of Washington homeowners who were saddled with higher-than-expected mortgage payments because of Ameriquest's lending practices should get some money back as part of a $325 million nationwide settlement. A 49-state investigation led by Washington and six other states found that from 1999 to 2003, Ameriquest inflated home appraisals and made up employment and income information to allow more people to qualify for loans. Some borrowers lost their homes because of it. Others went deeper into debt trying to keep up with their mortgage payments. |
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Kick-Backs for mortgage title insurance company |
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Monday, 09 January 2006 |
HUD Settles Kick-Back Case With 9 Memphis Home-Builders
Nine Mid-South home-builders will pay the federal government $226,000 to settle a three-year long dispute
over an alleged kick-back scheme, according to a spokesperson for the U.S. Department of Housing and
Urban Development. |
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Investigations Continue in Ohio |
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Friday, 23 December 2005 |
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Auditors at door of Dominion Homes State and federal agencies are investigating the business practices of Dominion Homes. The Dublin-based builder has come under scrutiny because so many of its customers can’t pay their mortgages and can’t sell their houses for what they paid for them. See Special News Reports - Brokered Dreams |
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Tuesday, 20 December 2005 |
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Tennessee builders to pay $226,000 in kickback settlement Nine Tennessee home builders will pay $226,000 to the U.S. Treasury in a settlement with the Department of Housing and Urban Development for allegedly getting kickbacks from a Tennessee title company, HUD said today...The builders involved in the settlement announce today are Oaktree Homes, Vintage Homes, Bronze-Christian, P & G Capital Partners, Summit Homes, Lenox Homes, Riverbirch Homes, Richard and Milton Grant Co. and Downing Homes Inc. |
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Mortgage Fraud fastest growing crime |
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Tuesday, 20 December 2005 |
MORTGAGE FRAUD RUNS RAMPANT
Mortgage fraud is one of the in the United States, the U.S. Federal Bureau of Investigation (FBI) reports. In fiscal year 2005, nearly 22,000 incidents of suspicious activity were reported by the banking industry, up from 17,000 the year before. The FBI reports the loss from this crime was more than $1 billion in fiscal year 2005, compared with $429 million the previous year. |
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FBI Investigation of Mortgage Fraud |
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Tuesday, 20 December 2005 |
THE RISE OF MORTGAGE FRAUD
How It Impacts You
206 FBI indictments/informations (down from 241 in Fiscal Year 2004).
170 FBI convictions (consistent with 172 convictions in Fiscal Year 2004)
$1,014,000,000 (FBI) reported loss (up from $429,000,000 in Fiscal Year 2004 |
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Dallas Morning News Signs of Fraud |
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Sunday, 18 December 2005 |
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Sunday, 18 December 2005 |
A neighborhood crime that alarms can't prevent
Neighborhoods in North Texas are facing a quiet crime wave that yields millions in illegal profits for unscrupulous real estate insiders.Mortgage fraud scams can leave homeowners with hyper-inflated home values and higher property taxes while houses are left empty and go to seed before defrauded banks foreclose. |
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Sunday, 18 December 2005 |
Neighbors suspect scam in home sales
Alan Baugh's curiosity was piqued when the one-story, four-bedroom, three-bath home down the street sold quickly for far more than he thought it was worth..."In my mind, this is organized crime – with buyers, sellers and real estate professionals all cooperating with each other," said Mr. Baugh, a mortgage banker. |
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Kickbacks Illegal Referral-fee Schemes Prosecuted |
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Sunday, 04 December 2005 |
Referral kickbacks take a bruising
The federal government has mounted its most aggressive campaign in decades to stamp out illegal referral-fee schemes... Congress conducted hearings and found that consumers across the country were being misled and harmed — steered to what were often higher-cost settlement and mortgage companies — solely because of backdoor payoffs among real-estate, lending, title insurance and other companies. The message to the industry should be equally clear," Montgomery said. "We will not only investigate those who give, but those who receive kickbacks."...Maybe the word finally will get out: Real-estate referral kickbacks are bad for consumers. They violate federal law, invite big financial penalties and could lead to jail time. |
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Jury awards $11.5 million for loan fraud |
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Friday, 02 December 2005 |
Texas jury rules against Ocwen
A jury in Galveston, Texas, has awarded $11.5 million to a customer of Ocwen Financial Corp. and its former Ocwen Federal Bank subsidiary, after determining they committed fraud in servicing her home equity loan. |
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