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Mortgage Fraud in Oakland County, Michigan?

  Foreclosure Law in Michigan Information I have gathered on the City of Farmington Hills, Michigan  

The primary focus of this website has been changed to

I have added separate pages on each.  

As you will see if you read further, I have been trying to get the FBI to investigate numerous cases of suspected mortgage fraud since March, 2008. This includes the Detroit and Troy, Michigan offices.  Even in those few cases where fraud has been prosecuted, those responsible have yet to be sentenced.  As local law enforcement is more than willing to pass on any investigations, the failure to investigate and prosecute lies squarely with the FBI and the U.S. Attorney for the Eastern District of Michigan.  

Briefly here's one simple example that I am confident includes numerous violations of the law including tax evasion.  In spite of this, no action to date.  

On the same day in 2005, a home was bought for $1,950,000.00 and then sold for $4,200,000.00.  In between these two transactions, the property was Quit Claimed to a Michigan LLC, that is not registered in Michigan.  Two mortgages were written by the same lender.  One mortgage for over $2.9 million and one for over $400,000.00.  The property was sold in a Sheriff's auction in 2006.  

I am confident that if I could review the closing documents, including the HUD-1 forms and the 1003s, the fraud would be obvious.  I sent detailed information on this to local law enforcement, the Michigan AG as well as the FBI and IRS.  In spite of this no action to date.  

Continuing with discussion: 

While I have discovered more mortgage fraud since my last update, I have seen little response from law enforcement. Some of the fraud is in Macomb County and some by the same individuals I believe responsible for the fraud in Oakland County.  My spreadsheet of suspected fraud now includes over 125 transactions that totals $180 million at selling price.  

I remain extremely disappointed with the response of law enforcement.  Recently I contacted the United States Secret Service.  It is my understanding that they are part of a mortgage fraud task force with the Michigan State Police.  I faxed over my listing of suspected mortgage frauds only to be told that the list was too extensive and it appeared that I was "police shopping".  

Yet another mortgage fraud task has been formed.  Some call it the President Barack Obama Financial Fraud Enforcement Task Force that was established in November, 2009.  Arising from that task force was an announcement of "Operation Stolen Dreams".  Following is a typical announcement. This one is from a press release in the State of New York: 

 This case was brought in coordination with President BARACK OBAMA’s Financial Fraud Enforcement Task Force, on which Mr. BHARARA serves as a Co-Chair of the Securities and Commodities Fraud Working Group. President OBAMA established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

This proves once again that it takes a lot more than task forces and press releases to investigate and prosecute mortgage fraud. So many task forces and so few results.  

On September 21, 2009, I updated the page Mortgage Fraud in Oakland County, Michigan? to include  an in depth discussion entitled Mortgage Fraud-The Perfect Crime? 

This website is being updated beginning July 21, 2009 to address the possibility that mortgage fraud exists in Oakland County, Michigan.  I use the term mortgage fraud broadly as I do not believe there is a Statute that defines mortgage fraud.  Mortgage fraud could involve a number of illegal activities, an example being falsely inflating the value of a home through a phony appraisal or creating phony documents to support a straw buyer’s income.  

The reason for the update is the fact that there have not been any major indictments for mortgage fraud in Oakland County and yet I believe there has been a significant amount of fraud. 

Based on my analysis, I have concluded that law enforcement, particularly the FBI, has failed to take timely and effective action to combat mortgage fraud and thus they have failed to protect the citizens of Oakland County.  Even though the FBI routinely receives reports from lenders identifying suspicious activities, my analysis shows possible fraud as far back as 2005. For now, mortgage fraud appears to be the perfect crime.  If and when the U.S. Attorney indicts those responsible, one can only wonder if there will be anyone left to prosecute and any funds left to recover. 

In a Press Release dated March 17, 2009, the Special Agent in charge of the FBI in Detroit was quoted as saying: "Mortgage fraud is the FBI's highest financial crime priority..."

In a Press Release dated July 8, 2009, the Special Agent was quoted as saying: "Mortgage fraud continues to have significant consequences on the Michigan economy.  We no longer wait for mortgage fraud to come to law enforcement after the crime has occurred..."   In the same PR the Acting U.S. Attorney stated:  "Mortgage fraud has many victims and a host of negative consequences for our community..."   

Tough talk by law enforcement but where are the results in Oakland County?  

On the page entitled Mortgage Fraud in Oakland County, Michigan?, I will address the following questions as well as presenting some examples to support my contention that in spite of the lack of any indictments, a number of fraudulent activities have occurred in Oakland County.  

·        Are lenders the only victims of mortgage fraud?

·        Who is responsible for investigating allegations of mortgage fraud?

·        How many mortgage fraud task forces are operating in the Detroit metropolitan area?

·        Who might be involved in mortgage fraud?

·        What additional criminal activities could be involved?

·        Who should I contact if I suspect mortgage fraud?

If you are interested in reading more on Mortgage Fraud in Oakland County, click here.  

Or continue reading as to the original purpose of the website.   

 

The primary purpose of this website is to explain to the residents of Michigan the reasons for the high cost of phone service and the steps they can take to reduce these costs.  I also offer some tips on how seniors can save some money and how younger drivers can possibly save on automobile insurance.  Finally, I offer some personal thoughts on the ways to clean up politics and what I believe to be injustices in our society.  

In this site, I refer to the largest  provider of telephone service in most of Michigan as the phone company.  I do this to avoid any possible infringement on copyrights or trademarks.  If you are happy with the phone company, that's great.  If you're not or just would like to review some information, then read on.  

I spent nearly 16 years analyzing utility rates on behalf of consumer groups.  I do not represent any local or long distance phone company.  I have developed this website and its contents on my own.  Hey, I'm even the webmaster.  

Hopefully by taking the time to review the individual pages in this site, I can save you some money.  If so, I ask that you consider donating or increasing your donation to your favorite charity.  As a matter of fact, that's a good idea even if you don't save any money. 

Here's an overview of the information you will find on the following pages.  As you can see, not all the pages are devoted to phone rates.  I have included some additional ideas on how to save money as well as some other topics which may be of interest to you. So grab a cup of coffee, take your time, make notes and hopefully the time you spend will be worth it.  

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Home

Analysis and Savings

Local and Long Distance Selection

Detailed Bill Analysis

 

Senior Savings

Auto Insurance

MTA of 1995

 

Political Process

Where is the Justice

Legal or Not?

 

MUSTFA

CMS Energy Corporation

Mortgage Fraud in Oakland County, Michigan?