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Hawaii Woman Ordered to Pay $1M in Mortgage Fraud Case

A Big Island woman was ordered to pay fines and restitution of more than $1 million after the Hawaii Department of Commerce and Consumer Affairs obtained a judgment against her for bilking owners of homes that were in foreclosure or were about to be, the department said Tuesday. The department says that in 2010, Edna Franco, […]

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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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Former Chamber of Commerce President Sentenced on Fraud Charges

Former Filipino Chamber of Commerce President Stephen Callo was sentenced to 30 days in federal prison and three years probation after pleading guilty to wire fraud for lying about his income to secure a $553,501 loan to buy a Makakilo home in 2006. Callo was also fined $3,000 in U.S. District Court this afternoon. In […]

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