5 Arrested In Mortgage Fraud Scheme In Bay Area Worth Millions
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Another day and another mortgage fraud scheme busted up. I wonder whether to cover them but we must remember that when the mortgage dollars were in free flow con artists were attracted to mortgage fraud like flies to a moth. This instance in the San Francisco and Oakland region was interesting though.
The scammers, Amy Schloemann and Karim Akil, not only defrauded the mortgage companies with the aid of 3 employees at a mortgage broker, they also stole the identity of local real estate agents whom were respected in the community and used these identities to create legitimacy in the transactions.
So if you are an agent, keep your eyes and ears open. Someone might be using your name to steal.
Oh, and one other point. If you are planning on stealing millions of dollars, plan a get away. Bank robbers do not hang around the bank, but these mortgage fraudsters all tend to stick around the area they committed the fraud. One would think that getting 3.5 million would get you a nice sailboat in the Caribbean to lay low in for a couple of years.
According to the probable-cause declaration filed in court with the felony complaint, Schloemann and Akil with help from McGuirre, used Hiddenbrooke Mortgage to create fraudulent home loan applications submitted to New Century Mortgage and Right-Away Mortgage for seven residential homes in Oakland.
According to the declaration, Schloemann, Akil and McGuirre created false documentation for the loans by using false addresses, fake bank accounts and forged documents purported to be from Union Bank of California. In some transactions, the three suspects allegedly used the identity of local real estate brokers and individual citizens without their knowledge to make the transactions look legitimate. via Inside Bay Area
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
Comment by Marc Brinitzer on 10 May 2007:
I’m happy every time I read about another mortgage fraud bust. Thanks for the good news!
By the way, is there someplace we can report fraudulent transactions? I’ve emailed Rachel Dollar recently about one in the Sacramento area, but I never got a reply. The bad guys are keeping her too busy I guess.
Comment by patrick missud on 9 June 2007:
Mortgage fraud is rampant by builder affiliated lenders. D R Horton is among the worst and details of their extensive fraud is available at http://www.homeengineering.com and affiliated sites. Fraudulent transactions should be reported to the State Attorney General who will forward the complaint to the proper State Division.
Comment by K.D. on 2 August 2007:
Thanks for informing us of the awareness level needed to protect our properties.