Items Tagged with 'Fraud'

ARTICLES

  • City of Los Angeles sues developer for PACE loan fraud

    Claims unlicensed contractor bilked low-income homeowners out of $1.4 million
    Los Angeles contractor Eco Solar Home Improvement and affiliated companies defrauded low-income homeowners by convincing them to take out clean energy loans they could not afford and then abandoning their projects, the city of Los Angeles alleged in a lawsuit filed recently. The case brings to light the glaring potential for abuse of the increasingly popular PACE program, which is not regulated as heavily as other financial services.
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  • Baton Holdings agrees to $28 million fine to settle Bankrate fraud scheme

    Bankrate's successor admits former execs cooked the books
    As Bankrate's successor in interest, Baton Holdings has agreed to pay $28 million to settle the accounting fraud charges against Bankrate. Baton admitted that former Bankrate executives inflated earnings, which led to at least $25 million in losses for shareholders, and agreed to pay a penalty and restitution to settle the case.
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  • First American: Mortgage fraud risk climbs 4.6% in January

    Rise attributed to a plunge in mortgage rates and spike in applications
    In January, declining rates championed an acceleration in defect risk, according to the latest First American Loan Application Defect Index. First American Chief Economist Mark Fleming said January marks the fifth consecutive month that defect risk in purchase transactions has risen.
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  • 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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