Is your ZIP a loan-fraud “hot spot”?
by Marilyn Kalfus As part of a nationwide analysis, CoreLogic has identified parts of Orange County where their data reflects some mortgage fraud occurred between 2005 and 2009. These rates are compared to a national average of 0.55%: I asked the folks at CoreLogic about their use of the term ‘hot...
Goldman Sachs, Citigroup Sued Over Subprime Loans
by Bloomberg Business Week July 12 (Bloomberg) — Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley and dozens more bank and brokerages were sued by a Boston area-based fund seeking reimbursement for losses related to subprime loans. Cambridge Place Investment Management Inc., founded by...
Former Loan Officer charged with Fraud
Lillian W. Tressler and Joey C. Hedden have been charged with defrauding the National Bank of South Carolina. Then National Bank South Carolina was founded in Sumter, South Carolina. The indictment charges that Ms. Tressler, age 56 from Westminster, South Carolina recommended to Mr. Hedden, age 55, from...
Aerospace Worker Credit Union hit by Fraud
United Aerospace Workers Local 1069 was hit by fraud by it’s the President. Anthony Forte was the former President of the labor union and was the Executive Vice President for Boeing Helicopters Credit Union.  Mr. Forte’s duel role is proof that such a combination of duties is a recipe for disaster. The...
Two sentence in loan fraud in South Carolina
Acting United State Attorney for South Carolina, Kevin McDonald announced that two individuals have been sentenced for their involvement in conspiracy to commit loan fraud. Floyd Hargrove, age 39 from Beaufort and William Toadvine, age 32 from Mount Pleasant were sentenced to forty months in federal...
SunTrust suing investors in 2007 construction loan
SunTrust has filed suit against investors from Florida and Pennsylvania claiming that the investors made fraudulent states in regard to their income in order to obtain substantial construction loans in 2007. The Federal Bureau of Investigation is investigating if thirteen purchasers in a prominent Jackson...
Minnesota man Pleads Guilty to Fraud and ID Theft
Jeffrey Scott Graham appeared before United States Court Judge Joan Ericksen in Minneapolis, Minnesota on October 9th. Graham who is 52, from Shakopee, Minnesota pleaded guilty to one count of identity theft and one count of wire fraud in the federal court. The charges stem from an August 5, 2008 indictment...
San Jose Men Indicted for Loan Modification Fraud
Rene Alvarez, 39 and Mariano Ortega, 34, both of San Jose and owners of M & R Contemporary Solutions since 2008 in Campbell have been indicted for Mortgage Fraud. Alvarez was arrested on September 3rd by Santa Clara County District Attorney Office. There is a warrant for the arrest of Ortega at...
San Jose couple suspected of real estate loan fraud arrested in Canada
Originaly by Mark Gomez:  A San Jose couple suspected of operating a fraudulent real estate home loan modification business have been arrested in Toronto following a six-month investigation. San Jose police say Amir Rashidifar, 25, and Mary Delvecchio, 28, opened their business, Legal Support Services,...