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ABC Special Report
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Mortgage Fraud News
Boston Globe: 7 mortgage brokers shut down by state
Sunday, 10 September 2006

Deceptive loan practices banned
The state yesterday shut down seven mortgage brokers in Massachusetts and banned a variety of deceptive lending practices in what regulators called a sweeping crackdown on rogue brokers who steer customers in poor urban neighborhoods to loans they cannot afford.Acting two weeks after the Globe reported a range of abuses by several mortgage brokers in Lawrence, the Division of Banks announced that 50 examiners had since made surprise inspections of 90 brokerage firms in central and eastern Massachusetts.

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Business Week: Cover Story - Nightmare Mortgages
Tuesday, 05 September 2006

Nightmare Mortgages
There was plenty more going on behind the scenes they didn't know about, either: that their broker was paid more to sell option ARMs than other mortgages; that their lender is allowed to claim the full monthly payment as revenue on its books even when borrowers choose to pay much less; that the loan's interest rates and up-front fees might not have been set by their bank but rather by a hedge fund; and that they'll soon be confronted with the choice of coughing up higher payments or coughing up their home.

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MORTGAGE FRAUD BIGGER THAN EVER
Sunday, 03 September 2006

Big profits oil the wheel of loan fraud

In 1972, as an assistant U.S. attorney in New York state, Accetta prosecuted rampant mortgage fraud. Subsequent trials convicted 70 people and companies. Even the regional director of the Federal Housing Administration went to prison..."We closed down nine mortgage banks," Accetta said. "Presidents of various mortgage companies went to jail, mortgage brokers and credit analysts went to jail, lawyers and accountants - they all went to jail. The whole system was corrupt."...not much has changed in the mortgage business, particularly in this state, which has posted the highest foreclosure rate in the nation for five months.

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Mortgage Fraud - Massachusetts Attorney General obtains Restraining Order
Sunday, 03 September 2006

AG REILLY OBTAINS TEMPORARY RESTRAINING ORDERS AGAINST INDIVIDUALS, BUSINESSES INVOLVED IN MORTGAGE FRAUD AND FORECLOSURE RESCUE SCHEMES
Attorney General Tom Reilly has obtained three emergency orders to stop unfair and deceptive practices by individuals and businesses allegedly involved with mortgage fraud and foreclosure rescue schemes targeted at home owners.

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BBB hires woman convicted of mortgage fraud
Saturday, 02 September 2006

Woman with fraud conviction hired by Better Business Bureau
A woman involved in a $1.4 million mortgage fraud scheme was hired by the Spokane Better Business Bureau while appealing her conviction and federal prison sentence...You've got to be kidding. Is this a joke?" said Assistant U.S. Attorney George Jacobs when told that Gibson was working for the bureau.

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Mortgage Fraud - Lawyer sentence to 41 months in federal prison
Saturday, 02 September 2006

Mortgage fraud scheme gets Greenville lawyer a prison sentence
Last March, a Greenville lawyer admitted he sent false loan documents to residential mortgage lenders in the Upstate. Now Alex J. Newton has been sentenced to 41 months in federal prison.

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Toronto Star Comments: Homeowner horror story
Tuesday, 29 August 2006

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

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89-year-old Paul Reyicky home stolen in mortgage fraud scam
Tuesday, 29 August 2006

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

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Higher rates for minorities
Saturday, 19 August 2006

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.

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Prison Guard Involved in Elaborate Mortgage Fraud Scheme
Saturday, 12 August 2006

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.

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Illinois shuts down title companies
Sunday, 06 August 2006

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.

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