Kenneth Steward, 44, South Holland, Illinois, was arrested on federal charges alleging that he and six co-defendants participated in a million mortgage fraud scheme involving more than 120 residential properties located primarily on the city's south side. Steward who bought and sold homes and recruited others to act as residential ...
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Written by admin on July 23rd, 2010
Written by admin on July 16th, 2010
Richard Sand, 58, White Bear Township, Minnesota; Donald W. Krause, 49, Plymouth, Minnesota; and Brenda Epperly, 58, Oak Grove, Minnesota, have been indicted in federal court in Minneapolis for allegedly obtaining approximately .5 million in bank loans by submitting fraudulent applications and closing documents. The defendants are with three counts of mortgage fraud through ...
Written by admin on June 9th, 2010
A mortgage broker and real estate closing agent in the Twin Cities have been indicted in federal court for allegedly orchestrating a mortgage fraud scheme that resulted in a $2.5 million loss for financial lenders. The indictment, which was filed earlier today in U.S. District Court in St. Paul, charged ...
Written by admin on June 9th, 2010
An executive with Bank of America said recently that his company has modified at least 550,000 mortgages in the past 2 1/2 years, adding that future loan modifications will help offset a looming wave of new foreclosures.
But Jack Schakett, senior vice president for Bank of America, the nation’s largest home ...
Written by admin on June 9th, 2010
A waterfront Newport Beach house foreclosed in May at $7,790,000 is back on the market with an asking price of $10,900,000.
The 5,000-square foot, Cape Cod-style house at 2706 Bayshore Drive has 4 bedrooms and 6 baths and sits on a 7,026-square foot double lot, the listing says.
The price amounts to $2,180 a square foot.
The ...
Written by admin on June 7th, 2010
The Associated Press reports:
Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure.
It’s the latest evidence of misconduct at Countrywide, once an industry giant that has since fallen. Last year, three ...
Written by admin on May 26th, 2010
RICHMOND, VA—Chief United States District Judge James R. Spencer sentenced Robert S. Capehart, 55, of Richmond, Virginia to five years in prison on one count of mail fraud, and ordered him to pay $1,967,074 in restitution. Neil H. MacBride, United States Attorney for the Eastern District of Virginia; and Michael ...
Written by admin on May 25th, 2010
Sacramento homebuilder Anthony Symmes, 59, has agreed to plead guilty in a wide-ranging mortgage fraud scheme in which he conspired with others to raise the listed prices on homes he built and used some of the proceeds to repay straw buyers, himself and his co-conspirators.
Symmes alleged partner-in-crime is unlicensed mortgage ...
Written by admin on May 22nd, 2010
SAN DIEGO—A 10-count indictment has been unsealed charging six individuals with conspiracy to commit wire fraud and wire fraud, announced U.S. Attorney Karen P. Hewitt. The defendants are charged with submitting false and fraudulent mortgage loan applications and related documents to banks and other lending institutions, thereby inducing the institutions ...
Written by admin on May 19th, 2010
SPRINGFIELD, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced today that three former mortgage brokers were among five co-defendants sentenced in federal court for their roles in a $1.2 million mortgage fraud scheme.
Charles M. Davis, 35, of Rogersville, Mo., was sentenced by U.S. District Judge Gary ...
Written by admin on May 19th, 2010
A closely-watched case in Westminster in which a real estate broker was accused of stealing $17.5 million end when Kathy Chen, 49, was convicted multiple counts of real estate fraud. Chen was charged with using stolen identities in order to purchasing properties, which she then defaulted on so that she could steal the loan ...
Written by admin on May 15th, 2010
NEWARK, NJ—An East Stroudsburg, Penn., man pleaded guilty today to a wire fraud charge in connection with the $136 million fraud scheme that bankrupted Pine Brook, N.J.-based U.S. Mortgage Corp. and its subsidiary, CU National Mortgage, LLC, U.S. Attorney Paul J. Fishman announced.
Leroy Hayden, 47, the servicing manager of U.S. ...
Written by admin on May 13th, 2010
JACKSON, MS—Gene A. Bradford, 38, of Ridgeland, was sentenced in federal court yesterday to serve 48 months in federal prison followed by 3 years of supervised release for mortgage fraud, U.S. Attorney Donald R. Burkhalter announced. U.S. District Judge David Bramlette also ordered Bradford to pay restitution in the amount ...
Written by admin on May 12th, 2010
PHOENIX—April J. Lucero, 46, of Phoenix, Ariz. was sentenced on May 10, 2010 to two years in prison for her conviction in August 2009 for her involvement in a mortgage fraud scheme in Phoenix, Ariz. Lucero pleaded guilty to one count of Conspiracy to Commit Mail, Wire and Bank Fraud, ...
Written by admin on May 11th, 2010
ALEXANDRIA, VA—Ruben Rojas, 30, of Vienna, VA, was sentenced today to 60 months in prison, followed by five years of supervised release, for leading a mortgage fraud scheme that caused more than $9 million in losses. Rojas was also ordered to pay restitution in the amount of $9.5 million. A ...
Written by admin on May 10th, 2010
A waterfront Newport Beach house once on the market for $23.9 million was repossessed by the bank last week after failing to sell at a foreclosure auction for $7,790,000.
The 5,000-square foot, Cape Cod-style house at 2706 Bayshore Dr. has 4 bedrooms and 6 baths and sits on a 7,026-square foot double lot, according to ...
Written by admin on April 23rd, 2010
Involved Hundreds of Properties
KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that a Lee’s Summit, Missouri man and a Grain Valley, Missouri man pleaded guilty in federal court today to charges related to a $23 million mortgage fraud scheme that involved 350 residential properties, ...
Written by admin on April 22nd, 2010
A significant rise in foreclosures on houses with mortgages of $5 million and up are expected this year, according to a RealtyTrac study for The Wall Street Journal.
We found several homes in the $5M-plus category in Orange County in the foreclosure process now. The houses listed below, and some others ...
