December 18th, 2009 at 10:20am
Sonya Tucker, aka Cheri Tucker, and Terrance Tucker, aka Terry Tucker, are each going to federal prison for approximately 10 years.
The husband and wife team of mortgage brokers and real estate agents pleaded guilty to bank fraud after being prosecuted for processing fraudulent loan applications. They were originally charged with scamming real estate investors, many elderly, after promising them 12 percent rates of returns.
The Tuckers were prosecuted by Assistant U.S. District Attorney Mark Aveis, who said “There are plenty of federal prison beds for criminals like the Tuckers”.
Read the Full Article in the Thousand Oaks Acorn.
June 28th, 2009 at 10:22pm
Many of the issues that are reported in the California Real Estate Fraud report - elder financial fraud, rental fraud, and the now tradition (sic) mortgage fraud, loan fraud and real estate fraud that became so common they qualified as business-as-usual during the subprime mania - were topics of discussion at a panel of real estate experts held in downtown Antioch last week.
Billed as the Contra Costa County Real Estate Fraud Summit, the summit included Terrence Christopher Patterson, of the state Department of Real Estate, an agent from the U.S. Secret Service who discussed identity theft resulting from loan applications being mined for personal data, and other local professionals.
Read the Full Article in the San Jose Mercury News.
January 15th, 2009 at 10:35pm
The Los Angeles County Board of Supervisors is creating a new Real Estate Fraud/Predatory Lending Task Force to help homeowners who may have been victimized by predatory lending practices. Newly-elected Supervisor Mark Ridley-Thomas believes such as task force is necessary in Los Angeles County, where foreclosures have increased elevenfold in the last three years.
From 2006 to 2008, the number of home foreclosures in the L.A. County increased from 3,151 to 35,811.
The new task force may grow to include state and federal agencies
Complaints are already coming in from people victimized by the deceptive practices of home loan modification facilitators and foreclosure consultants, who often demand upfront money (ILLEGAL in the state of California) and promise the homeowner they will get them a loan modification.
Read this excellent consumer Article from the Inland Valley Daily Bulletin.
