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How to Commit Loan Fraud
By Jonathan A. Goodman, Esq.Frascona, Joiner, Goodman & Greenstein, P.C.
4750 Table Mesa Dr.Boulder, CO 80305
(303) 494-3000 (voice) (303) 494-6309 (fax)www.frascona.com [email protected]
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861 Silver Circle, Breckenridge
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Date Status Amount
Apr 4, 2003 On Market $625k
Oct 9 , 2003 Active $599k
Feb 14, 2005Sold $763k
Feb 22, 2005Sold $599k
Listing History
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MLS Listing History
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1st Deed of Trust
• $614,000 AMT
• 80% ALTV
• 102% PLTV
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2nd Deed of Trust
• $152,600 AMT
• -$157,000 EQUITY CUSHION
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Loan Fraud?
or
Stupid Loan?
or
Neither?
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15402 E. Arizona - Contract
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15402 E. Arizona – Purchase price and terms
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15402 E. Arizona – Additional Provisions
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15402 E. Arizona - HUD-1 Settlement Sheet
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Legitimate Downpayment Assistance HUD-1
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4973 Malibu
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Marked Plat Map of Subdivision
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Rainbow Lakes Estates Subdivision
AddressDate of
SaleRelevant
Listing PriceNominal
Sales Price% of Puff
1st D.T. Amt.
ALTV PLTV2nd D.T. Amount
2nd D.T. Type
Equity Cushion
Days on
Market
1164 Shelby 4/20/2005 $675k $750k 18% $600k 80% 94% $75k Purchase $ ($40k) 91
4525 Malibu 2/25/2005 $599k $700k 17% $560k 80% 93% $140k Purchase $ ($101k) 174
4818 Malibu 4/22/2005 $775k $850k 10% $637.5k 75% 82% $167.5kPurchase $/
HELOC($30k) 226
4834 Malibu 2/3/2005 $599k $700k 17% $560k 80% 88% $140k Purchase $ ($101k) 345
4973 Malibu 4/29/2005 $499k $646,725 30% $517,380 80% 104% $60kPurchase $/
HELOC($78,380) 454
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Foreclosures
AddressDate of
SaleRelevant
Listing PriceNominal
Sales Price% of Puff
1st D.T. Amt.
ALTV PLTV2nd D.T. Amount
2nd D.T. Type
Equity Cushion
Days on
Market
1164 Shelby 4/20/2005 $675k $750k 18% $600k 80% 94% $75k Purchase $ ($40k) 91
4525 Malibu 2/25/2005 $599k $700k 17% $560k 80% 93% $140k Purchase $ ($101k) 174
4834 Malibu 2/3/2005 $599k $700k 17% $560k 80% 88% $140k Purchase $ ($101k) 345
NED: July 9, 2007Bid: $590k
Deficiency: $ 0
NED: March 21, 2007Bid: $495k
Deficiency: $98k
NED: October 10, 2007Bid: $590k
Deficiency: $ 0
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4335 Zenobia St.
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Listing History – 4335 Zenobia St.
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Settlement Statement – 4335 Zenobia St
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4718 W. 34th Ave.
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4718 W. 34th Ave. – MLS Listing
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4718 W. 34th Ave. - MLS Listing Cont’d
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Settlement Statement – 4718 W. 34th Ave.
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4718 W. 34th Ave. - Torrence James
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4718 W. 34th Ave. - Torrence James
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4718 W. 34th Ave. - Torrence James
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773 Josephine St.
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Listing History – 773 Josephine St.
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733 Josephine St. – MLS Listing
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733 Josephine – MLS Listing Cont’d
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1st Deed of Trust – 733 Josephine St.
• $559.2k AMT
• 80% ALTV
• 117% PLTV
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2nd Deed of Trust – 773 Josephine St.
• $139.8k AMT
• 20% ALTE
• Negative PLTE
• -$224k EQUITY CUSHION
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Bid Letter– 773 Josephine St.
• Total Indebtedness: $604,839.05
• Bid: $380,700.00
• Deficiency: $224,139.85
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Contract – Maplewood Dr.
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Closing Instructions and Earnest Money Receipt - Maplewood Drive
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801 Race Street, Denver
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801 Race Street, Denver
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Listing History
Date Status Amount
Apr 18, 2006Active $2,250k
June 2, 2006 Reduction $2,150k
Aug 28, 2006 Increase $3,100k
Aug 29, 2006 Under Contract $3,100k
Sept 20, 2006 Withdrawn $3,100k
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Warranty Deed – 801 Race St.
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1st Deed of Trust – 801 Race St.
• $1,950,000 AMT
• 65% ALTV
• 90% PLTV
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2nd Deed of Trust – 801 Race St.
• $450,000 AMT
• $250,000 EQUITY CUSHION
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Foreclosure
• Loan Foreclosed: 1st
• Notice of Election & Demand: Sept. 24, ’07
• Bid: $ 2,100k
• Deficiency: $ 0
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3
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Bond Holder
Packager
Mort. Investor
MB
Information $$$$$$$
A B ®
Flow of information and money
S
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Bond Holder
Packager
Mort. Investor
MB
Information $$$$$$$
A B ®
Who is being misled?
S
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Bond Holder
Packager
Mort. Investor
MB
A B ®
Who is actually defrauding?
S
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Tracking Fraud
Property Address AppraiserMortgage
BrokerListing Broker
Selling Broker
123 Main Street
456 Broadway
789 Spruce
*
*
*
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Fraud by Mortgage Banker
Property Address AppraiserMortgage
BrokerListing Broker
Selling Broker
123 Main Street
456 Broadway
789 Spruce
*
*
*
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Sleepless Nights by Association
Property Address AppraiserMortgage
BrokerListing Broker
Selling Broker
123 Main Street
456 Broadway
789 Spruce
*
*
*
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• IF IT’S NOT FRAUD,
• AND YOU DON’T HOLD DEBT,
• WHY SHOULD YOU CARE?
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• Inflated Purchase Prices
• Stalemate Buyers v. Sellers
• Inflated Real Property Taxes
• More Fragile Real Estate Market
• More Fragile Financial Markets
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Closing the Barn Door
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Fixes
• Education?
• New Laws?
• Systemic Changes.
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Systemic Changes
• Chooser of Appraiser
• Testers