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US Supreme Court Rules on Mortgage Fraud Restitution Calculations

WASHINGTON (AP) — The U.S. Supreme Court has clarified how restitution must be computed in mortgage fraud cases. The justices in a unanimous decision Monday said that restitution to a bank that has been defrauded must be calculated based on the value of property when it is actually sold, and not the earlier date on […]

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New Hampshire Man Gets 6 Years For Mortgage Fraud

A New Hampshire businessman convicted of orchestrating a fraudulent scheme to strip the equity out of homes on the brink of foreclosure was sentenced to six years in prison Monday by a federal judge who rejected Michael Prieto’s assertion he never intended to commit a crime. Prieto also was ordered to make restitution of $2.3 […]

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Mortgage Fraud Spikes Before Stricter Rules Take Effect

By at least one measure, mortgage fraud was trending higher across the country in the third quarter of 2013 before tougher lending standards took effect this year. There was a 10.41 percent average increase throughout the country of possible fraudulent activity in loan applications between the second and third quarters of 2013, according to Kroll Factual Data, […]

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Defendants in Mortgage Relief Scam – $3.6 Million Settlement with FTC

A mortgage modification scam that took advantage of distressed consumers facing possible foreclosure has reached a $3.6 million settlement with the Federal Trade Commission. This settlement represents the FTC’s largest judgment to date against a purported mortgage assistance relief provider. As part of the settlement, the South Florida-based defendants will surrender their assets and be […]

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Taylor Bean, Home America Mortgage Settle $320 Million FCA Suit

Taylor Bean & Whitaker Mortgage Corp. and Home America Mortgage Inc. have agreed to pay over $320 million to settle a False Claims Act whistleblower lawsuit alleging they falsified mortgage applications to secure federally funded insurance for loans that ultimately defaulted, the plaintiffs’ attorneys announced on Monday. The complaint was filed in 2006 by former […]

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Major Trouble For Wall Street in 2014 on Mortgage Fraud Front?

The problems for Wall Street may just be getting started…. In the last three years, the six largest banks by assets on Wall Street have paid out over $85 billion in settlements related to the mortgage crisis. That breaks down to $40 million per day since March 2008, when JPMorgan Chase acquired Bear Stearns. While […]

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