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This Realtor’s Scheme Got Her Rich, Quick
ST. PETERSBURG – A year ago, Dawn L. Molen quit her job as a commercial loan officer and set out to become a real estate agent. The 26-year-old got her license and quickly landed a job at Charles...
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A Silent Second Can Kill You
(Jack Guttenberg for Inman News) The term “silent second” is used to describe self-serving or perhaps fraudulent schemes where house sellers accept second mortgages as part of a sale transaction,...
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From the FBI: All You Need to Know About Mortgage Fraud
MORTGAGE FRAUD INDICATORS Inflated Appraisals • Exclusive use of one appraiser Increased Commissions/Bonuses – Brokers and Appraisers • Bonuses paid (outside or at settlement) for fee-based services •...
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Did You ‘State’ Your Income On Your ‘Stated Income’ Loan?
Well, for those of you who live in Arizona, we hope you did not inflate your income on your loan application. House Bill 2040 – about to be signed by the Governor – makes that a felony in your state....
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Ex-NFL Star Indicted for Mortgage Fraud
FIVE INDICTED IN MORTGAGE FRAUD SCHEME [HOUSTON, TX] – A licensed Texas attorney and real estate developer, a sports agent, two bank loan officers, and a real estate appraiser have been indicted in a...
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Say Goodbye to “Stated Income” Sub-Prime Loans
On December 18 the Fed endorsed new rules that would give people taking out home mortgages new protections against shady lending practices. The proposed rules, approved in a 5-0 vote by the board, are...
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Expert Witness Need Not Be An Expert, Says Court
Vernon Cooks Jr. was convicted of being the mastermind behind an ingenious but misguided scheme to cheat mortgage lenders by fraudulently obtaining house mortgage loans. In most of the accused...
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Can an FDIC Agent Qualify as a Fraud Expert Witness?
When Vernon Cooks, Jr. appealed his 13-year prison sentence for committing mortgage fraud, he listed a number of trial court errors in his attempt to overturn the sentence. One of the claimed errors...
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Remember Subprime Loans?
The digeratilife website reminds us what the subprime debacle was all about, by providing this entertaining flowchart:
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