Mortgage Fraud Aggressively Investigated and Prosecuted in Colorado

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Colorado and federal  prosecutors have launched a war on mortgage fraud, and it looks like they are  having some great success. Real estate brokers and agents, mortgage brokers, and homeowners have been rounded up in this widespread investigation. HUD investigations alone have yielded 236 indictments and 169 prosecutions in their investigation. This is worth  watching as we are  seeing a tightening in the enforcement of mortgage fraud throughout the  nation.

Investigators have uncovered hundreds of cases in which real estate agents, mortgage brokers and fake-document vendors have collaborated to sell homes to illegal immigrants using fraudulent drivers’ licenses, Social Security numbers, and fabricated income and tax documents.

Grand juries across the state have indicted nearly 90 people since early 2003 who’ve been prosecuted by the U.S. Attorney General’s Office in Colorado or are facing charges ranging from mail and wire fraud to witness tampering and money laundering.

One, nearly year-long case recently culminated in the indictments of 10 defendants by three different grand juries in Jefferson County. Investigators from the Colorado Bureau of Investigation say they discovered hundreds of houses were sold by the defendants to undocumented immigrants. In 191 transactions, every single document a home buyer used was fraudulent, said Bob Brown, the agent in charge of CBI’s Complex Crime Unit.

“We tied all of these transactions to a handful of real estate agents and mortgage brokers,” Brown said. Real estate agents Ricardo Medina, Joe Ramirez and Patricia Soehnge, who worked at a Re/Max office in Lakewood, were charged with racketeering, Brown said. via MSNBC.com

Related posts:
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  2. The Dominatrix and the Politician Mortgage Fraud Ring
  3. Senate Looks To Allocate $200 Million For Real Estate Fraud Prosecution
  4. Angelo Mozilo To Be Charged With Fraud By The SEC
  5. Columbus Housing Fraud Case Involving Builders Getting Convictions

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  1. [...] Blog Name: The Real Estate Bloggers Article Title: Mortgage Fraud Aggressively Investigated and Prosecuted in Colorado Colorado and federal  prosecutors have launched a war on mortgage fraud, and it looks like they are  having some great success. Real estate brokers and agents, mortgage brokers, and homeowners have been rounded up in this widespread invest… [...]

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    • Living in Missouri for such a long time, I am shocked that no Missouri cities have made the list... Apparently ...
      Lake of the Ozarks Real Estate | 11Mar10 | More
    • omg where is maine? Like a lot of cities in Maine are pretty safe. Cept portland lewiston or agusta yaknow
      aaron | 10Mar10 | More
    • The real estate fee of 6% is the most deceptive pricing method in the world. Only 30% of homeowners have ...
      J.J. Gambino | 10Mar10 | More
    • I Have been in correspondance with one of these scammers from Craigslist. I did locate the home in question on ...
      Not Scammed | 10Mar10 | More
    • Our company posts regularly on ActiveRain, and one of the things we try to concentrate on for sure is having ...
      Austin Mortgages | 10Mar10 | More
    • A house of beautiful architecture and well built so turned upside down. How sad. My condolences to the owner.
      Debie Loren | 10Mar10 | More
    • This list is interesting. I did not know of a high incidence of this phenomenon in these cities.
      Debie Loren | 10Mar10 | More
    • This financial crisis disrupted my dream to get my residence.
      Debie Loren | 10Mar10 | More
    • Money management is key. Will these properties be selling short?
      AB Estates International | 10Mar10 | More
    • As a therapist in Spokane WA, I can appreciate this idea of pushing more pet friendly realestate. I have ...
      Spokane Family Therapist | 10Mar10 | More
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