Most mortgage fraud takes place in the short sales and REO space, according to Rob Hagberg, associate director of fraud investigations at Freddie Mac. “This area is ripe with fraud,” he said during a webinar hosted by CoreLogic. While servicers and others in the...
Thanks to Albert Pujols for sending this in: A former Fannie Mae sales associate who allegedly promised to provide listings to a real estate broker from the mortgage giant's REO inventory in exchange for kickbacks has been indicted on three counts of wire fraud....
Why would anyone spread possum urine around a house, turn up the heat and close all the windows for a few days? Because they're flopping, of course. Flopping is the latest in mortgage fraud, in which sellers actually want as low a price as possible. The scheme works...
The previous video acknowledged a good realtor doing it the right way, but unfortunately there are still plenty of bad apples - and they are allowed to run loose. What could happen? The Attorney General could get involved, and convict some of the offenders of...
From the AP: ALBUQUERQUE, N.M. — Wrapping up a criminal case that ruined lives from Washington state to New Jersey, a federal judge on Wednesday is scheduled to sentence a real estate executive who acknowledged running a Ponzi scheme that bilked 600 investors out of...
From reuters.com: LOS ANGELES, Aug 16 (Reuters) - In the age of Facebook and Twitter, a new crime has hit America: "Sharpie parties," gatherings of party revelers armed with "Sharpie" magic markers and lured by social media invitations to wreak havoc on foreclosed...
Bank of America now requires all parties (sellers, buyers, and both agents) to sign this disclosure: B of A Short Sale Buyers-Disclosure-Addendum Excerpts from Page 3, regarding the agents: Licensee representing Seller acknowledges and agrees that, in his or her...
Hat tip to daytrip for sending this in from the Downey Patriot: DOWNEY - Two real estate agents, including one who lives in Downey, were arrested last week, accused of stealing $1.8 million from the real estate office that employed them. Elek Andrade, 27, of Downey,...
From MND: The House Oversight and Government Reform Committee issued a report today on Countrywide Mortgage and its so-called VIP loan program which the committee said was "a tool used by Countrywide to build goodwill with lawmakers and other individuals positioned to...
A reader sent this in - beware of vacant houses being re-occupied by the bad guys! Hi Jim, My Uncle retired this year and moved out of his house in Long Beach, California to live in Palm Desert. He put his home up for sale a few months ago. My Father lives fairly...
