California Real Estate Fraud Report

tag:blogger.com,1999:blog-12008389756492564312011-04-21T18:52:17.879-07:00California Real Estate Fraud Reportreal estate fraud, loan fraud, mortgage fraud, appraisal fraudMonique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comBlogger231100tag:blogger.com,1999:blog-1200838975649256431.post-49043236111748070112008-01-18T17:24:00.000-08:002008-01-18T17:38:08.514-08:00Lehman Bros. to Cut 1,300 Mortgage Jobs

On Thursday, Lehman Bros. Holdings announced that it was eliminating 1,300 jobs from its Aurora Loan Services unit and close three of Aurora's offices in Orange County, Florida and New Jersey. This is the fourth round of cuts by Lehman Bros., which has made newslines in the past few months for its eyes-wide-shut response to loans reported as suspicious and possibly fraudulent by vigilant real

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-66074052888559197022008-01-16T10:23:00.000-08:002008-01-16T11:12:29.614-08:00Forbes Magazine Provides Juicy Details to Beverly Hills Real Estate Fraud

Following up on the Los Angeles Times' story of unbridled greed on the part of a pack of real estate professionals operating out of Beverly Hills, Forbes Magazine has written about some of the details that made stealing so easy: lender Lehman Brothers - too busy writing loans without showing the slightest due diligence to its investors by failing to verify loan documents; chronic crooked

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-9199969212080618302008-01-16T10:03:00.000-08:002008-01-16T10:17:37.491-08:00California Appraiser Sues WAMU, First American, eAppraiseIT, and LSI

WaMu's (Washington Mutual) problems with fraudulent appraisals has moved rapidly from New York State, where it is being sued by New York Attorney General Cuomo, to California.According to Appraisal Scoop, WaMu is being sued by Jennifer Wertz, a California Office of Real Estate Appraisers (OREA) licensed appraiser for fraud, breach of both oral and written contracts and other tortious acts. The 12

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-3059401323641310732008-01-15T22:27:00.000-08:002008-01-15T22:37:10.092-08:00Former Placer Planning Commissioner Sues County

Michelle Ollar-Burris, former Planning Commissioner of Placer County, has countersued the County this week, stating that the County's lawsuit, which claims fraud and misrepresentation by Ollar-Burris in several land deals, has hurt her business. in a counter lawsuit this week saying that false allegations have hurt her real estate business. The County also removed her as Planning Commissioner in

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-37683486322536129642008-01-14T08:20:00.000-08:002008-01-14T08:26:23.476-08:00FBI: Housing Scams More Than Double

In an article published today, USA Today reports that Federal mortgage fraud convictions have more than doubled in the past year, and the Bureau expects further growth in foreclosure scams as the crisis over lenders granting subprime loans continues to escalate. Defaults on subprime mortgages are at record highs, with no end in site.In 2007, the FBI opened 1,210 mortgage fraud cases, 300 percent

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-63591222270739537202008-01-11T20:07:00.000-08:002008-01-11T20:13:03.863-08:00Trio Convicted of Fraud against Seniors

A Corona, California jury returned hundreds of guilty verdicts today against three men for running a $190-million investment scheme that defrauded the elderly of their life's savings. According to prosecutors, the men ran their investment scam from offices located in Los Angeles, Orange and Riverside Counties. The victims numbered approximately 1,600 over the 10-year period the fraudsters were in

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-77746106043924008362008-01-11T06:53:00.000-08:002008-01-11T19:44:46.366-08:00Bank of America to Buy Countrywide for $4 Billion

In a move that surprised no one and to protect its own investment, Bank of America agreed today to purchase subprime lender Countrywide Financial Corporation for $4 billion. Before making risky loans, experiencing record borrower defaults, investigations by the SEC and other regulatory agencies, Countrywide was the darling of the lending industry. Less than a year ago, its market value was pegged

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-8715087805068766402008-01-11T06:48:00.000-08:002008-01-11T06:50:57.219-08:00Hearing Today in Mortgage Fraud Probe

Another hearing is scheduled today to determine who will oversee the loans for mortgage broker Thomas Hastert's company, Loan Sense, while the California attorney general and Nevada County district attorney continue to investigate the man for suspected real estate fraud. Judge Robert Tamietti will preside over the hearing, set for 2 p.m. in Dept. 4 of the Nevada County courthouse in Nevada City.

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-56719580536455620252008-01-10T14:10:00.000-08:002008-01-10T14:16:04.051-08:00Bernanke: Fed to Cut Interest Rates Again

After cutting interest rates three times in 2007, Fed Chairman Ben Bernanke indicated today that the Fed is prepared to lower rates again - possibly as soon as its next meeting on January 29 and 30.Incoming information suggests that the outlook for economic activity for this year has worsened and that the “downside risks to growth have become more pronounced,” he said. Further, a housing slump,

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-87958527096564836162008-01-10T13:42:00.000-08:002008-01-10T14:09:53.755-08:00Housing at Heart of Recession Fears

The Mortgage News Daily reported today thatGoldman Sachs became the latest "authority" to say that the United States may be slipping toward an outright recession, and that the housing and credit market problems would be the primary cause.In a research report Goldman Sachs said that the latest economic data indicate that the recession has arrived or soon will and that there will also be a decline

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-37466617442019860712008-01-10T13:20:00.000-08:002008-01-10T13:28:33.755-08:00Expect Stable Existing Home Sales in 2008 - NAR

According to the most recent forecast published by the National Association of ealtors ® (NAR):Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009.According to Lawrence Yun, NAR's chief economist, 2008 will be a year of "pull and tug", as continued job growth, pent-up

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-45993462259108829422008-01-09T08:23:00.000-08:002008-01-11T19:57:37.271-08:00Countrywide Denies Bankruptcy as Stock Dives

Amid rumors that it is close to filing for bankruptcy protection, Countrywide stock plummeted 28% to close at $5.47 yesterday, according to MarketWatch.Countrywide profited enormously by underwriting subprime loans to anybody, with scant attention to the borrower's ability to repay. That lack of sound lending practices is reflected in the disproportionate number of defaults and REOs recorded in

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-27808356547627154182008-01-04T10:52:00.000-08:002008-01-04T11:06:21.968-08:00Monique's Published Letter to the Editor - Los Angeles Times

Note: the letter is in response to the December 31, 2007 article in the Los Angeles Times regarding the Beverly Hills real estate fraud ring. See the abstract of that article in my blog below.Victims or accomplices? Re: "How a bank fell victim to loan fraud," Dec. 31.This fraud would not have been possible had Lehman Bros. Bank observed proper checks and balances and hired its own appraisers

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-16796199331150115692008-01-01T09:26:00.000-08:002008-01-01T21:03:44.497-08:00Appraisal Fraud is Key to Fraudulent Loans

In a Los Angeles Times article published today, reporter E. Scott Reckard interviews appraiser Steven R. Smith of Redlands, who explains the role that fraudulent appraisals have played in the current real estate crisis.That the California State Office of Real Estate Appraisers has enacted new rules that require 67% more education for appraisers beginning this year will not stop the problem. Nor

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-60240224027014692422007-12-31T08:32:00.000-08:002008-01-01T21:09:35.307-08:00Latest on Huge Beverly Hills Real Estate Fraud Scam

In the follow-up to its story about Beverly Hills real estate agents conspiring to defraud banks by securing loans on properties whose values they helped inflate, the Los Angeles Times today published "How a Bank Fell Victim to Loan Fraud".At the center of the conspiracy is Mark Alan Abrams, 46 , an L.A. area businessman and Charles Elliott Fitzgerald, 47, his developer partner and a bigamist who

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-66366633441352260752007-12-29T21:33:00.000-08:002007-12-29T21:59:35.740-08:00Tracy Real Estate Agent in Foreclosure Scam

Real estate broker Leesa Ward was once considered one of the most successful real estate agents in Tracy, California. But in August 2005, she and her business partner and sister Athena Handleson began a new venture of selling shares to local investors - to the tune of $1 million in shares - for the purposes of purchasing foreclosures and "fixer-uppers".According to the state Department of

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-80840981916058797902007-12-29T17:50:00.000-08:002007-12-29T18:06:54.983-08:00Long Beach Mortgage Loan Coordinator Pleads Guilty

An employee of a Washington Mutual subprime lending subsidiary has pleaded guilty to lying under oath regarding testimony he gave before a federal Grand Jury investigating fraudulent mortgage loans issued by that subsidary.John Ngo, 27, Dublin, California, will be sentenced by US District Court Judge William B. Shubb in April 2008 after admitting his false testimony and agreeing to cooperate

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-58055849964155684432007-12-23T09:55:00.000-08:002007-12-23T10:26:32.543-08:00California Foreclosure "Assistance" Firm Targeted by AG

Three foreclosure firms, one based in California, have been sued by Illinois Attorney General Lisa Madigan for violating the Illinois Mortgage Rescue Fraud Act and the Consumer Fraud and Deceptive Business Practices Act. Since they were implemented, Madigan has sued eleven such businesses for prohibited practices, such as charging upfront fees and failing to fully disclose exactly what the

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-68240156971412535092007-12-22T15:01:00.000-08:002007-12-22T15:28:01.577-08:00Subprime Loan Mess: Manna for Defense Attorneys

The subprime meltdown could result in new business for white-collar defense attorneys according to Dan Levine's article in Law.com, a legal news service.New Century Financial Corporation, with its aggressive (to say the least) lending practices, led the die-off by announcing in Febuary 2007 that it would restate earnings. By not indicating how much it intended to restate, it drew the attention of

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-10308264256383950022007-12-21T09:31:00.000-08:002007-12-21T10:17:30.920-08:00WaMu in Hot Water with the SEC

Washington Mutual, aka WaMu, is being investigated by the Securities and Exchange Commission, as well as the Office of Thrift Supervision, for deliberately inflating of home appraisals via its partnership with First American Title. First American has a subsidiary called eAppraiseIT, which purportedly under pressure from WaMu, conspired to provide the inflated property values in order to boost

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-1873443069471318252007-12-18T20:53:00.000-08:002007-12-21T16:05:49.728-08:00Hire a Crook to Teach Ethics ???

The last 10 years or so there has been an unfortunate trend of confirmed crooks (convicted criminals) leaving their jobs making license plates in prison and taking up the seminar circuit as their latest profession. Barry Minkow of ZZZ-Best fame was one of the early ones. Many, including Barry, magically became born-again, whereas those of us who were born right the first time have had to bear the

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-90990393343122198052007-12-18T19:54:00.000-08:002007-12-18T20:23:42.536-08:00Better Business Bureau for Real Estate Professionals?

The National Ethics Bureau, based in San Diego, California, announced that effective December 18, it will begin accepting applications from real estate agents, brokers and mortgage brokers into the NEB. For the annual fee of $235, plus an "initiation" fee of $95, said professionals will have the right to use the NEB's branding in their marketing materials, sort of a "Good Housekeeping" stamp of

Monique Bryherhttp://www.blogger.com/profile/07565702282943672418noreply@blogger.comtag:blogger.com,1999:blog-1200838975649256431.post-42788051066055594882007-11-28T21:51:00.000-08:002007-11-28T21:55:51.575-08:00Top Tags

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