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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“If mortgage fraud were an automobile race, the 2006 figures show Florida, California and Michigan as leading the race.” Read the rest of this entry »
- Mortgage Asset Research Institute
Authorities arrested nine individuals Tuesday in connection with an alleged Texas mortgage fraud scheme involving home loans made to unqualified mobile-home buyers.
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Mortgage fraud cases rose significantly last year in California, which ranked No. 2 in the nation among other states for fraud incidents, a study revealed Wednesday.
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Another Michigan home loan scam has been uncovered.
A former California mortgage company executive was ordered to pay an enormous fine - $6.7 million - to home loan lenders and the elderly, minority and bad credit clients he defrauded.