HECM Fraud Investigations
Assistant Special Agent in Charge, Office of the Inspector General (OIG), U.S. Department of Housing and Urban Development (HUD), Michael Stolworthy discusses some HECM Fraud.
HUD takes action againts Reverse Mortgage Lender in Hawaii
The U.S. Department of Housing and Urban Development today announced that its Mortgagee Review Board ( MRB ) is proposing to permanently withdraw the HUD/FHA approval of Financial Mortgage USA, Inc., a Home Equity Conversion Mortgage ( HECM or reverse mortgage ) lender based in Honolulu, Hawaii. HUD’s MRB alleges the Company failed to implement [...]
Seniors face predatory Reverse Mortgage Lenders
Predatory lending practices that produced the subprime mortgage meltdown have cropped up in the reverse mortgage market.
Jane McClellan Reverse Mortgage Fraud
An arrest warrant has been issued for an in-home caregiver on allegations she stole nearly $100,000 from a Fairfax couple in their 90s, police said Wednesday.
Jane Macam McClellan, 48, is wanted on suspicion of financial abuse, embezzlement and forgery and is apparently on the lam, according to Fairfax police Sgt. Stuart Baker.
The Fairfax couple, a 98-year-old woman and her 92-year-old husband, employed McClellan for about six months ending in August, when the couple’s family found financial irregularities and fired
Reverse Mortgage used in Time Share Fraud
It is never good to see Reveres Mortgages mixed with Schemes and Fraud. Here is some info from the Oregon Business News.
The Oregon Department of Consumer and Business Services said today it fined four firms and 11 marketing and salespeople in Oregon, Illinois and Indiana involved in the operation. Oregon residents plunged $5.3 million into [...]
