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Hillary?s White Wedding/Mortgage Fraud Rescue Wrap/Why Are We in Iraq
2008-06-08 03:38:00 Spring segued into Summer with Hillary Clinton’s white wedding. The hot wack was on as Milady Hill rolled in Joe Sixpack’s arms moaning how Joe wouldn’t go for O. The real wild thing? Mrs. Joe wasn’t jealous. She didn’t dis Hill like Hill’s pals did Bill’s gals. Trailer trash no sirree. Hillary, who served copious ...
Mortgage fraud possibly helped inflate prices during housing boom
2008-06-03 17:00:00 As one of the hardest hit areas of the housing and mortgage slump, Las Vegas is the region?s ?mortgage fraud ground zero,? according to Scott Hunter, the FBI?s special agent in Nevada.
Morgan Guarantee Ends Mortgage Insurance For Condos in Florida
2008-05-26 15:09:00 The largest mortgage reinsurance company, Mortgage Guaranty Insurance Corp., has decided to stop providing private mortgage insurance to condo owners in Florida starting June 1st. While others will continue to provide the service this is still fairly big news. The company lost 1.4 billion in the 4th quarter last year and is trying to get ...
Chase Wholesale No Longer Offering Subprime and Home Equity
2008-05-15 22:34:00 As we continue to analyze and manage our product set, Chase has made the decision to discontinue offering our Subprime and Home Equity products through our Wholesale channel. New Wholesale Subprime and Home Equity registrations will not be accepted after Friday, May 16, 2008. No Tags
Jon Goodman- slow market conditions heat up mortgage fraud cases
2008-05-14 23:48:00 BrokerIPTV: Today we are talking with John Goodman, real estate attorney. We appreciate you being here Jon Goodman: Thanks for having me. BrokerIPTV: One of the things I got to thinking about with current market conditions are you busier or...
Pensacola Real Estate News: Mortgage Fraud on the Rise
2008-05-14 19:19:00 In recent days, reports have been coming out that indicate the FBI has increased their real estate mortgage fraud caseload. That is not a big surprise, as a down real estate market provides an ideal climate for mortgage fraud perpetrators. Examples of real estate mortgage fraud include builder bailouts, seller assistance, foreclosure rescue and identity theft in exploiting ...
MORTGAGE FRAUD: New Analysis of a Rising Threat, The FBI Reports
2008-05-14 00:00:00 Mortgage fraud is clearly on the rise. Although there is no central way to track the total extent of the problem, we received 46,717 Suspicious Activity Reports related to mortgage fraud last year--compared to 35,617 in 2006 and just 6,936 in 2003. Only seven percent of these reports documented an exact dollar amount in terms of losses, but even so, the total loss from this seven percent was $813 million.
HSBC $4.6 Billion Writedown
2008-05-13 19:32:00 http://www.bloomberg.com/apps/n-ews?pid=20601087&sid=aR0DO3lgYJ-uw&refer=home That would make it $15 billion on the year and $27 billion over a two year period. All I can say is WOW...
By: Executive Fraud
The Late Great Housing Bubble - just one big orgy of mortgage fraud, and a
2008-05-10 23:32:00 Silly Americans - you thought those skyrocketing housing prices were because "they're not making any more land", or because of "year-round-golf and pro athletes".Nope. It was just one big orgy of fraud. And you fell for it.Silly Americans.Here's just a sampling of headlines today over at the mortage fraud blog. Just a sampling.Florida woman sentenced in fraud schemeFlorida mortgage fraud laws passedValley (CA) man indicted in HELOC fraud allegationConcord (CA) lender indictedTampa man provided false employment referencesCalifornia man given 16 months in deed fraudThree Ohio men indicted in Kentucky fraud caseMan indicted in Ohio apartment fraud chargesTwo plead guilty in Pittsburg area mortgage fraudTexas realtor sentenced to 18 months New Jersey man pleads guilty to mortgage fraud 5 sentenced in Georgia mortgage fraud schemeTwo plead guilty in $35 million fraud in Minnesota
By: Housing PANIC
Warren Buffett on Subprime Mortgage Crisis
2008-05-06 22:36:00 http://network.nationalpost.com-/np/blogs/tradingdesk/archive/2-008/05/06/dumb-subprime-lenders--and-investors-should-not-get-h-elp-warren-buffett.aspx ?Capitalism without failure is like Christianity without hell,? Mr. Buffett said. He added that ?lenders and investors who were dumb enough to deal in subprime mortgages should not receive any special help,? but if homeowners were deceived about the terms of an adjustable mortgage, they should be helped. I completely agree, but I'm still curious what happened with his plan to start a financial guarantor company. Originally when AMBAC and MBIA were taking heat for their subprime exposure and writedowns there was talk of Buffett bailing one out or starting his own under the Berkshire Hathaway name. Guess we will have to wait and see.
By: Executive Fraud
on Goodman- slow market conditions heat up mortgage fraud cases
2008-05-06 21:39:00 BrokerIPTV: Today we are talking with John Goodman, real estate attorney. We appreciate you being here Jon Goodman: Thanks for having me. BrokerIPTV: One of the things I got to thinking about with current market conditions are you busier or...
Mortgage Fraud-Number One Investigation For Real Estate Commission's Marcia
2008-05-06 21:31:00 Mortgage Fraud-Number One Investigation For Real Estate Commission's Marcia Waters, DORA which is the Department Of Regulatory Agency for Real Estate. BrokerIPTV: Today we are talking with Marcia Waters, Investigations and Compliance director with the Division of Real Estate for...
Creating a Mortgage Fraud Law with Some Bite - A Thought Experiment
2008-05-04 17:19:00 I was just reading an article about how Mortgage Fraud is now a specific crime in Missouri, but couldn’t help but think to myself whether or not this law goes far enough. While I haven’t read the law itself, a $2,500 fine and/or jail is just not going to cut it. The loans must still be written off by the lenders, and of course, what happens is the banks eat up the cost, and the general public funds the bailout. We’ve been bailing out banks due to the housing bubble for months now, and funding the crimes of those people who engaged in mortgage fraud and who in the end, couldn’t afford, or simply didn’t want to pay their mortgage anymore. I was thinking about all of this and came up with an innovative idea that would likely stop 90% of future mortgage fraud. Is it something that would ever go into law — not a chance — but if it did, it could change the fate of lenders and could prevent the average citizen from having to pay for the stupi...
What Consumers Do Not Know About Their Mortgages
2008-05-03 15:32:00 While we in the real estate blogosphere try to figure out why the mortgage crisis is not resolving itself, the reason might be staring us in the face. The consumer never learned the rules of the game. Real estate agents and mortgage brokers got so caught up in the frenzy of selling and doing deals ...
Mortgage Fraud Now A Specific Crime in Missouri
2008-05-03 15:21:00 Mortgage fraud was rampant in the beginning of the century, that is very obvious to anyone who has watched the real estate market recently. That is why the new legislation coming out of Missouri is good to see. Missouri is going to make the crime of mortgage fraud it’s own category of law with enforcement and very specific ...
FDIC on Subprime Mortgage Crisis
2008-05-01 13:22:00 http://www.bloomberg.com/apps/n-ews?pid=20601087&sid=ano45SuVp_-3w&refer=home Some view the moves by the Bush Administration to increase the limits of guarantees by the Federal Housing Administration as not enough. Sheila Blair from the Federal Deposit Insurance Corp. (FDIC) suggests that: Congress should initiate a publicly funded loan program under which the Treasury Department would make loans to borrowers with unaffordable mortgages to pay down as much as 20 percent of their principal. Although I feel for those who legitimately were fooled by their mortgage terms, I do not believe that a bailout should be available to all subprime borrowers with high loan values and falling home prices. I would be interested in the stipulations included in the proposed subprime bailout.
Two men plead guilty in mortgage fraud case
2008-04-29 06:27:00 In the following press release United States Attorney for the District of Maryland Rod J. Rosenstein announced that Kolawole Aminu, age 45, a Nigerian national, pleaded guilty today to conspiring to make a false statement in connection with a scheme to defraud a mortgage lender. Oyekunle Ikudayisi, age 39, of White Plains, Maryland, pleaded guilty to the same charge on April 23, 2008. According to their plea agreements, Aminu and Ikudayisi conspired with others to purchase properties from a company owned by a co-conspirator. Aminu and Ikudayisi obtained mortgage loans for the properties in their own names, using their good credit histories. The co-conspirator, however, was responsible for making all payments associated with the purchase of the properties, including the down payments, closing costs and mortgage payments. Aminu and Ikudayisi made false statements on loan applications as to their incomes and intent to make the properties their primary residences, and signed settlemen...
Concord (CA) woman charges with mortgage fraud
2008-04-29 04:27:00 In the following press release United States Attorney Joseph P. Russoniello announced that Cheryl Hernandez Camus of Concord, California made her initial appearance in federal court in San Francisco on April 22, 2008 before United States Magistrate Judge James Larson. A federal grand jury in San Francisco had previously indicted Ms. Camus on April 8, 2008 on charges of mail and wire fraud in connection with a Ponzi scheme. Ms. Camus is scheduled for her next appearance in federal court in San Francisco on April 29, 2008 before United States Magistrate Judge James Larson and on May 5, 2008 before United States District Judge Marilyn Hall Patel. According to the indictment, Ms. Camus, 36, is alleged to have made a number of misrepresentations about a money lending investment, where she promised fixed returns and the return of the principle investment within a fixed period of time. The indictment alleges that Ms. Camus made one or more of the following material false representations ...
Three Ohio men indicted in mortgage fraud
2008-04-28 06:20:00 In the following press release James A. Zerhusen, Acting United States Attorney for the Eastern District of Kentucky announced that three Ohio residents were indicted today for conspiracy to commit wire fraud. The indictment alleges that William R. Bowling Jr., 46, of Cincinnati, Georgia Bowling, 64, of Franklin, and Gregg E. Russell, 54, of Middletown devised a complicated scheme to defraud Countrywide Home Loans. The Indictment alleges that William Bowling Jr., the buyer/borrower, purchased 24 investment properties in Kettering, Ohio and that the paperwork submitted to the lender, Countrywide Home Loans, represented that the down-payment was coming from Bowling Jr. The 24 purchases each originated and were processed through Countrywide Home Loan’s office in Ft. Mitchell, Ky. The Indictment also alleges that Georgia Bowling, who acted as the real estate agent for Bowling Jr., caused for false representations regarding alleged repair-work to be made on the loan documents t...
Tampa man guilty in mortgage fraud case
2008-04-28 05:56:00 In the following press release United States Attorney Robert E. O’Neill announced that LUIS URIBE, a 28 year old resident of Tampa, pleaded guilty to one count of wire fraud and one count of aggravated identity theft. The maximum penalty URIBE faces is thirty years’ imprisonment and a $1million fine. According to the plea agreement, from July 2006 through September 2007, URIBE committed wire fraud and aggravated identity theft. URIBE was a licensed mortgage broker in Florida and was able to originate mortgage loans. URIBE and others fraudulently submitted mortgage applications under false pretenses, obtaining and disbursing the proceeds of those loans, including directing portions of the proceeds to bank accounts in their control. URIBE was one of the principals behind Bay General Contracting Services, LLC (herein after “Bay General”). Bay General was not a licensed contracting service in the State of Florida. On at least twenty separate real estate closi...
Credit Suisse Foreclosure Estimate - 6.5 M Loans by 2012
2008-04-26 18:51:00 http://www.reuters.com/article/-bondsNews/idUSN2233380820080422- Falling home prices have made an increasing number of U.S. homeowners more vulnerable to default, they said. Nearly a third of subprime borrowers owed more than their home was worth at the end of last year, and that figure will double to 63 percent in 2009 It is interesting that borrowers facing these circumstances tend to walk away from their homes while continuing to make their credit card payments. Although falling home prices is one factor in this problem, many people forget most of these subprime loans were option ARMs. Most of the option ARM loans had low teaser rates that led not only to payment shock at the reset date but also allowed borrowers to defer payments that were added to the principle of the loan (negative amortization). The gamble made by most borrowers was that home prices would continue to increase by the same amount (or hopefully more) then the increasing principle of the loan. Since home price...
By: Executive Fraud
SEC's Involvement with Bear Stearns
2008-04-24 18:12:00 http://burnickblog.sovereignsoc-iety.com/2008/04/is-wall-street-s.html Here's another perspective on the Bear Stearns issue with the SEC. The primary focus on this is how the SEC had acknowledged Bear Stearns shady pricing methods for their CDOs but did nothing to stop them until the bail out. On a personal note, I have large issue with the concept of a tax payer bail out. Whether the government admits it or not, when the Federal Reserve backs these deals it is you and me that foot the bill if things go sour. We as taxpayers should not have to pay for their indiscretions that made them a fortune over the boom of subprime lending but has now led to their demise.
Bear Stearns Executive Ralph Cioffi Investigation
2008-04-24 18:02:00 http://www.businessweek.com/mag-azine/content/08_18/b4082026894-702.htm?chan=top+news_top+news+-index_businessweek+exclusives I found this article interesting in that it points out how difficult it will be to get these executives for fraud without an email basically saying that they willfully provided valuations despite having knowledge that they were incorrect. What the article does not address is whether the action would fall under Sarbanes Oxley which would provide prosecutors with another means of pursuing these executives in court.
Mortgage Fraud Report: FICEN releases Updated Report
2008-04-24 00:00:00 The Financial Crimes Enforcement Network (FinCEN) today released an update to its November 2006 mortgage loan fraud assessment, which is based upon analysis of suspicious activity reports (SARs) provided by the financial industry. The previous study examined a statistical sample of SARs reporting mortgage fraud filed between April 1996 and March 2006. This updated study continues the analysis for reports filed through March 2007.
Navigant Consulting Q1 Subprime Update - 448 Subprime Cases Filed
2008-04-23 18:32:00 http://www.navigantconsulting.c-om Navigant Consulting released today that in the first quarter of 2008 there were 170 cases filed. Of the 170 cases filed, borrower class actions and securities cases dominated the subprime filings with 79 and 44 cases respectively. Based on the explosion of federal subprime filings, Navigant expects that the total case filing "will soon surpass the 559 savings-and-loan cases of the early 1990s." For more information check out Navigant Consultings website.
Fannie Mae, Freddie Mac Spanked For New Accounting Problems
2008-04-23 13:47:00 Is this any surprise, both Freddie Mac and Fannie Mae are now being told to moderate their aggressive accounting methods and be more prudent on the numbers they are reporting. The issue is a bit esoteric but coming after the accounting scandals that enveloped the agencies in the past year, any hint of impropriety should ...
FBI investigates more mortgage fraud cases
2008-04-17 17:00:00 Three months ago FBI officials said they were investigating 14 companies for possible fraud in connection with loans made to risky borrowers. They were also investigating insider trading violations and investments spun off of the risky loans.
Lehman Brothers Executive Claims Tension in Credit Markets Beginning to Let
2008-04-17 13:22:00 http://www.forbes.com/facesinth-enews/2008/04/16/rishard-fuld-l-ehman-markets-face-cx_md_0415au-tofacescan03.html I'd be optimistic too if I made $51.7 million during 2007.
By: Executive Fraud
Mortgage Fraud in 2007 up by 42%
2008-04-16 21:07:00 Last year, there was a 42 percent increase in mortgage frauds reported by banks. The said frauds were discovered when banks decided to become cautious in approving mortgage applications. In 2006, there was a recorded 37,313 mortgage fraud reports.
Mortgage Fraud Lands 30 Month Prison Sentence
2008-04-09 18:38:00 From the Oregonian:U.S. District Judge Michael Mosman today sentenced a Portland man to 30 months in prison for his role in a mortgage fraud scheme.According to a news release from the office of United States Attorney Karin J. Immergut, the scheme involved two residential real estate transactions in 2004.Ryan Bonneau, 31, also will serve five years of supervised release after his prison term. Bonneau pled guilty to wire fraud and money laundering in November, 2007.The news release said that Bonneau admitted that he, along with two others, devised a scheme to defraud the Union Federal Bank of Indianapolis by making false statements in mortgage loan applications in connection with transactions involving the two properties.In each transaction, the sales price of the home was inflated so that the Bonneau could apply for a larger mortgage and divert the extra cash to bank accounts he controlled. Bonneau also admitted submitting a false appraisal on each property.Bonneau became involved i...
FBI Targets Insiders in Mortgage Fraud
2008-04-05 14:01:00 The FBI is targeting major corporate insiders and criminal groups in its investigation of fraud in the mortgage lending industry."We continue to work to identify large-scale industry insiders and criminal enterprises engaged in systemic economic fraud," agency chief Mueller told a House of Representatives Appropriations subcommittee hearing.He did not name any specific targets, but agency officials have previously said corporate employees ranging from senior executives to lower ranks were likely targets in the investigation. The agency has said it was investigating 17 companies in mortgage cases, and there are more 1,300 total pending mortgage fraud investigations. There have not been any signs of that traditional organized crime groups were involved in mortgage fraud, officials have said. The collapse of the U.S. housing finance industry which has spread widely through the global financial markets and fueled growing allegations of fraud. The FBI on Monday unveiled a new W...
By: Mortgages
Mortgage Fraud: Michigna Bill Signed to Protect Consumers From Mortgage Fra
2008-04-04 00:00:00 Governor Jennifer M. Granholm today signed a 13-bill package that will help protect Michigan consumers from mortgage fraud and unfair lending practices by requiring the state's estimated 20,000 mortgage loan officers to register with the state's Office of Financial Services (OFIS).
Mortgage Fraud: Michigna Bill Signed to Protect Consumers From Mortgage Fra
2008-04-04 00:00:00 Governor Jennifer M. Granholm today signed a 13-bill package that will help protect Michigan consumers from mortgage fraud and unfair lending practices by requiring the state's estimated 20,000 mortgage loan officers to register with the state's Office of Financial Services (OFIS).
Maggie Williams, Clinton Campaign Manager, Director of Bankrupt Subprime Le
2008-03-31 15:22:00 The tangled web of the housing market and politics is getting deeper. Hillary Clinton is proposing a 30 billion dollar bailout of the housing market. This obviously is a move to gain a populist edge in the coming election. Typical politics, nothing to see here, right? Well not so fast. Her campaign manager and chief adviser, ...
Fed Indicts Mortgage Fraud Perpetrators
2008-03-28 14:27:00 In Sacramento, Federal prosecutors have discovered mortgage fraud activities that have resulted to 100 homeowners losing almost $13M in equity. The said scheme is being conducted by a group of locals led by Charles Head.
FLASH: We have our first major mortgage fraud smoking gun: "Zippy Cheats &
2008-03-28 09:37:00 Hopefully the Oregonian did their homework and verified this document isn't a fake, but assuming it's real, it's one of the first of many REIC smoking guns to be found - once the FBI and SEC do their jobs and start raiding REIC offices nationwide. And Angelo Mozilo's home of course...Here's the skinny on "Zippy":Chase mortgage memo pushes 'Cheats & Tricks' - The bank says it never backed the strategies, which detail how to get an iffy loan approvedA newly surfaced memo from banking giant JPMorgan Chase provides a rare glimpse into the mentality that fueled the mortgage crisis.The memo's title says it all: "Zippy Cheats & Tricks."It is a primer on how to get risky mortgage loans approved by Zippy, Chase's in-house automated loan underwriting system. The secret to approval? Inflate the borrowers' income or otherwise falsify their loan application.
By: Housing PANIC
Mortgages and Foreclosures, The Next Political Pinball
2008-03-26 14:55:00 Folks, if my political prognosticating hat is on correctly, our real estate industry is going to be front and center in the 2008 Presidential Race. The New York Times, the paper of record and the barometer for how the media covers things, has 2 big articles on foreclosures today as their top stories. On one hand ...
Attempted or suspected mortgage fraud
2008-03-25 16:00:00 Between September 2006 and October 2007, lenders and financial institutions across the nation filed 46,717 reports of attempted or suspected mortgage fraud. This number is up 32 percent from the previous year, and the FBI tallied 260 convictions on mortgage-related crimes in 2007.
California "Mortgage Fraud Scam" May Be Tip Of The Iceberg, Says State Atto
2008-03-19 16:04:00 First came the subprime mortgage crisis; now comes the cases of alleged fraud. An amazing story Tuesday out of Southern California where the state attorney general has busted an alleged mortgage scam that may have bilked thousands of SOCAL homeowners out of millions of dollars. And, California Attorney General Jerry Brown told me, in some cases, signatures of homeowners were actually forged on the mortgage documents! How it worked According to the attorney general’s office, at least six companies operated by one family enagaged in “predatory lending” by pushing the alleged victims into “illegal and unconscionable loans.” Brown blames this scheme on the worsening mortgage crisis, which, he says, is creating a number of “fly-by-night” operations. Brown told me he has never seen anything like this–and the man was even once governor of California, so he’s been around a bit. The alleged victims were often targeted because they lacke...
FBI Creates Nevada Mortgage Task Force
2008-03-15 13:03:00 The FBI has been sleeping through the mortgage fraud crisis hoping the elephant in the room would just go away. The banks lose a few million, homeowners end up with reduced property values, and we do not have to get our budgets blown out. However, the elephant has started tearing things up just a little too much and now the ...
FBI starts Nevada mortgage-fraud task force
(Reuters)
2008-03-15 05:03:00 Fri Mar 14, 1:43 PM ET ...
Could Fannie Mae Go Belly Up?
2008-03-14 20:33:00 That is the question that is being asked over at Smart Money. They have gone through the balance sheet of the public private mortgage guarantor are concerned. Creative accounting and overly positive projections paint a picture that could be far from reality. This would not be as worrisome but the past history of Fannie Mae ...
Suspected cases of mortgage fraud
2008-03-14 16:00:00 Executive deputy chief of the fraud section in the Justice Department's criminal unit, John D. Arterberry announced that law enforcement agencies are cracking down on suspected cases of mortgage fraud.
Mortgage Fraud: FBI Creates Southern Nevada Mortgage Fraud Task Force
2008-03-14 00:00:00 As evidenced by these announced arrests and indictments, mortgage fraud is a significant crime problem in Nevada. Mortgage fraud has likely accelerated the recent decline in the Las Vegas housing market. As of February 2008, Nevada was the top state in the nation for investor-owned mortgage defaults.
Subprime Mortgage Reform
2008-03-13 13:46:00 http://online.wsj.com/article/S-B120535743939031491.html?mod=dj-emalertNEWS The nation's top economic policy makers plan to release today their broadest blueprint yet for avoiding a recurrence of the credit crunch now threatening the economy. Their recommendations extend to nearly every niche in the credit markets -- from mortgage brokers to the Wall Street firms that package home loans into securities, to the credit-rating firms that assess the risk of those securities, to the regulators who police the system. Amid the housing market's deepening slump, mounting defaults by cash-strapped homeowners and an upswing in foreclosures have made investors wary of mortgage-linked securities and have made those securities increasingly difficult to value and trade. That's led to turmoil in global financial markets. "We aren't singling out any group of market participants, because...there were mistakes made by all," including regulators, Treasury Secretary Henry Paulson said in an interv...
UK Mortgage Fraud
2008-03-13 00:04:00 If you ever wondered why there is a problem with UK Household debt - look no further thatn this 2003 report from the money programme.Undercover researchers from The Money Programme posing as first time buyers talked to advisers recommended by ten estate agents in Ealing, West London.Nine encouraged them to take out self certified mortgages ? where borrowers simply state their incomes and lenders promise not to check.All nine advised the buyers they would have to lie about their true income to secure a larger mortgage, raising the amount which could be borrowed from around £150,000 to £220,000.Where does this leave the honest ones amongst us.
By: Secret-Teachings
Avoiding Mortgage Fraud
2008-03-11 18:59:00 One of the reasons why there is trouble in the subprime mortgage industry is the unscrupulous behavior of predatory lenders. Because of this, mortgage fraud has become a major concern in the real estate industry. Falling victim to mortgage fraud can be quite distressing and not to mention, financially-crippling. During the last housing boom, many home buyers made the big mistake of taking out mortgage loans that ended with them losing their homes to foreclosure.
Countrywide Being Investigated - Is This Bank Of America?s Out?
2008-03-09 17:54:00 The business practices of Countrywide Financial are being investigated by the FBI according to Bloomberg. While it is hard to keep track of everything, the charges of security fraud are hard to get out of if Mozilo selling a huge chunk of his stock right before the share price tanked does raise a red flag. ...
Would You Do Mortgage Fraud?
2008-03-09 07:02:00 You see a house advertised. You call the listing agent.* The listing agent asks: "Are you working with a Realtor? " You say "no." The listing agent asks: "Have you been pre-approved for a mortgage." You have not talked to a lender but you've done some on-line pre-qualification thingies (thingies is a highly technical mortgage term there is nothing inherently wrong with these mortgage thingies) and you know you can afford a house for... let's say $150,000 based on your income and your debt. You and the agent schedule the appointment. You fully understand the agency relationships in the transaction whether the agent is working for you, or working for the seller or both (disclosed dual agency ) and thus neither you nor the seller... agency... that's a whole 'nuther blog for another day... You see the house. You love the house You make an offer, the house is priced at $158,000 but you you hope that seller will ...
Richard Culbertson Faces Mortgage Fraud Charges
2008-03-06 16:14:00 Do you remember Richard Culbertson? He was the Mayoral candidate in Eagle Mountain who had his real estate license stripped for mortgage fraud weeks before the election. Now he's facing criminal charges.Along with his wife Kathleen, Culbertson is being charged by the State's Attorney General office for falsifying information on loan documents and recruiting straw buyers to purchase homes. The indictment claims the Culbertson's benefited some $60,000 through illegal cash back at closing.Like the Riverbottoms scheme, the tactics used are the same, but the dollar amounts and number of transactions are far fewer. The Culbertson's are being prosecuted under a new Utah mortgage fraud law, though they could still face Federal charges as well. |
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