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Green Mirage scammers have impersonated more than 400 mortgage institutions and caused hundreds of thousands of dollars of losses to deceived homeowners, many of whom only learn of the fraud when ...
The fraud scheme was allegedly performed while Gallo and Elmas worked for NJ Lenders Corp., a New Jersey mortgage loans company. “NJ Lenders is proud of its 33 years of successfully assisting ...
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 Cox, also a true crime author, wrote an unpublished manuscript entitled The Associates in which the main character traveled the country to perpetrate a mortgage fraud scheme similar to the one Cox ran.
Her mortgage fraud trial, which began in mid-January, was moved from Baltimore to Greenbelt, Maryland, over concerns potential jurors may have been biased by extensive media coverage of the case.
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
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.
The charges of bank fraud conspiracy, bank fraud, and making a false statement to a financial institution are each punishable by a maximum of 30 years in prison and a $1 million fine.
March 1–June 18: 406 people are arrested for mortgage fraud in an FBI sting across the U.S., including buyers, sellers and others across the wide-ranging mortgage industry. [ 199 ] March 10 : Dow Jones Industrial Average at the lowest level since October 2006, falling more than 20% from its peak just five months prior.