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Mortgage Fraud

BUSINESS
October 24, 2010 | By E. Scott Reckard, Los Angeles Times
The gig: President of Investors Mortgage Asset Recovery Co. The Santa Ana firm audits home loans that have gone bad, looking for falsifications of the borrower's employment, income, debt load and other details. Clients typically are mortgage insurers that are on the hook for some or all of the losses on the loans ? unless fraud is found. . Quote: "Insurers have obligations to pay legitimate claims. They also have a duty to their shareholders to deny false claims. " . Knowledge base: A UCLA economics major and a Duke University law-school graduate, Simpson was a mortgage broker for nearly a decade before spending three years at a law firm working on large loan-fraud cases.
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CALIFORNIA | LOCAL
October 20, 2010
Party: Democrat Occupation: District attorney, city and county of San Francisco Age: 46 on Wednesday, born in Oakland Residence: San Francisco Personal: Single Education: Bachelor's degree, Howard University, 1986; JD, Hastings College of the Law, University of California, 1990 Career Highlights: district attorney, city and county of San Francisco, 2004 to present; chief, Community and...
BUSINESS
October 1, 2010 | By Nathan Olivarez-Giles, Los Angeles Times
A Downey man has been charged with running a Ponzi scheme and related mortgage scam that took in more than $20 million. Juan Rangel, who used Spanish-language TV, radio and newspaper ads to advertise his businesses, was already in custody ? he was convicted last year of bribing a Bank of America bank manager. In addition to Rangel, two other men were arrested in connection with the alleged mortgage scam. Rangel, 46, faces a maximum of 95 years in federal prison from last year's conviction and up to 232 years in prison if convicted of running the alleged Ponzi and mortgage scams.
BUSINESS
June 18, 2010 | By E. Scott Reckard, Jim Puzzanghera and Nathaniel Popper, Los Angeles Times
Seeking to show victories against the kind of ground-level fraud that contributed to the housing crash, federal authorities said Thursday that they had filed criminal charges in recent months against 1,200 mortgage brokers and others accused of cheating banks and borrowers of $2.3 billion. White-collar crime experts said the size and scope of what the government presented Thursday — dubbed Operation Stolen Dreams — represented an unprecedented crackdown on mortgage fraud.
CALIFORNIA | LOCAL
January 1, 2010 | By Patrick McGreevy
The new year rang in with hundreds of new state laws governing how Californians live and do business. Starting today, restaurants face strict limits on cooking with artery-clogging trans fats; people wanting plastic surgery in California must get a physical first; dairy farmers are barred from cutting cows' tails; and the law gets tougher on mortgage fraud. Penalties for betting in office pools are reduced, but there are new fines for watching a dogfight, engaging in human trafficking and providing minors with nitrous oxide.
BUSINESS
November 20, 2009 | By David Kelly
Three Riverside County businessmen and four associates were criminally charged Thursday after prosecutors said they sold false investments and committed grand theft in a scheme that bilked clients of $17 million and left many broke. "The schemes . . . collected tens of millions of dollars and victimized both individual investors and financial institutions," U.S. Atty. George S. Cardona said at a news conference in Riverside. "Using storefronts across the Inland Empire and numerous phone lines assigned to their shell companies, the schemers misled banks into believing that prospective borrowers had significant assets, when in fact the schemers were engaging in a mortgage fraud shell game built on lies to both their investors and the banks."
BUSINESS
October 18, 2009 | By Lew Sichelman
If anyone approaches you with an offer to buy your house that seems even the least bit out of the ordinary, there's a possibility that the money for the deal is coming from illegal drugs, prostitution or some other aspect of organized crime. There are no hard-and-fast statistics on the extent to which criminals are using real estate to place their illegal gains into the financial mainstream, but law-enforcement authorities suspect that money laundering is becoming more common. So much so that the Financial Crimes Enforcement Network, or FinCEN, is considering a rule requiring real estate brokers, among other entities that don't have a direct financial interest in property sales, to file the same suspicious-activity reports that lenders are compelled to file when they smell something fishy.
BUSINESS
September 18, 2009 | Jim Puzzanghera
Federal regulators, taking aim at a common tactic used in mortgage frauds, will look at a nationwide ban on companies' charging upfront fees for helping homeowners modify loans to avoid foreclosures. The move comes as federal and state officials plan to expand a crackdown on mortgage-related scams to other schemes that prey on debt-ridden consumers desperate to stay financially afloat during the recession. "Working together, we can send a clear and straightforward message: If you perpetrate mortgage fraud . . . we will find you and we will charge you and we will put you in jail," U.S. Atty.
BUSINESS
September 17, 2009 | Times Wire Reports
The number of mortgage fraud cases under investigation by the FBI has risen about 63% since last year, according to bureau Director Robert S. Mueller III. There were more than 2,600 cases pending as of July 31, up from about 1,600 cases in fiscal 2008, Mueller told the Senate Judiciary Committee. Most of the cases involved losses of more than $1 million, he said.
BUSINESS
August 11, 2009 | Peter Y. Hong
A Beverly Hills real estate agent to the stars and an appraiser were convicted Monday on federal charges of conspiracy and bank fraud for their roles in a multimillion-dollar Westside real estate fraud ring, but jurors couldn't reach a verdict on another prominent agent accused of being part of the scheme. Real estate agent Kyle Grasso, 38, and licensed appraiser Lila Rizk, 42, were found guilty of multiple counts of conspiracy, bank fraud and loan fraud for their participation in a scheme in which banks lost more than $40 million on loans totaling $142 million.
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