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Last Updated Friday, September 28, 2007, 6:00 PM Texas Time
photo of Coco Salazar

September 28, 2007

Defendant Blames State and Police for Foreclosures
Thomas Hastert, who is being investigated for real estate fraud, claims he is not responsible for the mounting foreclosures associated with his company, as he was unable to service the loans after police confiscated the files and computers from the CA office of Loan Sense.

read story from The Union

Woman On Trial For Mortgage Investment Scam
A Florida woman, Lorraine Adele Afshari, claimed she was "mentally ill" during her trial for using her company, Tuscany Mortgage and Investments Group Inc, to scam investors out of at least $180,000. A former employee stated that she had never even seen a mortgage file in Afshari's office.

read story from The Naples Daily News

Ex Con Headed Back To Jail For Fraud Charge
A Chicago financial adviser, Edwin Evens, is being charged for assisting a woman obtain two loans worth $250,000 total by using fraudulent documents. This will not be Evens first trip to jail, however, as he has already been involved is some rather violent crimes in the past.

read story from WQAD

September 27, 2007

Fraud Strikes Florida In Massive Scam
18 people are being charged with a $50 million straw buyer scam involving 17 luxury condos in South Beach and homes in Broward County. This being the most recent case in a state quickly topping the list as having the most incidents of mortgage fraud.

read story from The Miami Herald

Juliet's Tragedy
A San Diego woman, Juliet Al, was unaware she was involved in a mortgage fraud put together by Angel Mora to secure a home loan for Paul Mangione, who needed a co-signer due to a tarnished credit history. Her name appeared on the deed of that home, which is now in foreclosure, and with Mora no where to be found, she is left trying to rebuild her name.

read story from KLAS-TV

3 Admit to Wisconsin Scam
Martin Valadez is following his father, Jose Valadez, and another participant, James Lytle, in signing plea agreements admitting their involvement in a scam involving 12 Wisconsin properties and $2.9 million in bad loans.

read story from The Gazette Extra

September 26, 2007

ID Theft In The Cubical Next Door
If you think a looming deadline is the only worry you have at the office, you're wrong. Your co-workers could be looking to steal more than just your stapler.

Drugs, Murder, and Foreclosures
At least 25 Wisconsin homes were involved in Michael Lock's $2.3 million scam. Lock's resume is not limited to mortgage fraud however. He is also accused of involvement with a drug ring and two dead bodies found under a concrete slab.

read story from The Journal Sentinel

Four Loan Officers Face Charges In CA Court
Four men in Sacramento, James Roy Martin, Mario Fellini III, Gabriel Richard Viramontes, and Joseph Salvatore Gallo are being charged with bank fraud after the FBI and IRS seized and investigated hundreds of files and their computers.

read story from KCRA News

Fraud Prevention Program Launched
A new program created by Wolters Kluwer Financial Services will aid warehouse lenders and mortgage originators produce fraud free loans by focusing on reviewing risk controls, staff training, and pre and post-funding audits.

read story from The Earth Times

September 25, 2007

Mortgage Fraud Index Soars
Monthly mortgage fraud activity soared during August, according to a new mortgage fraud index created by MortgageDaily.com.

Scam Ring Member Gets Out Due To Disability
Even though the judge in the case stated he thinks Amy Hudd Pauker belongs in jail, he let her go free with time served due to her chronic multiple sclerosis. Her partners in scamming Tampa area homeowners under a company named First Hanover Mortgage Corp, remain in jail.

read story from The St. Petersburg Times

The Inner Workings of Mortgage Fraud
Once a good way for a buyer to help pay for repairs or closing costs, cash back at closing has become one of a mortgage lenders worst fears when approving a home loan. Read how this scam works, where it's most common, and why home sellers find it so tempting.

read story from The Voice Of SanDiego

Inflated Home Values Cost Lenders $17.7 Million
Justin D. Barker and Robert W. Hulbert are looking at three decades behind bars and a million dollar fine each for their activities which involved inflating appraisals and submitting false documents to mortgage lenders in order to have the loans approved.

read story from WJXT Jacksonville

$100 Million Fraud Plot Revealed
The case being constructed against a homebuilder, that has devastated a local market, continues to grow as more families are forced out of their homes.

read story from TwinCities.com

September 24, 2007

Florida Duo Accused Of Mammoth Mortgage Fraud
Justin D. Barker and Robert W. Hulbert Jr, are facing up to 30 years in prison each for masterminding a massive $17.7 million mortgage fraud.

read story from The Beatrice Daily Sun

Fraudulent Application Grants Loan to Unemployed Woman
A Queens woman was offered a loan by 2000 Homes for a property she could not afford, as she was unemployed at the time of closing. Now the company faces accusations it forged false employment and income figures on her mortgage documents.

read story from The NY Daily News

Mortgage Company Sued By State
The State of Nebraska has filed suit against Advantage Mortgage Service Inc., with allegations of predatory lending, although the company's president, Bob Goldberg, denies any wrong doings.

read story from The Beatrice Daily Sun

September 21, 2007

Mortgage Fraud Worsening
NEW YORK and Providence, R.I. -- A shrinking mortgage origination sector has only intensified the presence of mortgage fraud, according to panelists at a securities conference this week. One new scheme has emerged where individual mortgage loans are being sold to more than one investor. The meeting produced predictions that 2007 vintage loans will suffer the same performance problems as those created in 2006.

Biggest Fraud Case In Atlanta's History Goes To Trial
A $41 million mortgage fraud scam that was led by Phillip E. Hill, and involved flipping more than 50 homes and 250 metro area condominiums has ended in a trial verdict that puts Hill behind bars for 28 years.

read story from The Atlanta Business Journal

Loop Hole in Lending Laws Allow Accused To Continue Working
Joseph Gallo and Jim Martin admit to wrong doings in their mortgage lending practices, and they are also aware they are under investigation by the FBI and IRS and have had their licenses revoked, however, both continue to operate their lending activities due to a loop hole that allows them to work under the license of someone else.

read story from My58.com

Mortgage Company Owner To Be Sentenced
Tiffany L. Sprouts, who started Sprouts Mortgage LLC, will be sentenced by the end of the year for admitting to falsifying loan documents, including appraisals, work histories, and tax returns, in order to obtain mortgages on at least six properties.

read story from The Post Gazette

Report Worries Local Markets
The Mortgage Asset Research Institute, part of the Mortgage Brokers Association, has released a report that focuses on the growing numbers of fraud cases nationally. In addition, it has also released a ranking of local markets risk of potential mortgage scams.

read story from EnidNews.com

Mom Sells Name To Fraud Ring
A stay at home mom, Melissa D. Smith, had other activities other then being a homemaker. She has admitted to her roll in a massive fraud scam that includes nearly $50 million in lender losses, by letting a home building company use her name to acquire loans.

read story from The Star Tribune

Straw Buyers Watch Fraud Ring Collapse
The participants in a scam headed by James F. Stovall III, an attorney for Reti Relocation Services Inc, watched as he plead guilty to his involvement in the flipping of nearly 50 properties and other illegal loan activities.

read story from The Atlanta Business Journal

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: MortgageWriter@aol.com

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