Comments on: Andrew Cuomo and the Incredible Industry-Wide Mortgage Fraud Investigation

By: china electronics

china electronics — Fri, 08 Apr 2011 12:27:43 +0000

the part about Cuomo’s HVCC sending a tremendous amount of business to the AMCs (Appraisal Management Company)
— They’re taking some 40-50% of each appraisal fee.
OH.. yes, what you left out.
The part about Cuomo bein

By: Asset Tracing

Asset Tracing — Sun, 26 Dec 2010 15:26:23 +0000

One of the most expensive crimes endured by millions of U.S. consumers every year is fraud. These days, it’s hard to escape as scams will find you anywhere – on internet, at the car dealership and certainly in the streets.

By: Rockon

Rockon — Tue, 12 Jan 2010 05:04:49 +0000

They took legitimate appraisals and electronically altered each appraisal to fit the needs of the document file submitted to underwriters.
Our investigation found that some of the comparable properties aren’t real, they don’t exist. Other comparable were never sold at the values listed on the fraudulent appraisal. The FHA case numbers are duplicates of other files or don’t exist. The appraisal firm(s) never received an order to appraise the subject property nor did they prepare an appraisal.

By: Carola Von Hoffmannstahl-Solomonoff

Carola Von Hoffmannstahl-Solomonoff — Wed, 16 Dec 2009 16:44:29 +0000

“..how come the appraisers got the heavy hit and the others are still on the loose?” Possibly because appraisers are the easiest targets and directly associated with the question of value. Next up on the EZ hit list: mortgage brokers, particularly unlicensed ones. In general, middlemen are being targeted while the top and bottom layers (financial institutions and “buyers” who lied on mortgage docs) are being let off the hook.

By: CHRIS CHRISTIE

CHRIS CHRISTIE — Mon, 14 Dec 2009 23:56:22 +0000

I reviewed mortgage files where fraud was committed, the banks approved files based on fraudulant appraisals and the properties ar now in foreclosure.
The appraisals were not prepared by the appraiser whose signature was on each file. The appraisals were prepared by the person/persons who committed the fraud.
They took legitimate appraisals and electronically altered each appraisal to fit the needs of the document file submitted to underwriters.
Our investigation found that some of the comparable properties aren’t real, they don’t exist. Other comparables were never sold at the values listed on the fraudulant appraisal. The FHA case numbers are dupicates of other files or don’t exist. The appraisal firm(s) never received an order to appraise the subject property nor did they prepare an appraisal.
Other documents in the file were also created/falsified including contracts of sale, 1003′s, VOE’s and HUD-1′s.
My point is that the people that committed these frauds knew what they were doing. We saw straw buyers, experience and licensed Real Estate, Title and Legal professionals all involved.
I am not an appraiser but my question is how come the appraisers got the heavy hit and the others are still on the loose?

By: Carola Von Hoffmannstahl-Solomonoff

Carola Von Hoffmannstahl-Solomonoff — Sat, 12 Dec 2009 02:34:23 +0000

Thanks Rick. You’re right about my leaving out who benefits from Andrew Cuomo’s HVCC. That subject definitely deserves coverage. But there was just so much I could include in an article of this length. Plus, the main point in my piece is not HVCC, but how Cuomo conducted his “industry-wide investigation into mortgage fraud”. I hope you, or someone else with knowledge of the AMC issue, will address it here at BNN.

By: Riick

Riick — Fri, 11 Dec 2009 23:51:01 +0000

You left out the part about Cuomo’s HVCC sending a tremendous amount of business to the AMCs (Appraisal Management Company)
— They’re taking some 40-50% of each appraisal fee.
OH.. yes, what you left out.
The part about Cuomo being buddies (years back) with the owners of the biggest AMCs.

Funny how that works.

By: Pete

Pete — Fri, 11 Dec 2009 15:37:19 +0000

You have got to be kidding.