Subscribe to our mailing list

* indicates required Email Address * First Name Last Name Opt-In Date Location

St. Louis Real Estate Search

 

Stay on top of the St. Louis Real Estate Market!

Sign up for our FREE Weekly St. Louis Real Estate Market updates for your area!

Click Here to View Sample Report

FBI Advice on How to Avoid Being a Victim of Loan Modication and Mortgage Fraud

As a result of the Distressed Homeowner Initiative (begun one year ago) which targets companies that defraud distressed homeowners, over 200 companies have been shut down, according to the FBI. As a result, criminal charges have been filed against 530 defendants. The numbers involved in these cases are staggering; losses of more than $1 billion from over 73,000 victims in the U.S. [...]

How to protect yourself from mortgage fraud

The collapse of the real estate market, along with a down economy has created a fertile environment for fraudsters to attempt to advantage of the many desperate homeowners that are out there. Their methods vary from foreclosure “rescue” schemes, mortgage assistance scams and other scams that generally offer to lower your payments or debt, prevent [...]

FBI Report Shows Mortgage Fraud Continues at Elevated Levels

The FBI released it’s Mortgage Fraud Report for 2010 showing that mortgage fraud continued at elevated levels in 2010 and was consistent with levels seen in 2009. The top states for mortgage fraud activity in 2010 were Florida, California, Arizona, Nevada, Illinois, Michigan, New York, Georgia, New Jersey, and Maryland.

[...]

Real Estate Agent, Loan Officer Among Five Defendants to Plead Guilty to $11 Million Mortgage Fraud

KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that a former real estate agent and a former loan officer are among five co-defendants who have pleaded guilty in federal court to their roles in an $11 million mortgage fraud scheme that involved upscale homes in Lee’s Summit, Blue Springs, [...]

Mortgage Fraud Index Falls to Lowest Level in almost 3 Years

The Mortgage Fraud Index from MortgageDaily.com has fallen 69 percent over the past year to the lowest level since early 2008. For the fourth quarter of 2010 the Mortgage Fraud Index was 814, which is down from 2634 the year before and is the lowest level the index has been at since the first quarter [...]

Brookwood Man Faces 34-Count Federal Indictment in Mortgage Fraud Scheme

A federal grand jury indicted a Brookwood man yesterday on wire fraud and false statement charges related to a more than $1 million mortgage fraud scheme in the Birmingham area, announced U.S. Attorney Joyce White Vance.

A 34-count indictment filed in U.S. District Court charges SCOTT ERIC PERRY, 34, with 17 counts of wire fraud [...]

Mortgage Fraud Case Activity Drops

After surging in the second quarter, mortgage fraud case activity sank in the third quarter based on the Third Quarter 2010 Mortgage Fraud Index from Mortgage Daily. The Mortgage Fraud Index came in at 1007 during the third quarter – falling 41 percent from the second quarter. The index hasn’t been this low since the [...]

Four Tips for Avoiding Mortgage Fraud

Dennis Norman

The CEO of Freddie Mac, Ed Haldeman, published a blog post this week which said reports of mortgage fraud were on the rise; there were nearly 38,000 cases of mortgage in the first half of 2010 – a 13 percent increase over the same period in 2009.

 

Haldeman says that the [...]

Attorney Charged in Property Mortgage Scam

A Massachusetts attorney, Michael R. Anderson, 41, of Framingham, was charged last week in federal court with wire fraud, bank fraud, and money laundering in connection with a multi-year, multi-property mortgage fraud scheme in Dorchester and Roxbury. United States Attorney Carmen M. Ortiz; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation, [...]

St. Louis Ranked 27th in 2009 For Mortgage Fraud Reports

 

Dennis Norman

The Financial Crimes Enforcement Network (FinCen), a bureau of the U.S. Department of the Treasury, released their 2009 Mortgage Loan Fraud (MLF) study which found the number of mortgage fraud suspicious activity reports (SAR’s) filed in 2009 grew 4 percent compared to 2008.

[...]

Mortgage Fraud Trend Down; Still $14 Billion in 2009 Losses

Dennis Norman

Missouri one of 32 States Identified as “Low” risk of mortgage fraud

According to the 2010 Mortgage Fraud Trends Report released by CoreLogic this week, fraud risk in the mortgage industry has declined by 25 percent since it peaked in the third quarter of 2007. Even though the trend is down it [...]

Mortgage Fraud Sweep Results in Almost 500 Arrests

Dennis Norman

According to a press release issued by the FBI, nearly 500 people have been arrested in a nationwide mortgage fraud take-down as part of “Operation Stolen Dreams.” This operation was launched on March 1, 2010 and, according to the FBI, has lead to a total of 485 arrests, 330 convictions and the [...]

Former Mortgage Broker, California Woman Plead Guilty to Mortgage Fraud

Beth Phillips, United States Attorney for the Western District of Missouri, announced today that two more defendants have pleaded guilty in federal court to charges related to mortgage fraud schemes, including a $12.6 million conspiracy that involved 25 upscale residential properties in Lee’s Summit, Missouri and Raymore, Missouri and a property-flipping scheme in Kansas City, [...]

Six Charged with Wire Fraud Based on $20 Million Mortgage Fraud Scheme

A 10-count indictment has been unsealed charging six individuals with conspiracy to commit wire fraud and wire fraud, announced U.S. Attorney Karen P. Hewitt. The defendants are charged with submitting false and fraudulent mortgage loan applications and related documents to banks and other lending institutions, thereby inducing the institutions to make approximately 36 loans totaling [...]

Ponzi Scheme and Mortgage Fraud Mastermind Sentenced to 15 Years, Eight Months

The founder and head of Chicago Development and Planning was sentenced yesterday to 15 years and eight months in prison, and ordered to pay more than $9 million in restitution for wire fraud, mail fraud, and money laundering, U.S. Attorney Joseph P. Russoniello announced.

Patricia Morgen pleaded guilty on Dec. 16, 2009. According to the [...]

Mortgage Fraud Continues to Climb – Midwest Leads the Way

Incidents of Mortgage Fraud Increase 7 Percent from 2008 to 2009 – Florida, New York and California Top List of States with Highest Mortgage Fraud and Misrepresentation Rates

Dennis Norman

Reported incidents of mortgage fraud and misrepresentation by professionals in the mortgage industry in the U.S. are continuing to climb and increased by [...]

Five Indicted in Foreclosure Rescue and Mortgage Fraud Scheme

Department of Justice Press Release

Scam Involved Lawyers, Mortgage Brokers, and More Than $14.6 Million in Loans

PHILADELPHIA—A 15-count indictment was filed today against five defendants charged in a $14.6 million mortgage fraud scheme that resulted in at least 35 fraudulent mortgage loans, announced United States Attorney Michael L. Levy, Special Agent-in-Charge of the [...]

President of Metropolitan Money Store Sentenced to Over 12 Years in Prison for $37 Million Mortgage Fraud Scheme

Joy Jackson Personally Responsible for Over $16 Million in Losses to Mortgage Lenders; Used Over $800,000 of Fraudulently Obtained Proceeds to Pay for Her Wedding

U.S. District Judge Roger W. Titus sentenced the president of the Metropolitan Money Store, Joy Jackson, age 41, of Fort Washington, Maryland, today to 151 [...]

Mortgage Fraud Surge Investigation Nets More Than 100 Individuals Throughout Middle District of Florida

Department of Justice Press Release

TAMPA—United States Attorney A. Brian Albritton today announced the results of a nine-month-long Mortgage Fraud Surge investigation that has resulted in charges against more than 100 defendants and involves allegations concerning more than $400 million in loans procured by fraud and more than 700 properties. U.S. Attorney Albritton [...]