By Mike Colpitts A home builder has been sentenced to serve 22 years in federal prison for his part in a conspiracy to defraud bankers out of millions of dollars in mortgages and commit tax fraud and money laundering against the IRS. The sentenced was imposed against Ohio home builder Thomas E. Parenteau of Hilliard,… Continue reading Home Builder Sentenced to 22 Years in Prison
Category: Mortgage Fraud
U.S. Government Files Lawsuits Against 17 Banks
By Mike Colpitts The U.S. government has taken major actions against banks and mortgage companies in the fallout of the real estate crash seeking more than $105-billion in damages from mortgage lenders. The federal agency started by the Obama administration to right the wrongs of the real estate and financial crises, the Federal Housing Finance… Continue reading U.S. Government Files Lawsuits Against 17 Banks
Court Orders Mortgage Operation Shut Down
By Mike Colpitts A New York judge has ordered the shutdown of a company that promised to help homeowners at risk of foreclosure obtain mortgage modifications. The temporary injunction was ordered by Nassau County Judge John Galasso after a year long legal campaign against the company across the U.S., which collected millions of dollars in… Continue reading Court Orders Mortgage Operation Shut Down
Mortgage Modification Scam Nets $3 Million
By Mike Colpitts Four men have been charged in a mortgage modification scam in which they guaranteed modifications to thousands of homeowners through the federal Home Affordable Modification Program (HAMP) and allegedly collected illegal fees up front, amounting to more than $3-million. The four promised homeowners they would be able to stay in their homes.… Continue reading Mortgage Modification Scam Nets $3 Million
Feds Sue to Recoup Mortgage Losses
By Mike Colpitts A mortgage lender is being sued by the U.S. Justice Department in an effort to recoup $1.6 million in insurance premiums the Federal Housing Administration was forced to pay on homes that were foreclosed. The lawsuit was filed against an Illinois based lender, MDR Mortgage Corporation. The suit, filed against Robert S.… Continue reading Feds Sue to Recoup Mortgage Losses
Man Convicted in Real Estate Ponzi Scheme
By Mike Colpitts A federal jury has convicted a Colorado man on felony charges related to running a $30 million real estate Ponzi scheme after his son pled guilty to being a partner in the crime spree. Philip R. Lochmiller, Sr. was found guilty of money laundering, mail fraud charges and conspiracy in U.S. District… Continue reading Man Convicted in Real Estate Ponzi Scheme
Real Estate Broker Pleads Guilty in Straw Buyer Scheme
By Mike Colpitts A former real estate broker pled guilty to fraud charges in relationship to a mortgage scheme that involved more than $12 million in mortgages, straw borrowers that operated over a course of seven years and real estate investors. The plea was entered after federal prosecutors worked out a deal with Alexander O.… Continue reading Real Estate Broker Pleads Guilty in Straw Buyer Scheme
Financial Crisis Criminal Conspiracy Unravels
By Mike Colpitts It was a criminal conspiracy in the making for nearly a decade before Colonial Bank and Taylor, Bean & Whitaker Mortgage Corporation came tumbling down long before the financial crisis came to a head. A high level Fannie Mae executive, Samuel Smith discovered a mortgage in January of 2000 that had been… Continue reading Financial Crisis Criminal Conspiracy Unravels
Banker Sentenced to 30 Years in Federal Prison
By Mike Colpitts The former owner of one of the largest privately held U.S. mortgage lending companies and Colonial Bank was sentenced to 30 years in federal prison and ordered to forfeit $38.5 million for his part in a massive $2.9 billion fraud scheme that drove his bank and mortgage company into failure. Lee B.… Continue reading Banker Sentenced to 30 Years in Federal Prison
Real Estate Crash of the Century
By Kevin Chiu The real estate market is under going the crash of the century and there’s no bottom of the market developing in the hardest hit areas of the U.S. The housing market alone has suffered more than 7-million residential foreclosures since the crisis started, and like a bottomless pit home prices are declining… Continue reading Real Estate Crash of the Century