Mortgage Fraud

http://www.eastvalleytribune.com/story/152339

Four defendants, including three Gilbert men, were sentenced to prison for their role in a multi-million dollar mortgage fraud case that authorities say caused banks to lose more than $1 million.

Jeffrey Crandell, 32, of Gilbert, was sentenced to 62 months and Jake David Whitman, 33, also of Gilbert, was sentenced to 10 months on mortgage fraud-related charges, according to the U.S. Attorney’s Office. Frederic Crum, 37, of Gilbert, was sentenced to 10 months and Tyson Young, 30, of San Tan Valley, received a four-month sentence.

http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-fbi-financial-fraud-enforcement-task-force-eric-holder-troubled-asset-relief-program-tarp-charles-j-antonucci-terry-goddard-mortgage-fraud-2270.php

The Federal Bureau of Investigation is reviewing 2,800 alleged mortgage fraud crimes, a national caseload that is up 400% from five years ago, according to US Attorney General Eric H. Holder.

Holder calls the fraud allegations a national crisis. The government has set up a Financial Fraud Enforcement Task Force to work closely with state and local law enforcement agencies.

"Mortgage fraud schemes must be stopped in their tracks," Holder told a meeting of law enforcement officials in Phoenix last week. "Those willing to exploit our national financial crisis for personal gain will be brought to justice."

At the same time Holder was speaking in Phoenix, a separate related incident was being played out in New York City, DSNews.com reports.

The Federal Deposit Insurance Corp. closed down Manhattan's Park Avenue Bank, citing ineffective management and inadequate capital.

http://www.youtube.com/watch?v=ISsR7ZiWlsk&feature=player_embedded#

http://www.youtube.com/watch?v=F_xdQyfNLnc&feature=channel