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Tennessee Man Charged with Using False Documents to Obtain Loan

Jayesh Dahyabhai Patel, 48, Knoxville, Tennessee, has been indictment and charged with five counts of bank fraud. Patel allegedly provided false income tax returns for himself and his businesses to induce First Community Bank to issue the loan. Patel appeared in court on May 29, 2014, before U.S. Magistrate Judge Dennis Inman and pleaded not […]

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Tennesee Attorney Jailed for Stealing Funds Intended for Hard Money Loans

Sharon Anderson, 51, Oakland, Tennessee, an attorney, was sentenced to 20 months in federal prison after soliciting clients to make what they believed were four separate short-term hard money loans for investors purchasing properties and awaiting conventional financing from banks. The defendant pled guilty to the chrages in September 2013. From August 2010 to September […]

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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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Tennessee Woman Sentenced to Nearly 6 Years For Mortgage Fraud

A Memphis woman has been sentenced to nearly six years in prison after pleading guilty to mortgage fraud, officials said. Sylvia Cathey, 46, was sentenced to 57 months in federal prison following her guilty plea to one count of mail fraud and one count of money laundering. According to officials, Cathey was engaged in a […]

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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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