Image source: my.opera.com/edwardpiercy/blog/2011/04/28/reverse-mortgage-no-jill-st-john-yes You’ve probably heard of reverse mortgages, pitched on television ads by celebrities such as Robert Wagner and Fred Thompson. The mortgages are part of the U.S. Department of Housing and Urban Development’s (HUD) Home Equity Conversion Program (HECP) which permits senior citizens aged 62 years or older to purchase a home or remain… Continue Reading
Category Archives: Mortgage and Foreclosure Fraud
Subscribe to Mortgage and Foreclosure Fraud RSS FeedFormer Cartersville, GA, Mayor Sentenced for Mortgage Fraud
Posted in Fraud, Mortgage and Foreclosure FraudH. Gregory Cordell, the former Mayor of Cartersville, Georgia, was sentenced to over two years imprisonment last Friday in the U.S. District Court for the Northern District of Georgia for mortgage fraud, as reported by the Chattanoogan. According to statements by the U.S. Attorney’s Office for the Northern District of Georgia, Cordell inflated the purchase… Continue Reading
Real Estate Market May Be Down, But Mortgage Fraud Rising
Posted in Fraud, Mortgage and Foreclosure FraudAl Lewis of the Wall Street Journal’s MarketWatch reports that mortgage fraud is surprisingly on the rise despite the current weakness in the housing market. Mr. Lewis cites the FBI’s report on mortgage fraud for 2010, which reports that mortgage brokers, appraisers, underwriters, accountants, real-estate agents, settlement attorneys, land developers, investors, builders, lenders, and bank and trust account… Continue Reading
Beazer Homes Executive and Alpharetta Resident Michael Rand Indicted in NC for Fraud
Posted in Fraud, Mortgage and Foreclosure FraudAs reported in the Charlotte Observer, Michael Rand, former Chief Accounting Officer for Beazer Homes USA and a resident of Alpharetta, Georgia, has been indicted in the U.S. District Court for the Western District of North Carolina on 11 counts, including securities fraud, witness tampering and making false statements. Rand is alleged to have directed… Continue Reading
Former Broncos and UGA Football Player Arthur Marshall Sentenced to 69 Months for Mortgage Fraud
Posted in Fraud, Mortgage and Foreclosure Fraud, SentencingArthur Marshall, a former wide receiver for the Denver Broncos, was sentenced to 69 months imprisonment yesterday for bank fraud in the U.S. District Court for the Southern District of Georgia, Augusta Division, as reported by the Augusta Chronicle. Marshall was indicted in June of last year and pled guilty to two counts of bank fraud… Continue Reading
Defendant Sentenced to 11 Years in Mortgage Fraud Scheme
Posted in Mortgage and Foreclosure FraudMortgage Fraud
Atlanta No. 2 in Mortgage Fraud Nationwide–Defendants in $7 Million Mortgage Fraud Scheme to Be Sentenced Tomorrow
Posted in Fraud, Mortgage and Foreclosure FraudAccording to the Atlanta Journal and Constitution, Perimeter Mortgage Funding, which operated from 2001 to 2005 before collapsing, cost lenders $7 million. One of its principals, Kevin Wiggins has pled guilty to one count of conspiracy and two counts of wire fraud in the United States District Court for the Northern District of Georgia, and… Continue Reading
“Foreclosure Rescue” Fraud Replacing Mortgage Fraud
Posted in Fraud, Mortgage and Foreclosure FraudThe decline in the housing market has been accompanied by a huge increase in the area of “foreclosure rescue” fraud, as reported by the Atlanta Business Chronicle. Given the slowdown in the mortgage market and the rise in foreclosures, unscrupulous types have found new areas for fraud. Although foreclosure rescue fraud may take many… Continue Reading