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September 2014 Article Archive

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Credit Default Swaps - Just Really Are They?
edumom.co.kr | September 28, 2014
If you are looking at making a new investment at a foreclosure sale next you have many stuff you need to find about the process. It is important to know these things so procedure runs smoothly for both parties.
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Former New Jersey Mayor Found Guilty of Mortgage Fraud
jbk-current-events.blogspot.com | September 27, 2014
TRENTON, NJ—The former mayor of Manalapan, New Jersey, was convicted at trial today on charges related to his acquisition of farmland in Monmouth County, New Jersey, U.S. Attorney Paul J. Fishman announced.
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Plaintiffs in Civil Mortgage Fraud Case Settle for $900,000
sacbee.com | September 27, 2014
A civil mortgage fraud trial in Sacramento Superior Court abruptly ended Wednesday with a settlement that will pay $900,000 to six plaintiffs. The lawsuit charged that principals in Stewart Title of Placer County and the now-dissolved Stone Canyon Mortgage Co. of Rocklin knowingly worked to assist two men who have been convicted in federal court in Sacramento of running a Ponzi scheme that looted $26 million from 180 victims.
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Suit to Quiet Title in Florida - Common Questions Answered by Attorney Robert Peters
keepbritainbiking.com | September 27, 2014
An action to quiet title is more like a suit which is filed in a court to assert ownership of a property. It is filed in a court which has territory over land disagreements. It establishes a person’s or an event’s case to property property versus everyone and any person which legally eliminates any type of obstacles. It is used to get devoid of any kind of claims against the residential property in question. Hence, a quiet title match is likewise called as a lawful suit to remove a cloud.
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The Jury in a Mortgage Case Finally Strikes Back at Fraudulent Bankers
latimes.com | September 27, 2014
Given the government's failure to bring criminal cases against bankers and other Wall Street figures for collapsing the U.S. economy in 2008, it's been left to the little guy to strike back.
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Lenders Generated $428M Modifying Defaulted FHA Loans
housingwire.com | September 27, 2014
An audit of the Federal Housing Administration’s loss-mitigation program found that lenders generated $428 million modifying defaulted FHA loans, costing Housing & Urban Development.
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CFPB Fines Amerisave Mortgage Corp. $19.3 for Bait-and-Switch Scheme
californiarealestatefraudreport.com | September 27, 2014
The Consumer Financial Protection Bureau (CFPB) has ordered Amerisave Mortgage Corp. to pay $19.3 million fine for deceiving borrowers about interest rates. The penalties include Amerisave’s affiliate Novo Appraisal Management Company and Patrick Markert, the owner of both firms.
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Eric Holder didn’t send a single banker to jail for the mortgage crisis. Is that justice?
wearechange.org | September 27, 2014
The telling sentence in NPR’s report that US attorney general Eric Holder plans to step down once a successor is confirmed came near the end of the story.
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Deutsche Bank Co-CEO, Four Others Charged with Fraud
thestar.com | September 27, 2014
FRANKFURT, GERMAN—Prosecutors in Germany have brought charges against Deutsche Bank co-CEO Juergen Fitschen and two former CEOs in connection with what prosecutors say were false statements in a court case.
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Fannie, Freddie Need Third-Party Tests of Compliance
nationalmortgagenews.com | September 27, 2014
The regulator of Fannie Mae and Freddie Mac should require that banks and mortgage lenders obtain independent, third-party tests to ensure compliance with guidelines, according to a government watchdog report.
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Montgomery County Takes Mortgage Fight to Banks
pennrecord.com | September 26, 2014
After winning a June 30, 2014 decision against the company that maintains a national registry of mortgage transactions, the Montgomery County Record of Deeds has filed a class action suit at the U.S. District Court for the Eastern District of Pennsylvania against the banks who allegedly bought and sold mortgages without paying the real estate recording fees.
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Treasury Begins Push to Revive U.S. Mortgage-Bond Market
bloomberg.com | September 23, 2014
The Treasury Department will start an initiative to revive the market for mortgage securities without government backing as part of an effort to aid recovery of the housing market, Treasury Secretary Jacob J. Lew said.
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Statute of Limitations Cases: Foreclosure on Subsequent Default Not Barred
jbublick.blogspot.com | September 21, 2014
Diaz v. Deutsche Bank National Trust Co., et al., 2014 WL 4351411 (S.D. Fla., Sept. 2, 2014). In this case, the lender's foreclosure actions had previously been dismissed three times - even once with prejudice. The homeowner sought a declaratory order that the note and mortgage were no longer enforceable based on the application the five year statute of limitations.
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House Votes To Audit The Fed... And Deregulate Wall Street
huffingtonpost.com | September 17, 2014
WASHINGTON -- The House of Representatives voted overwhelmingly to audit the Federal Reserve on Wednesday, a broadly bipartisan call for financial reform that accompanied two other bipartisan votes providing government perks to Wall Street on everything from higher mortgage fees to speculation in securities markets.
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Ohio Still Waiting on Millions of Dollars Needed to Deal with Mortgage-Mess Blight, Senators and Advocates Say
cleveland.com | September 17, 2014
WASHINGTON, D.C. – Feeling forgotten and still in need, a coalition of Ohio housing activists, mayors and Congress members hope to tap into a national $16.65 billion mortgage fraud-and-abuse settlement so they can use some of the money to alleviate the state's widespread housing blight.
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Complaint | Commonwealth of Virginia vs. Barclays Capital Inc. | VA AG Herring Brings Record $1.15 Billion Lawsuit Against Banks for Defrauding Virginia Taxpayers
stopforeclosurefraud.com | September 17, 2014
~ Largest suit ever brought under Virginia Fraud Against Taxpayers Act seeks accountability for banks that fraudulently sold mortgage-backed securities to the Virginia Retirement System ~
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UK Bank HSBC to Pay $550MN to Resolve FHFA Suit
newjerseytelegraph.com | September 17, 2014
WASHINGTON/ LONDON - The British bank HSBC has agreed to pay $550 million (338 million pounds) to US regulators to resolve claims of having made false representations in selling mortgage bonds to Fannie Mae and Freddie Mac before the financial crisis.
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Attorney General Holder Remarks on Financial Fraud Prosecutions at NYU School of Law
enewspf.com | September 17, 2014
Thank you, Professor [Jennifer] Arlen, for those kind words – and thank you all for being here. It’s a privilege to be at New York University this afternoon. And it’s an honor to stand with so many judges, U.S. Attorneys, and prominent leaders in the field of corporate compliance and enforcement – as well as the law students, faculty members, administrators, staff and alumni who make this institution such a remarkable place.
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Former Bank Executive Sentenced, Braden Koegel for Mortgage Fraud
fredericacade.wordpress.com | September 17, 2014
ORLANDO—U.S. District Judge Roy B. Dalton, Jr. today sentenced Braden Koegel (35, Apopka) to three years and six months in federal prison for bank fraud. Koegel pleaded guilty on November 21, 2013.
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Cobb Man Fights MERS Foreclosure
record-bee.com | September 17, 2014
COBB >> Nearly two-and-a-half decades after his father purchased property and began building a house in Cobb, Rob Somerton is unsure how much longer he will be its owner.
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Good Behaviour Bond After False Loan Documents for $3.6 Million of Mortgages
australianpropertyforum.com | September 17, 2014
Shashi Kanta Prasad, of Chipping Norton, New South Wales, has been convicted of four charges of fraud, in relation to creating false loan documents to secure mortgages totaling more than $3.6 million.
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Virginia Sues 13 Big Banks, Claiming Mortgage Securities Fraud
washingtonpost.com | September 17, 2014
Virginia Attorney General Mark R. Herring on Tuesday announced a $1.15 billion lawsuit against 13 of the nation’s biggest banks, accusing them of misleading a state retirement fund about the quality of bonds made up of residential mortgages.
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Auctioneer Sentenced for Defrauding Banks in Trustee Auctions
mortgagefraudblog.com | September 17, 2014
Reyna Peinado, 48, Huntington Beach, California, an auctioneer who defrauded banks by accepting bribes to lower the amount of winning bids in trustee auctions, was sentenced to 24 months in federal prison.
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Modifications Are Easier With Requirement Updates in Guide Bulletin 2014-16
freddiemac.com | September 17, 2014
Based on your feedback along with our ongoing effort to create more efficient and effective policies, we announced important servicing requirement updates in today's Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-16 (PDF). You'll find the key topics here, but please read Guide Bulletin 2014-16 for a complete overview of the requirement changes.
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FBI Targets Minority Communities in Mortgage Fraud Investigations
mortgagefraudblog.com | September 17, 2014
Former bank regulator Bill Black says Attorney General Eric Holder must stop targeting minorities and instead focus on the mortgage fraud of banksters.
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Pat Leahy Watches as Kelly Ayotte Continues to Ignore Mortgage Fraud CDO Fraud
theadvocacyforconsumerrights.org | September 17, 2014
Pat Leahy watches as Kelly Ayotte continues to ignore mortgage fraud CDO fraud. She is a completely bough-and-sold big business dupe.
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Winston Muhammad and Janet Muhammad v. BAC Home Loans Servicing
stopforeclosurefraud.com | September 15, 2014
We grant the motion for rehearing, withdraw our prior opinion and substitute the following in its place. We reverse the final judgment of foreclosure entered in this case. Appellants allege that the appellee failed to prove its standing to foreclose at the trial.
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HSBC to Pay $550 Million to Settle U.S. Mortgage Bond Claims
euronews.com | September 15, 2014
NEW YORK (Reuters) – HSBC Holdings Plc <HSBA.L> is expected to pay $550 million (338.29 million pounds) to resolve a U.S. regulator’s claims the bank made false representations in selling mortgage bonds to Fannie Mae <FNMA.OB> and Freddie Mac <FMCC.OB> before the financial crisis, a person familiar with the matter said Friday.
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Foreclosure Activity Reverses Course, Rising Again
cnbc.com | September 11, 2014
After falling for four years straight, the number of U.S. properties scheduled for foreclosure auction in August was higher than it was a year ago, according to a new report from RealtyTrac, a foreclosure sales and analytics company. The rise was very small, just one percent, but it was, nonetheless, a warning that the foreclosure crisis is not entirely over.
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Review Your Monthly Mortgage Statements Carefully
mortgagefinancegazette.com | September 7, 2014
We are seeing with increasing regularity a disturbing pattern in the mortgage servicing area. The mortgage servicer, who is not the lender, is simply the party hired to collect the monthly mortgage payments. The fraud we are referring to is where the servicer tacks on unfounded charges, increases the interest rate, jumps up the monthly payment and falsely claims that more is owed on the loan than actually is.
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Wall Street Gets Put on Trial: We can Still Hold the 0.1 Percent Responsible for Tanking the Economy
salon.com | September 7, 2014
The Tea Party regards Barack Obama as a kind of devil figure, but when it comes to hunting down the fraudsters responsible for the economic disaster of the last six years, his administration has stuck pretty close to the Tea Party script.
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Wells Fargo Fails to Conclude U.S. Mortgage Fraud Lawsuit
storify.com | September 7, 2014
This article discusses the benefits and drawbacks of credit against your home to fund a business venture. This is as you study this informative article what you may be considering,. Why should your property be mortgaged by you as a way to take up a company that is new - especially throughout a recession?
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Bank of America Hit with Record Fine for Mortgage Fraud
mortgagefinancegazette.com | September 7, 2014
MFG’s Joanne Atkin takes a look at the case of Bank of America, which has been ordered to pay almost $17 billion for its involvement in mortgage fraud leading up to and during the global financial crisis.
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AG Gets $2.5M Robo-Signing Settlement
fooyoh.com | September 7, 2014
A Georgia company is paying Michigan after an investigation into fraudulent mortgage documents.
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Check Your Mortgage Documents for These Robo-Signatures!
wfhmcaught.blogspot.com | September 4, 2014
Robo-signers are mortgage lending company employees who prepared and signed off on foreclosures without reviewing them, as the law requires. Jeffrey Stephan, the GMAC employee who was the first identified as a robo-signer, has acknowledged in sworn deposition that he prepared 400 such foreclosures a day.
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A.G. Schneiderman Sues Long Island & Florida Companies For Defrauding Homeowners In Mortgage Rescue Scheme
hoosierherald.com | September 4, 2014
NEW YORK – Attorney General Eric T. Schneiderman today filed a lawsuit in New York County Supreme Court against four interrelated companies and their principals for operating a fraudulent loan modification scam. The lawsuits were filed against Home Affordable Direct, Inc. (Farmingdale, NY), Home Affordable Solutions, Inc. (Farmingdale, NY), JR Holding Group Corp (Babylon, NY), Clear Solutions and Settlements, Inc. (Tampa, FL) and their principals, Javier Gutierrez and Shadi Soumekh.
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MFI-Miami To Begin Investigating Student Loan Fraud And Collection Abuses
mfi-miami.com | September 4, 2014
(Ft. Lauderdale, FL) Steve Dibert, President of internationally-renowned mortgage fraud investigation firm, MFI-Miami, announced today that MFI-Miami is now expanding its services to consumers who are trapped in high interest student loan debt and who believe they are victims of the same abusive lending and collection practices as homeowners trying to keep their homes.
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Mortgage Bankers and Florida Attorney Sentenced to Prison for Bank Fraud Scheme
loansafe.org | September 4, 2014
The US Department of Justice recently announced that two bankers from two separate states, and a Florida attorney were all sentenced to prison for various fraud charges in relation to a large bank fraud scheme.
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China's Securitization Boom Raises Concerns
businessspectator.com.au | September 3, 2014
China's securitization market is booming, as Beijing relaxes rules to help funding for companies and ease the strains on banks. That is triggering worries the surge could add risks to the financial system.
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