Category Archives: Fraud

Three Hebrew Boys Sentenced For Investment Scam

According to the Los Angeles Times: The men remained defiant to the end, telling the judge that they still think they did nothing wrong. They said they were only trying to minister to people and planned to use some of … Continue reading

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Loan Modification Scams

There seems to be an abundant numbers of these scams in Southern California and there’s also a new education campaign to warn homeowners. How do most of these scams work? They charge people thousands of dollars for credit mediation and … Continue reading

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Homebuyer Tax Credit Wide Open To Fraud

Gee, that’s a surprise. Another government program open to fraud? Who would’ve thought it? Many of the claimants for the tax credit are thought to be illegal aliens. Many seeking the tax credit are under the age of 18. Those … Continue reading

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Three Los Angeles Mortgage Brokers Arrested

The brokers are accused of stealing about $1 million from borrowers seeking to adjust their mortgages. California’s attorney general claims this is a case of grand theft. Dozens of home owners were apparently lured into refinancing with promises of low … Continue reading

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Government Largesse Wide Open To Fraud

Big surprise here. When you don’t have the free market to discipline the spending of money, much of it gets wasted. A leading government investigator warns that the current bank bailout is wide open to fraud. Big surprise. The New … Continue reading

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New York Slow To Prosecute Mortgage Fraud

Foreclosures are skyrocketing in New York but few prosecutors are bringing cases for mortgage fraud, the New York Times reports. “As early as 2000, the federal Department of Housing and Urban Development declared the city a foreclosure fraud “hot zone.” … Continue reading

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Three Arrests In An Alleged Foreclosure Scam

Expect a lot more arrests in these types of scams. Cracking down on predatory lenders is all the rage with law enforcement, politicians and the general public. No response yet from those arrested. From the Los Angeles Times: The California … Continue reading

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FBI Struggles With Mortgage Fraud Cases

From the New York Times: WASHINGTON — The Federal Bureau of Investigation is struggling to find enough agents and resources to investigate criminal wrongdoing tied to the country’s economic crisis, according to current and former bureau officials. The bureau slashed … Continue reading

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Subprime Brokers Charged

TEL AVIV (MarketWatch) – The Securities and Exchange Commission charged that five Los Angeles-area brokers “put their customers at risk by refinancing their homes with subprime mortgages that they could not afford.” The agency, in a statement on Friday, said … Continue reading

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FBI Investigating Mortgage Fraud

Sue Riley writes: U.S. Taxpayers are on the hook for $700 Billion to purchase Toxic mortgage loans and foreclosed homes from financial institutions. U.S. Taxpayers need to ensure this Taxpayer Bailout is not used by Congress as a public-pacifier for … Continue reading

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