California Real Estate Fraud Report

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04
Apr

Huge Indictment for Mortgage Fraud in Sacramento Area

Nineteen individuals were indicted last week for mortgage fraud-related offenses under Operation Homewrecker in an investigation that included the U.S. Attorney’s office, the FBI, and the IRS’ Criminal Investigation Division.The ringleader of this scam, most of whose victims are in California, is Charles Head, 33, of Los Angeles. Head and his co-defendants are accused of targeting homeowners in financial distress, of fraudulently obtaining title to over 100 homes and stealing millions of dollars through fraudulently obtained loans and mortgages. Mail fraud, conspiracy to commit mail fraud, conspiracy to commit money laundering and other related offenses are a few of the charges outlined in the indictment. What is amazing is that the defendants netted the crime ring approximately $6.7 million for less than 3 months of their “business” activity in early 2004, which consisted primarily of contacting desperate homeowners, replacing their names with that of straw buyers on title (often without the homeowners’ knowledge), applying immediately for loans to suck whatever equity existed out of the property, and then leaving the homeowner to be evicted with their credit in even worse condition.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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