Items Tagged with 'Fraud'

ARTICLES

  • Wells Fargo to pay $65 million for allegedly lying to investors about fake accounts

    Reaches settlement with New York over millions of accounts opened without customer authorization
    Wells Fargo's had a rough last few years, and it doesn't appear be getting any better. New York Attorney General Barbara Underwood announced Monday that the megabank has been ordered to pay a $65 million penalty, , following an investigation into the bank's controversial "cross-selling" tactics, which led to the bank opening millions of accounts in customers' names without their permission.
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  • CoreLogic adds new feature to LoanSafe Fraud Manager

    Blended Reissue aims to simplify the transition of important information
    As concern for mortgage fraud continues to haunt the financial services industry, CoreLogic has announced a new function in its LoanSafe Fraud Manager solution. The feature, Blended Reissue, will enable investors to gain additional insight into loans they intend to purchase, reduce costs and improve efficiency of their pre-purchase reviews.
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  • CoreLogic: Mortgage fraud risk spiked in the second quarter

    There was a 12.4% year-over-year increase in fraud risk in Q2
    There was a significant increase in mortgage fraud risk at the end of the second quarter of 2018, according to Corelogic’s latest Mortgage Application Fraud Risk Index. CoreLogic’s Principal of Fraud Solutions Strategy Bridget Berg said this year’s trend continues to show an increase in mortgage fraud risk year-over-year.
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  • Real estate agent sentenced to 6+ years for wire fraud, money laundering

    Robert Jacobsen sold homes with unpaid mortgages on them to unsuspecting buyers
    A California real estate agent who sold homes with unpaid mortgages on them to unsuspecting homebuyers was recently sentenced to more than six years in prison and three years of supervised release after pleading guilty to one count of wire fraud and one count of money laundering.  
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  • Law firm levies lawsuit at Tower Hill Insurance for fraud in Hurricane Irma claims

    Hurricane Litigation Group files lawsuit against Tower Hill Insurance, alleging fraud against hurricane victims
    Hurricane Litigation Group has filed a lawsuit against Tower Hill Insurance claiming that the insurance company, along with its associates, have defrauded victims of Hurricane Irma of insurance claims money. The suit alleges that Tower Hill conspired with Ladder Now and Humble to underpay or deny compensation to victims of the storm.
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  • $10 million mortgage scheme ends in arrest

    Fraud targeted California homeowners facing foreclosure
    Zalathiel Aguila thought preying on struggling homeowners was a good way to make some extra cash, but the Vallejo, California, man is now facing 30 years of hard time behind bars. His company, Capital Access, allegedly defrauded financially insured institutions out of $10 million.
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  • ARMCO goes toe-to-toe with fraud

    Launches fraud investigation technology
    Although there may be no immediate resolution for fraud in the housing industry, some companies are putting forth an effort to reduce the risk of deception. Amongst these companies includes ARMCO, who recently announced the launch of its Fraud Case Manager, the industry’s "first” fraud investigation technology.
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  • These mortgage companies allegedly scammed homeowners out of $280,000

    Pennsylvania Attorney General's office takes them to court
    Five mortgage foreclosure companies and their owners are being sued by the Pennsylvania Attorney General’s Office, according to an article written by Christian Hetrick for The Philadelphia Inquirer. Unsuspecting homebuyers were instructed to refrain from making payments or contacting their mortgage lenders, others reportedly lost their homes or filed for bankruptcy.
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