Mortgage Fraud Is Rising With a Twist
By ROBBIE WHELAN, WSJ New data suggests that mortgage fraud—which got tougher to pull off after the collapse of the U.S. real estate market—is returning in a big way. Data prepared for The Wall Street Journal by research firm CoreLogic, examining about seven million home loans made by hundreds of...
Ex-mortgage exec charged in $1.9B fraud scheme
By Inman News The former chairman of mortgage lender Taylor, Bean & Whitaker has been arrested and charged for his alleged role in a $1.9 billion fraud scheme federal prosecutors said contributed to last year’s failure of Colonial Bank. Lee Bentley Farkas and co-conspirators are accused of...
FBI to target mortgage fraud
By Suzanne Kapner The Federal Bureau of Investigation is preparing a nationwide crackdown on mortgage fraud, the latest in a series of efforts to curb lending practices that contributed to the housing meltdown, according to people familiar with the matter. The FBI is preparing to arrest hundreds of people...
WaMu Executive attempts to blame Government
Washington Mutual’s former Chief Executive Officer, Kerry Killinger defended the company’s actions at a Senate hearing on April 13th and insisted that the government should not have seized the bank during the peak of the financial crisis in September of 2008. Mr. Killinger argued that the company...
More Fall Out from WaMU / Long Beach Fraud
United States Attorney Benjamin B. Wagner announced on April 19th that United States District Judge William B. Shubb handed down a sentence of twenty one months in prison, one year of supervised release and an order to pay restitution over one million dollars to William T. Bridge. Mr. Bridge, age 43...
Developer in St. Louis, MO guilty of Fraud
Clayton Hargrove, a St. Louis, MO developer has pleaded guilty to fraud for his involvement in a ten million dollar commercial renovation loan. The United States Attorney’s Office on May 4th stated that Mr. Hargrove diverted funds intended to renovate a downtown building into condominiums and office...
Georgia Mortgage Fraud Conspirators Sentenced
Edward Williams Farley, age 47 from Hoschton, Georgia was sentenced May 4th on charges of bank fraud and conspiracy involving mortgage fraud. Mr. Farley was the mastermind behind the twenty four million dollar Ponzi scheme that defrauded investors and financial institutions. Mr. Farley was sentenced...
New Appraisal Rules Higher Appraisal Fraud
In 2009 the rules for appraisals were changed so supposedly toughened and imposed on appraisers nationwide to avoid fraud within the mortgage industry. The figures have been release and show that appraisal fraud is actually on the rise. The Mortgage Assets Research Institute also know as MARI found that...
Fraud Investigation into former Irish Bank Chairman
Sean FitzPatrick was arrested on charges of bank fraud on March 18th according to sources close to the case. Mr. Fitzpatrick was a former chairman at the Anglo Irish Bank. A man fitting Mr. FitzPatrick’s description is according to Irish police is being held at the Bray Garda Station in County Wicklow....
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