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post #1 of 26 (permalink) Old 06-19-2008, 12:59 PM Thread Starter
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anyone swept up

I would like to know if any mortgagors were indicted who are not realtors.
Where's the list ?

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The Associated Press: Hundreds swept up in mortgage fraud arrests
Hundreds swept up in mortgage fraud arrests

By LARA JAKES JORDAN – 2 hours ago

WASHINGTON (AP) — More than 400 real estate industry players have been indicted since March — including dozens over the last two days — in a Justice Department crackdown on incidents of mortgage fraud nationwide that have contributed to the country's housing crisis.

The FBI put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.

"Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation's housing market and to the peace of mind to millions of Americans," Deputy Attorney General Mark Filip said in a statement Thursday. The Justice Department and FBI planed to announce the cases at an afternoon news conference in Washington.

Since March 1, 406 people have been arrested in the sting dubbed "Operation Malicious Mortgage" that saw 144 cases across the country. Sixty people were arrested on Wednesday alone, including in Chicago, Miami, Houston and a dozen other regions policed by the FBI.

In a separate sweep, two former Bear Stearns managers in New York were indicted Thursday, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market.

Across the country, reports of mortgage fraud have soared over the past year as the subprime mortgage market collapsed and defaults and foreclosures soared.

Banks reported nearly 53,000 cases of suspected mortgage fraud last year, up from more than 37,000 a year earlier and about 10 times the level of reports in 2001 and 2002, according to the Treasury Department's Financial Crimes Enforcement Network.

The most common type of mortgage fraud was misstatement of income or assets, followed by forged documents, inflated appraisals and misrepresentation of a buyer's intent to occupy a property as a primary residence.

Over the last several months, the FBI has been investigating an estimated 1,300 mortgage fraud cases — including 19 involving subprime lending practices by U.S. financial institutions.

The Justice Department also is expected to ask Congress for more money to help combat mortgage fraud as part of a larger funding request to curb white collar crime and violent crime.
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post #2 of 26 (permalink) Old 06-19-2008, 01:00 PM
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Yosey is next
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post #3 of 26 (permalink) Old 06-19-2008, 02:14 PM Thread Starter
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This is really about protecting the hedge fund investors who obviously
have direct access to Paulson and want their money back.
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Former hedge fund managers Matthew Tannin and Ralph Cioffi have been arrested by the Federal Bureau of Investigation, charged with securities fraud and conspiracy in connection with their management of two Bear Stearns hedge funds which collapsed last summer, a bellwether event in the subprime and credit crisis.

The two are the highest level executives charged in the subprime mess to date.

As we told you in an exclusive, the FBI and the Department of Justice are zeroing in on the role of hedge funds, now at the top of their hit list, with potentially more indictments against hedge fund managers in coming days (”Hedge Funds in the Crosshairs”).
Details of the Bear Stearns Hedge Fund Indictments at Emac’s Stock Watch | Fox Business
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post #4 of 26 (permalink) Old 06-19-2008, 02:16 PM Thread Starter
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Nope, no fraud in MexiCal. Nothing to see here, move right along.

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Arrests took place in Chicago, Dallas, Houston, Miami, New York City, Atlanta, Portland, Detroit, Phoenix, Seattle and Honolulu.

Details of the Bear Stearns Hedge Fund Indictments at Emac’s Stock Watch | Fox Business
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post #5 of 26 (permalink) Old 06-19-2008, 04:13 PM
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Yosey is next
Got out just in time
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post #6 of 26 (permalink) Old 06-19-2008, 06:47 PM
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I've always said, invest in yourself and quit trying to make a living off other peoples backs. And in the end the people who really work with thier hands will have all the money.
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post #7 of 26 (permalink) Old 06-19-2008, 07:45 PM Thread Starter
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...
Eight arrested, three others indicted in North Texas mortgage fraud | Dallas Morning News | News for Dallas, Texas | Dallas Business News

Steps in the alleged mortgage fraud led by Eric Farrington, according to a federal indictment unsealed this week:

•Find a home for sale and negotiate an inflated price with the seller.

•Recruit someone with an acceptable credit rating to act as a purchaser of the home.

•Tell the purchaser that the property would be rented out and the mortgage would be paid from the rent.

•Submit fraudulent loan documents to a lender in the name of the purchaser to cover the inflated sales price.

•Use the loan proceeds to pay the purchaser up to $20,000 and to fund the down payment.

•Pay the seller a kickback to conceal the fraud.

•Keep the rest of the money.

•Allow the loan to go into foreclosure after just a few payments.

SOURCE: U.S. Attorney's Office for the Northern District of Texas
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post #8 of 26 (permalink) Old 06-19-2008, 07:47 PM Thread Starter
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What a tangled web. And guess how many of the straw buyers are
friends and family ?

Channel 4 KRNV.com: Local News and Weather for Reno-Tahoe Region: National takedown of mortgage fraud nets six in Nevada

Defendant Melissa Beecroft was resident agent and manager of Secured Mortgage Services, LLC; defendant Christina Thompson was resident agent and manager of CRT Consulting, LLC; defendant Jyothi Panikkar was managing member of Integrity Mortgage, LLC; and defendant Amy Ortiz was registered agent, president, secretary and treasurer of Reliant Mortgage Corporation, all companies registered with the Nevada Secretary of State.

A straw buyer is an individual who allows residential real estate to be purchased in his or her name.

The Superseding Indictment alleges that the object of the conspiracy was to obtain money and property by causing false information to be placed in the mortgage loan applications of straw buyers.

It is alleged that the straw buyers were paid to participate in the conspiracy.

After the mortgage loans were funded, defendants Grimm and Mazzarella allegedly caused title and escrow companies to disperse a portion of each loan to one of their limited liability companies, and caused mortgage brokers, loan officers and others to remit a portion of their commissions and fees to Grimm and Mazzarella.

Once Grimm and Mazarrella obtained control over a property, they re-sold the same property to another straw buyer at an inflated price.

Channel 4 KRNV.com: Local News and Weather for Reno-Tahoe Region: National takedown of mortgage fraud nets six in Nevada
Grimm and Mazzarella are also charged with concealing receipt of the monies they obtained through this scheme by causing disbursements to be made to shell companies under their control and by moving money between multiple accounts.

Grimm and Mazarrella allegedly engaged in approximately 432 straw buyer transactions involving approximately 227 properties with a total purchase price of over $107 million.
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post #9 of 26 (permalink) Old 06-19-2008, 07:50 PM Thread Starter
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A broken record.
Was this what they taught in the "How to Get Rich Quick in Real Estate" seminars ?

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Local News | 6 in Seattle area indicted in "Malicious Mortgage" crackdown | Seattle Times Newspaper
Among them was Robert Ernest Brandt, 40, a former Bothell attorney who was disbarred in 2006 for failing to properly maintain his client escrow accounts. According to the Washington State Bar, more than $3 million turned up missing from the accounts.

The indictment alleges that Brandt conspired with several others to "flip" houses in Seattle's red-hot real-estate markets in 2004 and 2005, using the shell companies to buy the homes. The alleged conspirators would create loan papers for the straw buyers for inflated purchase prices and pay them up to $20,000 to sign the papers. The loans would not be paid and the banks would foreclose for a loss.

Also indicted were William Anderson, 47, of Bellevue; Mustafa "Marc" Khosraw, 46, of Sammamish; Isaac Palmer, 42, of North Bend; Kristyn Jupiter Moss, 38, of Tacoma; and Zachary Joseph Namie, 30, of Seattle.
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post #10 of 26 (permalink) Old 06-19-2008, 08:13 PM
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By the time this is over there will be thousands of indictments as these folks are weak and will start rolling on everybody that even began to play in their little scheme. They will do everything they can to stay out of Federal PMITA Prison so expect to see appraisers, approvers, brokers, partner realtors, closing attorneys, title companies, inspectors and the doorman at the condo complex get love letters from the Feds.

Normally I don't like to see folks have their feet to the fire but these folks started and caused a Trillion Dollar National debacle. They gotta go down.

Everybody lined up and blamed the stupid homeowner for not reading the mortgage papers, for not knowing intricate financial maneuvering and being too stupid to even understand that they were in over their heads. Now that the investigations are starting to come in we finally see that the crux of the problem [from these stories and the many others that have been published this past few months] are brokers, developers and realtors and bankers gaming the system. Good to blame the little guy though.

Some folks used their house as an ATM machine and over leveraged to the max and beyond. That is a completely different issue for which they do not need bailed out. But this thing is coming home to roost on so many levels right now.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.

Last edited by mcbear; 06-19-2008 at 08:15 PM.
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