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Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
Mortgage elimination is a type of mortgage fraud in the United States.In this scam, the promoter first convinces a mortgage holder that the debt that has been contracted is invalid or legally unenforceable, usually due to a combination of alleged technicalities in the note, deed of trust, or other loan documentation signed; the promoters often link their rationale for debt elimination to ...
The United States Supreme Court held in a unanimous decision that restitution in cases involving mortgage fraud is determined by the actual money lent not the value of the property. [1] Benjamin Robers had been convicted of mortgage fraud. The District Court had ordered Robers to pay the difference between the amount lent to him and the amount ...
The Phillip Hill mortgage fraud scheme charged in this indictment is the most extensive this office and federal investigative agencies have uncovered to date in the Atlanta area. This indictment is a major step forward in this office's commitment to expose and eradicate mortgage fraud schemes in our community."
Mortgage fraud by lenders and borrowers increased enormously. [106] A mortgage brokerage in the US advertising subprime mortgages in July 2008. The Financial Crisis Inquiry Commission reported in January 2011 that many mortgage lenders took eager borrowers' qualifications on faith, often with a "willful disregard" for a borrower's ability to ...
On September 21, 2010, HousingWire ran an article citing defects in affidavits used in some foreclosure cases at Ally Financial, [17] formerly known as GMAC Mortgage. "This situation with GMAC isn't limited to GMAC," Margery Golant, of Golant & Golant, a foreclosure law firm in Boca Raton, Florida , said in an interview with HousingWire ...
Matthew Bevan "Matt" Cox (born July 2, 1969) is an American former mortgage broker and admitted mortgage fraudster and con man. Cox, also a true crime author, wrote an unpublished manuscript entitled The Associates in which the main character traveled the country to perpetrate a mortgage fraud scheme similar to the one Cox ran.
The Countrywide financial political loan scandal in 2008-2009 involved U.S. politicians who allegedly received favorable mortgage rates.. In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called "FOA's ...