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Kansas Man Convicted in $2.7 Million Mortgage Fraud scam

A Kansas man has been convicted for his role in a $2.7 million mortgage fraud conspiracy. Terrence Matthew Brown and his co-conspirators obtained $1.7 million in mortgage loans to buy 10 separate properties in the Kansas City area, according to the Kansas City Business Journal. In order to obtain the loans, Brown and his co-conspirators […]

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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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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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Mortgage Relief Firm Caught Falsifying Documents

(Source: Freddie Mac) – Recently, Freddie Mac broke up a “ring” of former industry professionals operating a “company” that falsified the income, employment, and assets of their clients to qualify them for mortgage relief they would not normally have been eligible for. Every file this company sent in had identical paystub templates and bank account statements […]

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