Tag mortgage fraud

FHA suspends its third-largest lender, Taylor Bean

An audit uncovered possible fraudulent transactions Taylor Bean has not submitted an annual report as required, and misrepresented issues, said the FHA. The Bloomberg story on this is instructive. Even though it quotes sources saying Taylor Bean are “bottom feeders”…

Mortgage Fraud ring charged under RICO

Moreover, the main defendant is a known street gang member This is the first time RICO (Racketering-Influenced and Corrupt Organizations) has been used against real estate scams. It mandates extra penalties.