Posts tagged as:

mortgage broker fraud

Mortgage broker who fled to Iran gets 9 years in prison

by Moe Bedard

A Potomac man who fled to Iran after embezzling millions of dollars from Washington-area banks was sentenced to nine years in prison.

A federal judge also ordered 49-year-old Michael Milan to pay more than $4 million in fines and restitution. Milan pleaded guilty to conspiracy to

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Mortgage Broker Fined $70,000 and Loses License For Scams

by Moe Bedard

The leader of a mortgage-fraud scam that kicked back $8 million to brokers and buyers has permanently lost his real-estate license and has been fined $70,000.

In a decision issued last week, Administrative Law Judge Ted Krum reich found Jerold Minney of Kingdom Building Advocates responsible for a scheme that involved 105 home sales during 2006 [...]

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Predatory Lending by Mortgage Brokers Magnify the Foreclosure Crisis

by Moe Bedard

Many of these OC brokers operated for years in the wide open and most recently (from 2005-2007), selling nothing but negative amortization mortgages (AKA Pay Option ARM or Pick a Pay) throughout the Golden State to borrowers that should have never, ever been placed in that loan.

$20-30,000 commission checks for a loan in 2004-2005 were as common as foreclosures are today….

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