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Washington Guilty to Stealing $300K From Mother, Reverse Mortgage Fraud

A former Kent City council member pleaded guilty today to seven counts of first-degree theft and mortgage fraud for stealing nearly $300,000 from his mother’s bank account to shore up his failing business and fund vacations. Kenneth D. Sharp, 67, could face more than 3 1/2 years in prison when he is sentenced June 20. However, […]

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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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Washington Lender Pleads Guilty to Mortgage Fraud

A former hard-money lender who once described himself as “a wolf” pleaded guilty Friday to charges related to a mortgage scheme that caused a loss of more than $800,000 to the U.S. Department of Housing and Urban Development, the U.S. Attorney’s Office announced Monday. Emiel Kandi, 37, of University Place, pleaded guilty to conspiracy to […]

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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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Three indicted in Washington National Trust mortgage fraud

Some people just never learn…. An alleged mortgage scam that swindled at least 54 suburban, primarily Hispanic homeowners out of $220,000 has resulted in three federal indictments. Melvin T. Bell, 37; Monica Hernandez, 43; and Carlos Rayas, 39, face federal fraud charges tied to their operation of Washington National Trust, which promised struggling homeowners in […]

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