Senate approves short sale tax break

Senate approves short sale tax break

Allows tax relief on 2014 short sales

Another regulator investigates Ocwen Financial

Ocwen’s terrible, horrible, no good, very bad year just got worse

Senate fails to pass Terrorism Risk Insurance Act

Housing groups "extremely disappointed" in "alarming failure"
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Items Tagged with 'Fraud'

ARTICLES

North Miami mayor found guilty of mortgage fraud

Marie Lucie Tondreau now faces up to 30 years in prison
Ben Lane
Marie Lucie Tondreau, the mayor of North Miami, Florida, was found guilty of mortgage fraud, stemming from her part in a scheme that defrauded lenders to the tune of $8 million. Prosecutors said she used her fame to recruit straw buyers.
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St. Louis area mortgage company executive admits fraud

Could face 30 years for check fraud
Trey Garrison
A mortgage company executive in St. Louis is facing 30 years after pleading to floating checks between his business and banks to hide negative balances.
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North Miami mayor on trial for mortgage fraud

Marie Lucie Tondreau contends she was conned by business partner
Ben Lane
The mayor of North Miami, Marie Lucie Tondreau, is currently on trial for allegedly taking part in a mortgage fraud scheme that defrauded lenders to the tune of $8 million. Tondreau's lawyer claims that she is a victim too.
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CUNA issues alert on HELOC wire fraud

New round of attacks prompts cautions on data
Trey Garrison
CUNA Mutual Group issued an alert this week regarding a wave of fraud that originates from home equity lines of credit and requests wire transfers be sent to construction company accounts.
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NYC’s Ebola cleanup czar is a con artist and convicted mortgage scammer

Sal Pane once sued by New York State
Ben Lane
Here's proof that life can be stranger than fiction... The man who was in charge of cleaning up Ebola in New York City is also a con artist who was once fined $12.5 million for fraudulent mortgage modifications.
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“Real Housewives” stars get prison time for mortgage fraud

Teresa and Joe Giudice sentenced to total of 56 months in prison
Ben Lane
In March, the couple pleaded guilty to charges alleging that they falsified loan applications to fraudulently obtain $5 million in mortgages and construction loans over an eight-year period.
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From HW Magazine

Don’t look now, but fraud's not dead yet

While our industry focuses on compliance, we can’t afford to ignore the growing threat
Jeffrey Dondanville and Donald O'Neill
Only seven or eight years ago, mortgage fraud was one of the top stories in the industry. It was quite common to see stories estimating losses in the millions, with some experts suggesting that these numbers were only the tip of the iceberg. Lenders and their partners scrambled to strengthen their fraud-prevention strategies.
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Freedom Mortgage found guilty of defrauding homeowner

Court rules lender violated New Jersey Consumer Fraud Act
Ben Lane
“These facts then lead to the conclusion that the loan was granted in order to engender fees for the lender and not for the benefit of the borrower,” Bergen County Superior Court Judge Gerald Escala wrote in his decision.
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Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
Ben Lane
The SEC had charged Morgan Stanley with misrepresenting the delinquency status of mortgage loans underlying two subprime RMBSs at the height of the financial crisis. They were the last subprime RMBSs that Morgan Stanley sponsored, issued, and underwrote.
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Citi nears resolution on massive mortgage fraud probe

Follows string of high profile settlements
Jacob Gaffney
The Justice Department also has been in talks with Bank of America Corp. to resolve civil probes over its mortgage business. The Citigroup mortgage investigation is among a handful of cases relating to bank conduct ahead of the 2008 financial crisis still pending before the Justice Department.
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