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Posted August 18, 2010
Interthinx has released its Quarterly Fraud Report. Read More
Posted August 13, 2010
The Federal Trade Commission (FTC) has issued a consumer alert about a new twist on mortgage loan modification fraud. According to the nation’s top consumer protection agency, the latest scam to exploit financially strapped homeowners is the “forensic mortgage loan audit.” Read More
Posted July 16, 2010
Bloomberg News: Banks Face Short-Sale Fraud as Home 'Flopping' Spreads.
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Posted June 25, 2010
Georgia SB 371 Signed by Governor
The Georgia legislature passed SB 371, which provides for additional enforcement powers related to residential mortgage fraud offenses. Specifically, the legislation amends sections regarding the powers of the Georgia Bureau of Investigation to include the power to identify and investigate violations of the Georgia Residential Mortgage Fraud Act (the “Act”). The legislation also grants the Bureau the power to issue subpoenas (with the consent of the Attorney General) to compel the production of books, paper, documents or other tangible things in connection with any investigation of a violation of the Act or other criminal violations regarding fraudulent real estate transactions. This bill has been signed by the Governor and is effective July 1, 2010.
Posted May 6, 2010
The Georgia legislature recently passed SB 371, which provides for additional enforcement powers related to residential mortgage fraud offenses.
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Posted April 27, 2010
Appraisal fraud increases by 50 percent. Mortgage fraud increased over the last year by seven percent, with fraud involving appraisals jumping by 50 percent, according to the latest data from the Mortgage Asset Research Institute, which also details the top 10 states for mortgage fraud.
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Posted April 14, 2010
Two Members of Reverse Mortgage Fraud Ring Plead Guilty
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Posted March 22, 2010
Raising The Drawbridge Against Fraud.
An article reprinted with permission from the Mortgage Bankers Association (MBA).
Features quotes from GREFPAC 2009-2010 Board Member, Greg Shumate, President Brand Mortgage Group.
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Posted March 19, 2010
Former Georgia Closing Attorney Sentenced to Prison in Multimillion Dollar Mortgage Fraud
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Posted March 17, 2010
Fraudulent Appraisals Used in Reverse Mortgage Scams
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Posted February 17, 2010
Bank Leaves Trail of Flipping, Fraud. An AJC Article
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Mortgage Fraud Sting Arrest
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Governor proposes mortgage fraud unit.
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Senate Bill 371 Regarding Mortgage Fraud
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Reverse Mortgage Scams, Jams & Flim Flams Targeting Seniors, HUD and YOU.
Article By Assistant United States Attorney Gale McKenzie
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Posted Nov. 6, 2009
Edward William Farley, 47, of Hoschton, Georgia, today pleaded guilty in federal district court to committing a mortgage fraud, a real estate investment "Ponzi" scam involving over 150 victims, a check-kiting scheme and a bankruptcy fraud.
According to Acting United States Attorney Sally Quillian Yates and the information presented in court: FARLEY, a former mortgage broker, operated through "Creative Home Search," "Southern Land Partners," "Georgia Land Group," and "Global Mortgage" in Dunwoody and Norcross, Georgia, to defraud mortgage lenders through same-day "flips" of properties located in Buford, College Park, Conyers, Cumming, Dacula, Grayson, Lawrenceville, Lithonia, Norcross, Marietta, Roswell, Snellville, and Suwanee.
More Than 100 Arrested for Mortgage Fraud, Feds say
Nov.3, 2009
TAMPA, Fla. — A federal prosecutor says a crackdown on organized mortgage fraud this year has yielded 105 arrests from Jacksonville to Fort Myers.
A. Brian Albritton, the U.S. attorney for Florida's middle district, announced the results of the nine-month investigation at news conferences Tuesday in Fort Myers and Tampa. Albritton said the fraudulent loans totaled more than $400 million and involved more than 700 properties. Defendants include mortgage brokers, Realtors, lenders, sellers and buyers. Albritton called the problem an "epidemic." Florida's middle district includes a swath that extends from Jacksonville to Fort Myers and includes the Orlando and Tampa areas.
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