Federal officials announced the indictments of 20 people Thursday in two California-based foreclosure rescue and equity-stripping schemes that allegedly netted more than $12 million from more than 100 victims who were left without their homes.
A 33-year-old Los Angeles resident, Charles Head, is accused of orchestrating both schemes, which allegedly used straw buyers to obtain title to the homes of troubled borrowers. more…
Tags: Industry News · Inman Real Estate · Mortgages · california · foreclosure rescue · homeowners · indictment · mortgage fraud
The number of suspicious activity reports related to mortgage fraud increased 31 percent in 2007 compared to the year before, to 46,717, with 60 percent of those incidents involving false claims on loan applications such as employment history and claimed income. more…
Tags: Industry News · Inman Real Estate · Mortgages · florida · lenders · mari · mortgage fraud · nevada
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