Tag archives for mortgage scam

Minnesota Determined to be a Mortgage Fraud Hot Spot

According to the second quarter Mortgage Fraud Index released by MortgageDaily.com, Minnesota’s mortgage fraud index increased 27 percent from the first quarter of this year. MortgageDaily.com bases the index on criminal and civil cases in which defendants are accused of “trying to deceive real estate lenders into making credit decisions using fraudulent documentation or property appraisals with false values.” On Read full article »

Real Estate Fraud Case Could Set Precedent for Right to Encryption

In a court of law, you have the right to remain silent rather than incriminate yourself. Thanks to a real estate fraud case being tried in a Colorado court right now, you may also have the right to refuse to open your emails for inspection. Ramona Fricosu, who is stands accused of participating in a mortgage scam, is currently fighting Read full article »

Real Estate Scam of the Day: Attorney Who Closed Straw Buyers to Spend 5 Years in Jail, Pay more than $4 Million in Restitution

Cheddi Goberdhan acted as a closing attorney for straw buyers who ultimately walked away from overpriced mortgaged. Now he’ll be spending five years in jail, losing his law license and paying $4.7 million in restitution. The scheme was complicated, sometimes involving multiple straw buyer transactions designed to drive up the value of the home so that a larger mortgage could Read full article »

Real Estate Scam of the Day: Chicago Lawyer Convicted for Facilitating Staged Real Estate Transactions

A disbarred Chicago lawyer has been convicted on three counts of wire fraud for her role in real estate transactions in which she acted as a seller’s attorney and title company representative when she was aware that the “actors” in the transaction were not only not whom they claimed to be, but had received or arranged to receive lender proceeds Read full article »

Republican AGs Protest Mandatory Principal Reductions in Bank Foreclosure Settlement

While many attorneys general involved in the negotiations around the “bank settlement” that lenders, politicians and homeowners alike hope will resolve much of the fallout from last fall’s robo-signer fiasco think that forcing loan reductions on banks could be a good thing, at least a few AGs do not believe that mandatory principal cuts are the way to go. The Read full article »

The Politics of Real Estate

Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.

Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.

About Bryan Ellis

Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.

Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.

Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.