Items Tagged with 'Mortgage fraud'

ARTICLES

  • Former owner of foreclosure rescue business gets 14 years for stealing borrowers' homes, equity

    Company offered "Keep Your Home" program that targeted struggling homeowners
    The former owner of a California foreclosure rescue business will spend the next 14 years in prison after admitting in court that he used the business to steal struggling borrowers’ homes during the housing crisis. The company offered a “Keep Your Home” program that targeted borrowers who were struggling with their mortgages and facing foreclosure. But the program was a lie.
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  • Fannie Mae identifies new fake employers being used on mortgages

    Five California companies appear to not actually exist
    The number of fake employers showing up on borrowers’ mortgages is growing. Earlier this year, Fannie Mae issued a warning to lenders after identifying more than 30 companies that appeared to be fake that were showing up on borrowers’ mortgage documentation as their place of employment. Now, Fannie Mae is issuing another warning, telling lenders that it has found five more potentially fake employers.
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  • Inside the scandal that could explode multifamily real estate

    WSJ reports on massive multifamily mortgage fraud investigation
    Everything is going swimmingly in multifamily real estate these days, right? Rents keep rising, construction is still chugging along, deals are being made, and delinquencies are still at historic lows. So everything’s good, right? Maybe not. It appears there could a deep, dark secret at the core of multifamily lending. Fake residents, fake incomes, and inflated mortgages. Sound familiar?
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  • Fannie Mae warns of raft of fake employers being used on borrowers’ mortgages

    10 new potentially fake companies are showing up in mortgage documents
    A few months ago, Fannie Mae issued a warning to lenders, cautioning them of more than 30 employers that were showing up on borrowers’ mortgage documentation that appeared to be fake. Those potentially fake companies were generally located in the Southern California and Los Angeles County areas, but it appears that the fake company problem is now moving north.
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  • Family affair: Wife, husband, and daughter all jailed for $20M mortgage fraud

    Matsuba family members collectively get more than 45 years in jail
    Three members of a California family who ran a foreclosure company will spend more than 45 years in jail, collectively, after each was found guilty of participating in a $20 million mortgage fraud scheme that preyed on financially distressed homeowners. According to the Department of Justice, Dorothy Matsuba, her husband, Thomas Matsuba, and her daughter, Jamie Matsuba, each received a sentence of more than 10 years in jail for taking part in the nearly decade-long scheme.
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  • Monday Morning Cup of Coffee: Goldman Sachs teases big move into mortgages

    Marcus for mortgages? Maybe
    Once a big player in mortgage lending, Goldman Sachs’ footprint in housing finance has gotten significantly smaller since the financial crisis…but that could be about to change. Is Marcus for mortgages coming soon? It appears that's something the megabank is considering. That, and more, in your Monday Morning Cup of Coffee.
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  • Mortgage applicants may not always be intentionally fraudulent

    Lenders should arm themselves to know the difference
    [Op-ed] Information is shared rapidly but information is only information. It does not mean it is accurate information. Investigation is usually warranted. Communication is key. Speak to colleagues, managers, borrowers, title, and ask questions about anything that doesn't make sense. 
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  • Texas attorney pleads guilty to $5M mortgage fraud scheme

    Kirk Brannan pleaded guilty to bank fraud in four-year scheme to defraud Wells Fargo, other lenders
    This week, a Lake Jackson, Texas-based real estate and tax attorney pleaded guilty to taking part in a $5.3 million bank fraud scheme involving expensive beach homes in the cities of Freeport and Surfside Beach, Texas.
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