As seven more have been arrested for mortgage fraud new legislation is being proposed to increase criminal penalties for people convicted of mortgage fraud.
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Jeffrey Allen Herald, 49 of Phoenix Arizona, was indited on October 19th on two counts of fraud and artifices and one count of theft for providing unlicensed legal and mortgage services.
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A New York city mortgage broker is under the microscope by investigators for a scheme to defraud mortgage applications. Jacob Milton, a manager at Griffin Mortgage Co., pleaded not guilty to charges of grand larceny, identity theft, and falsifying business records.
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Federal Reserve Chairman Ben Bernanke informed congress today that the credit crisis has caused “significant market stress”. He offered new assurance that regulators would take steps to curb fallout related to the mortgage mess.
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With the housing market in decline, predators are finding yet another way to take advantage of people who fall behind on mortgage payments.
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State senators are preparing to give final approval this coming week to laws designed to imprison bankers, loan officers and even home buyers who engage in mortgage fraud.
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Twelve people, suspected of being part of a sophisticated white-collar crime ring led by an ex-convict, have been indicted involving a home mortgage scam stretching from Arizona to Nevada to California.
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Darlene Hill was making a living in Mobile, Ala., as a real estate investor when she devised a sophisticated con against lenders across the Alabama housing market that would net her far more money than just robbing a teller with a gun.
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Colorado slipped to ninth place nationwide in terms of mortgage fraud in 2006, continuing a decline seen since 2004, according to a report.
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Two men pleaded guilty Monday in federal court for their roles in a conspiracy to commit Missouri mortgage fraud.
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