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Items Tagged with 'Fraud'

ARTICLES

SIGTARP snares seven schemers for massive mortgage fraud

Charges include mail fraud, bank fraud, aiding and abetting
Ben Lane
Seven California residents now face federal charges for their roles in an alleged mortgage fraud scheme that defrauded lenders of more than $3 million. According to court documents, the defendants conspired to defraud mortgage lending companies and financial institutions by making false statements on loan applications and short-sale applications.
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Kentucky man to spend 12 years in prison for insane fraud scheme

Defrauded IRS of $53M, bribed bank execs; didn't stop there
Ben Lane
A Kentucky man will spend the next 12 years in federal prison for leading a spectacularly massive scheme that involved defrauding the Internal Revenue Service of $53 million, bribing senior bank executives, the fraudulent purchase of an insurance company and the defrauding of insurance regulators and an investment bank.
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Mortgage modification scammers bilked homeowners out of millions

California group found guilty of operating nationwide scam
Ben Lane
Three California residents are facing between 60 and 170 years in federal prison after they were convicted of running a nationwide mortgage modification scam that defrauded thousands of distressed homeowners out of millions of dollars.
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Former Dallas Cowboy out of prison after serving 3 years for mortgage fraud

Eugene Lockhart jailed for taking part in $20 million fraud scheme
Ben Lane
A former Dallas Cowboys player is out of federal prison after serving three years for taking part in a $20 million mortgage fraud scheme, which involved at least 10 other people who were also convicted. The scheme saw the group recruit straw buyers who falsified their income documents to obtain loans for inflated prices.
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Mortgage scammer commits fraud from inside jail cell

Alan Tikal stole $5.8 million from homeowners
Ben Lane
A California man will spend the next 24 years in prison for leading a mortgage fraud scheme through which he stole $5.8 million in fees and monthly payments from struggling homeowners.
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S&P settles with SEC for $58 million over bond ratings fraud

First action against one of the big three ratings firms
Sarah Wheeler

“Investors rely on credit rating agencies like Standard & Poor’s to play it straight when rating complex securities like CMBS,” said Andrew J. Ceresney, director of the SEC Enforcement Division. “But Standard & Poor’s elevated its own financial interests above investors by loosening its rating criteria to obtain business and then obscuring these changes from investors."


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Former HUD employee jailed for stealing $843K from government

Loan guarantee specialist sentenced to 26 months in prison
Ben Lane
A former loan guarantee specialist for the U.S. Department of Housing and Urban Development will spend the next two years in prison for stealing $843,000 from the federal government.
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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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