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Fraud Reports Deluge FBI: 'We're investigating a sophisticated scheme to defraud' the company.(customers defrauded by Land Economics a mortgage bank)
WASHINGTON -- Mortgage fraud resulted in losses of $546 million during the first half and are on track to outpace last year, according to newly released government figures.
Statistics compiled by the Federal Bureau of Investigation found that mortgage fraud losses totaled $1 billion in fiscal 2005, more than double the year before.
Meanwhile, financial institutions engaged in mortgage activity filed close to 17,000 "suspicious activity reports" with the FBI during the first half. In 2005, 21,994 SARs were filed.
One multistate fraud case that is gaining national attention involves a combination home-flipping/Ponzi scheme where consumers were enticed into an investment "club" on close to 200 residential properties in Indiana.
According to court documents, word of the investment club was spread though "word of mouth" in churches and "personal contact" in Virginia and North Carolina.
Two national lenders - Countrywide Home Loans of Calabasas, Calif., and Argent Mortgage of Orange, Calif. - were burned in the scheme when they either bought the mortgages in the secondary market or table funded the notes.
Last month, Countrywide chairman and CEO Angelo Mozilo called his company a "victim," noting that "we were defrauded."
- Accounting for mortgage servicing rights.
- Magazine article from: The National Public Accountant Reynolds, Brian M. September 1, 1995 700+ words
...s SFAS No. 122, Accounting for Mortgage Servicing Rights, amending SFAS No. 65...reconsider the accounting treatment of mortgage servicing rights. The MBAA wanted the FASB...the accounting distinction between mortgage servicing rights chat are acquired through...
- CONSOLIDATION OF NATIONSBANK RESIDENTIAL MORTGAGE SERVICING PROCESSING...
- Press release article from: PR Newswire December 17, 1991 700+ words
...CONSOLIDATION OF NATIONSBANK RESIDENTIAL MORTGAGE SERVICING PROCESSING ACTIVITIES, AND THE PLANNED SALE OF MORTGAGE SERVICING UNIT ANNOUNCED CHARLOTTE, N...Consolidation of NationsBank residential mortgage servicing and processing activities, and...
- PNC'S CITIZENS FIDELITY BANK CLOSES ACQUISITION OF COWGER & MILLER MORTGAGE...
- Press release article from: PR Newswire June 8, 1992 700+ words
...ACQUISITION OF COWGER & MILLER MORTGAGE SERVICING PORTFOLIO PITTSBURGH, June 8 /PRNewswire...has closed its acquisition of the mortgage servicing portfolio of Cowger & Miller...by Citizens Fidelity Bank's PNC Mortgage Servicing Company. The acquired portfolio...
- PNC'S CITIZENS FIDELITY BANK SIGNS AGREEMENT TO ACQUIRE COWGER & MILLER...
- Press release article from: PR Newswire March 24, 1992 700+ words
...TO ACQUIRE COWGER & MILLER MORTGAGE SERVICING PORTFOLIO PITTSBURGH, March 24...definitive agreement to purchase the mortgage servicing portfolio of Cowger & Miller...will purchase a $1.5-billion mortgage servicing portfolio, consisting of approximately...
- Pitfalls lurk in plan to change servicing rules. (Financial Accounting...
- Magazine article from: American Banker Russell, Kenneth D. Horn, Michael F. May 5, 1994 700+ words
...make the accounting for originated mortgage servicing rights more like that for purchased mortgage servicing rights. The FASB expects to issue...accounting for originated and purchased mortgage servicing, the proposed statement addresses...
- Servicing profits and performance. (mortgage servicing)(Cover Story)
- Magazine article from: Mortgage Banking Oliver, Geoffrey McDonald, Laura June 1, 1997 700+ words
...1994. If you are trying to evaluate mortgage servicing performance, especially in terms...Standard No. 122, "Accounting for Mortgage Servicing Rights," companies evaluating their...on assets (after amortization of mortgage servicing rights) of 8.4 percent decreased...
- Mortgage Servicing's future: Big for capital-rich banks looking for assets.
- Magazine article from: American Banker August 18, 1997 700+ words
...remain in the game. Today, the mortgage servicing business is a healthy environment...and mortgage banks. For starters, mortgage servicing is highly attractive to capital...industry consolidates, the future of mortgage servicing is destined for further change...
- Mortgage servicing, appraisal reform bill clears House committee.(Briefing Book)
- Magazine article from: Mortgage Banking December 1, 2007 700+ words
...approved a bill designed to improve mortgage servicing standards and enhance real estate...filed, the Escrow, Appraisal and Mortgage Servicing Improvements Act (H.R. 3837...borrower protections by improving mortgage servicing practices and requiring escrows for...