Archive for November, 2007

Man Pleads Guilty of Mortgage Fraud, Gets 26 Years in Prison

Filed November 30th, 2007 Julie Ann Fidler

Matthew Bevan Cox, who pleaded guilty to a mortgage fraud scheme that affected over 100 people, was sentenced to more than 26 years in prison in federal court in Atlanta earlier this month, the Associated Press recently reported.  In addition to the prison term followed by five years of supervised release, Cox was ordered to […]

Mortgage Fraud deepens Michigan housing crisis

Filed November 29th, 2007 Julie Ann Fidler

Mortgage fraud is apparently an easier way to make a buck than selling drugs.  It’s an act worthy of murdering fellow con men.  Even prison sentences, once served, aren’t enough to stop some of these scam artists from going back. Mortgage fraud is prevalent across the U.S., but Michigan is taking a hard hit.  “Michigan […]

FTC Report on ID Theft Shows Need for Stronger Consumer Protections

Filed November 28th, 2007 Julie Ann Fidler

PRNewswire reported yesterday that “A new report released by the Federal Trade Commission today estimates that 8.3 million Americans fell victim to identity theft in 2005. The report underscores the need to provide consumers with stronger protections against identity fraud, according to Consumers Union, nonprofit publisher of Consumer Reports.” Per the report, “The FTC found […]

Second Mortgage Fraud Charge for Minneapolis Man, This Time for $1.2 Million

Filed November 27th, 2007 Julie Ann Fidler

Larry D. Maxwell, a Minneapolis man sentenced on a federal mortgage fraud charge in 2001, was charged last Monday with 10 counts in alleged mortgage fraud involving at least $1.2 million in mortgages, Minneapolis’ Star Tribune reports. On November 20 the Star Tribune reported, “The complaint alleges that dozens of fraudulent loan applications were found […]

Chase Mortgage Consumer Complaints Rapidly Growing

Filed November 26th, 2007 Julie Ann Fidler

t the end of October, Chase reported its third-quarter mortgage origination volume increased 35 percent, but could that increase be at the expense of its customers? The number of complaints about Chase mortgage at has risen steadily since October.  Several reports come from people saying Chase doesn’t process their payments for months yet reports […]

Mortgage-Backed Security Scams Target the Elderly

Filed November 23rd, 2007 Julie Ann Fidler on November 20 reports in its article “Retirement Rip-off: Seniors Left Holding the Bag—and it’s Empty” that seniors on fixed incomes are at a greater risk of being ripped off “given the reality that many of these products are tied to the dangerously under-performing mortgage industry.” While mortgage-backed securities used to be considered good […]

Tax Scam Targets People on Social Security

Filed November 21st, 2007 Julie Ann Fidler

Elderly people seeking a tax break should take caution when hiring anyone who claims they will get them a big refund for a small price.  The Social Security Administration (SSA) is warning those on Social Security that scam artists are targeting them. The scammer tells the person on Social Security to request a 1099 statement […]

UnumProvident Unfairly Denies Disability Claims

Filed November 20th, 2007 Julie Ann Fidler

Jennifer, an employee of LexisNexis, had to be put on bed rest for back pain.  While her doctor tried to get to the root of her pain to find the proper treatment to alleviate her suffering, her insurance provider Unum was denying paying her short term disability, claiming she was fine to go to work […]

Suspected Title Company Fraud Accounts for $900,000 Loss of Homebuyers’ Money

Filed November 19th, 2007 Julie Ann Fidler

Indiana state insurance regulators suspect the office manager of King’s Title & Abstract Co. of pocketing $1 million from the company’s escrow account.  After $900,000 of homebuyer’s money went missing, the title company’s license was suspended and a cease and desist order was filed in Marion County courts.    The suspected fraud was done in […]

Mortgage Lending Fraud Accounts for Billions of Dollars Lost Each Year

Filed November 16th, 2007 Julie Ann Fidler

The Mortgage Bankers Association says mortgage fraud against lenders results in billions of dollars lost each year, and the sum is steadily rising.  The FBI estimates that mortgage fraud cost lenders over $4 billion in 2006.  Mortgage fraud targeted at lenders also affects honest homebuyers and homeowners by increasing their housing costs.  Mortgage scams which […]