A federal grand jury is examining the handling of the mortgage fraud investigation into Sen. Adam Schiff of California according to a subpoena to a witness in the case. The subpoena was sent to Republican activist Christine Bish, who appeared before the grand jury in Maryland Nov. 20. It asked her for any communications and […]
DOJ examining handling of Schiff mortgage investigation Read More »
A federal judge threw out the criminal charges against former FBI Director James Comey and New York Attorney General Letitia James, ruling that the prosecutor who brought the cases had been illegally appointed. The appointment of Lindsey Halligan as interim US attorney for the Eastern District of Virginia was unlawful, US District Judge Cameron McGowan
James Comey, Letitia James charges dismissed by judge Read More »
Fraud and forgery attempts that appear in refinance transactions are turning out to be a rising risk factor leading to claims that end up costing title insurers hundreds of thousands of dollars. Claims resulting from fraud or forgery now average $206,976, according to research conducted by the American Land Title Association and consulting and actuarial
Forgery, fraud make up 40% of title insurance losses Read More »
Fraud and misrepresentation remain persistent challenges in the mortgage industry and Freddie Mac is responding by bringing Quality Control Advisor Plus to the market, a tool which automates this compliance function. The tool is currently in a phased onboarding process with plans to make it available to all lenders by year-end, including the participants in
Freddie Mac adds mortgage quality control automation tool Read More »
Key insight: JPMorganChase is launching its largest-ever anti-scam initiative, adding “trusted contacts” and dedicated intervention teams to fight record-high fraud. What’s at stake: Consumer advocates say the plan lacks a critical component: better reimbursement for scammed consumers, who rarely recover money from “authorized” payments. Supporting data: Americans lost an estimated $158.3 billion to fraud in
Chase launches new anti-scam program Read More »
Mortgage application fraud risk increased on an annual basis during the third quarter as one in every 118 applications had indicators of potential misstatements, according to Cotality. When compared with the third quarter of 2024, fraud risk increased by 8.2% but this dropped by 2.7% from the previous quarter, the National Mortgage Application Fraud Risk
Mortgage fraud risk rises on growth of investor properties Read More »
While there are legitimate means to allow consumers to boost their credit scores, others – not just individuals but also industrial or institutional actors – engage in a practice known as credit washing. The practice takes advantage of something people are allowed to do: challenge erroneous information on their credit reports. But in credit washing,
Credit washing rose nearly 700% over 2 years: Transunion Read More »
Flagstar Bank has agreed to a $31.5 million settlement to resolve two class action lawsuits stemming from data breaches which impacted over 2 million consumers. The agreement, pending a Michigan federal judge’s approval, will create the fund for approximately 2,187,170 class members, according to case filings in October. The bank suffered two distinct cyberattacks in
Flagstar agrees to $31.5 million data breach settlement Read More »
New York Attorney General Letitia James pleaded not guilty on Friday to criminal charges that she committed bank fraud and made false statements to a lender when she bought a house in Norfolk, Virginia, five years ago. James is contesting charges brought earlier this month by a prosecutor whom President Donald Trump abruptly installed after her predecessor
NY Attorney General James pleads not guilty to US charges Read More »
New York Attorney General Letitia James was indicted by a federal grand jury in Virginia, making her the second of President Donald Trump’s perceived political enemies to be criminally charged in two weeks. James was charged with one count of alleged bank fraud and one count of making false statements to a financial institution. The indictment made
NY Attorney General Letitia James indicted over fraud claims Read More »