Items Tagged with 'Mortgage fraud'

ARTICLES

  • 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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  • Five New Jersey residents accused of using fake bank documents to pay off mortgages

    Allegedly paid of multiple mortgages, bought multiple luxury cars
    Five New Jersey residents stand accused of using fake money orders, cashier’s checks, receipts and other documents to fraudulently pay off multiple mortgages and obtain several luxury cars. According to the U.S. Attorney’s Office for the District of New Jersey, the group’s alleged conduct caused more than $3 million in losses.
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  • Former title company owner gets 12 years for mortgage fraud and tax evasion

    Defrauded lenders out of $1.1 million
    The former owner of a New Jersey title company will spend the next 12 years in prison after being convicted of defrauding banks out of $1.1 million by using fake loan applications for residential mortgages. In addition to defrauding the banks out of more than $1 million, Mark Andreotti was also convicted of failing to pay more than $450,000 in personal taxes.
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  • Paul Manafort now facing raft of bank, mortgage fraud charges

    Investigation leads to more charges against former Trump campaign manager
    Paul Manafort, who served as President Donald Trump’s campaign manager for five months in 2016, is now facing a number of bank and mortgage fraud charges as DOJ special counsel Robert Mueller’s investigation digs deeper into Manafort’s past. From the indictment: “Manafort and Gates fraudulently secured more than twenty million dollars in loans by falsely inflating Manafort’s and his company’s income and by failing to disclose existing debt in order to qualify for the loans.”
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