Tag: fraud

  • Bank of America Liable for Countrywide Mortgage Fraud

    Bank of America Liable for Countrywide Mortgage Fraud

    Bank of America was found liable for fraud Wednesday over defective mortgages sold by its Countrywide unit, which originated shoddy home loans in a process called "Hustle," the government said. Continue Reading

  • Former NYPD Officer Accused in $4.7 Million Real Estate Scam

    Former NYPD Officer Accused in $4.7 Million Real Estate Scam

    A former police sergeant and a New York attorney are being charged with stealing $4.7 million from investors using an elaborate real estate scam. James Monahan, who worked for the New York Police Department from 1994 to 2005, and Edward Adams of Obermayer & Adams in Manhattan, claimed to be building a... Continue Reading

  • Lease-to-Own Lure: Alleged Real Estate Scam Preyed on Absentee Owners

    Lease-to-Own Lure: Alleged Real Estate Scam Preyed on Absentee Owners

    Riding up to homes for sale on her bicycle, Pamela Winegardner allegedly would chat with listing agents about her new business ventures, her career as a six-figure human resources consultant, her dying grandmother, her boyfriend's injured daughter, and her need to move quickly out of her current rental because... Continue Reading

  • Real Estate Fraud: How to Spot a Scam

    Real Estate Fraud: How to Spot a Scam

    Real estate and mortgage fraud cases may be the latest fallout from the recent real estate bubble. Two recent California court cases demonstrate the lengths that white-collar criminals will go to in order to deceive buyers, banks and investors. In Orange County, a former real estate broker stole clients'... Continue Reading

  • WaMu, Countrywide Legacy Lives on for Homeowners

    WaMu, Countrywide Legacy Lives on for Homeowners

    Want to be considered for a loan modification? Stop making your mortgage payments. That's the advice that Washington Mutual gave some homeowners who called looking for help with their mortgage payments. Their reward for complying with that advice? Foreclosure. Some homeowners are now suing JPMorgan Chase,... Continue Reading

  • 10 Things You Should Know About the New Appraisal Rules

    10 Things You Should Know About the New Appraisal Rules

    Heard of HVCC? It's not a heating and ventilation system for the home (that's HVAC), nor is it an infectious disease. HVCC is the Home Valuation Code of Conduct, a controversial set of guidelines established by Fannie Mae and Freddie Mac in May 2009. By setting up a sort of firewall between lenders and... Continue Reading

  • CA Appraisers in Cahoots with Subprime 'Predator' Head to Court

    CA Appraisers in Cahoots with Subprime 'Predator' Head to Court

    Who ever still thinks appraisers didn't work hand-in-hand with mortgage brokers to bring on the subprime mortgage crisis hasn't been following the news in Laguna Beach, CA. In this town, the law finally caught up with a family-operated appraisal firm that had its own desk in the office of a major subprime... Continue Reading

  • Are Appraisals the New Organized Crime?

    Are Appraisals the New Organized Crime?

    Greedy appraisers, who put lofty valuations on properties to please lenders and line their pockets, played a large role in the housing bubble. And the fallout continues: On Jan. 29, a former Beverly Hills real estate appraiser was sentenced to three years in federal prison for her role in a multimillion-dollar... Continue Reading

  • L.A. Couple Tortures Loan-Mod Agents

    L.A. Couple Tortures Loan-Mod Agents

    Last Wednesday, after losing their home to foreclosure, two desperate homeowners got medieval on the loan officers they felt were responsible - now they're facing up to life in prison for it. The Los Angeles County district attorney reports that the couple, Daniel Weston, 51, and Mary Ann Parmelee, 52, and... Continue Reading

  • Faking Abuse for Cheaper Rent

    Faking Abuse for Cheaper Rent

    You've got to be a real dirtbag to take money away from abused women and children! That''s what six women in New York City were indirectly doing to real victims of domestic violence when they got the bright idea to submit fraudulent documents in order to portray themselves as domestic abuse victims, according... Continue Reading