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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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Alabama Real Estate Investor Charged with Running Secret Foreclosure Auctions

Chad E. Foster, Theodore, Alabama, a former real estate investor, has been indicted and charged with conspiracy to commit mail fraud as part of a scheme related to public real estate foreclosure auctions held in southern Alabama. The indictment, returned on March 27, 2014, and entered in the U.S. District Court for the Southern District […]

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Alabama Man Pleads Guilty To Financial Fraud

 CAMDEN — An Alabama man admitted Tuesday to conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scheme that used phony documents and straw buyers to make illegal profits on overbuilt condos in South Jersey. Kinard Henson, 41, of Ventress, Ala., also admitted to the attempted murder of […]

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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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