Attorney Howell Haunson will be the speaker at the April 19 meeting being hosted by GREFPAC and National Association of Professional Mortgage Women (NAPMW)-Atlanta at the Dunwoody Country Club.  GREFPAC members may attend at NAPMW member prices. RSVP to Kelly Byers kbyers@crescentmortgage.net by 1:00 p.m. Friday, April 15.

March 2011 marked the tenth anniversary of the first organizational meeting of GREFPAC.  After a decade, the coalition comprised of concerned citizens and professionals from all aspects of the real estate industry, which has worked closely with law enforcement and regulatory agencies, remains as strong as ever.  Because of its efforts-- including seven educational conferences and dozens of educational meetings-- GREFPAC is nationally recognized for mobilizing, educating and energizing many of the parties involved on Georgia's attack on fraud.  However, the statistics show that there is still much work to be done.  As an all-volunteer, 501(c)(3) non-profit organization, GREFPAC is only as strong as its membership.  GREFPAC thanks its members for their continued support and ask non-members to consider joining the fight.

GREFPAC's board of directors recently voted to establish a scholarship, the intent of which is to encourage local universities to undertake mortgage fraud prevention research.  For the 2011-2012 academic year, GREFPAC will partner with Emory's Office of University-Community Partnerships to award a $2,500 scholarship to an Emory student who will conduct research about mortgage fraud and other related topics of concern to the local community.

Alicia Sheppard and Brent Brewer announced the GREFPAC Founders Scholarship at the March 9 Educational Conference.

 

 

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Conference Speaker Rachel M. Dollar, Esq., CMB, Smith Dollar PC, and Editor of Mortgage Fraud Blog (left), with 2011 GREFPAC President, Vicky Thompson.

GREFPAC's 7th Educational Conference was held on March 9 at the Cobb Galleria Centre.  It featured outstanding speakers, including several regulatory agency representatives, who alerted attendees on evolving real estate fraud trends and best practices to detect and prevent fraud.  A recap of the day's events is posted here. 

Plans are already underway for next year's conference.

According to United States Attorney Yates, the charges and other information presented in court:  Mark A. Conner served in a variety of top positions at FirstCity Bank between 2004 and 2009, including as Vice Chairman of the Board of Directors, as a member of the bank's loan committee, as President, and later as acting Chairman and Chief Executive Officer.  Clayton A. Coe served as a Vice President and as FirstCity Bank's Senior Commercial Loan Officer.  While serving in these positions, Conner, Coe, and their co-conspirators allegedly conspired to defraud FirstCity Bank's loan committee and Board of Directors into approving multiple multi-million dollar commercial loans to borrowers who, unbeknownst to FirstCity Bank, were actually purchasing property owned by Conner or Coe personally.  Read More

Ga. Supreme Court | Mar. 18, 2011
 
The lender's interest in the property is dependent upon the forged deeds made to the borrower's grantor.  As the trial court noted, such a deed cannot convey title.  A "forged deed is a nullity and vests no title in a grantee ... As such, even a bona fide purchaser for value without notice of a forgery cannot acquire good title from a grantee in a forged deed, or those holding under such a grantee, because the grantee has no title to convey." Read More

The indictment alleges: that between 2003 and 2006, the three men orchestrated a scheme to artificially raise home prices in a new East Athens subdivision, and then to pay money to so-called investment buyers who purchased the homes.  By 2008, 88 of the 125 homes in the subdivision had been foreclosed and lenders lost in excess of $10 million.  Read More

Channel 2 Action News report:  A DeKalb County grand jury has indicted 12 people for racketeering and other crimes, after a Channel 2 Action News investigation exposed efforts to steal houses across metro Atlanta.  The group is accused of targeting foreclosed and empty properties, then signing deeds from themselves to themselves. Read More

Ga. Gen. Assembly | Mar. 2011

House Bill 110:  "A BILL to be entitled an Act to amend Article 1 of Chapter 14 of Title 44 of the Official Code of Georgia Annotated, relating generally to mortgages, conveyances to secure debt, and liens, so as to provide for a vacant real property registry; to provide for definitions; to provide for required elements of a form for such registration; to provide for exemptions from registration; to provide for maximum fees and penalties for registration and failure to register; to provide for appellate rights; to provide for related matters; to repeal conflicting laws; and for other purposes."  Read More 

The indictment alleges that:  In 2007, a real estate developer acting on behalf of two businesses, entered into loan agreements with First National Bank and other banks for the purchase and development of areas within downtown Savannah; during a two year period, he submitted dozens of bogus subcontractor invoices to First National Bank for work that had not been performed.  Read More

According to the Federal Trade Commission's complaint:  The defendants target financially distressed consumers using direct mail, the Internet, and telemarketing, and falsely promise they will get loan modifications to make consumers' mortgages much more affordable, or fully refund their money if they fail.  They make these promises even to homeowners whose lenders have denied them modifications or who have been sent foreclosure notices.  The defendants charge up to $2,600 for their supposed services and typically ask for half of the fee up-front, claiming a success rate of up to 100 percent.  Read More

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FHA Extends 'Anti-Flipping' Waiver to Help Stabilize Housing Market

U.S. Dep't of Hous. and Urban Dev. | Jan. 28, 2011

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) Commissioner David H. Stevens extended FHA's temporary waiver of the agency's 'anti-flipping rule.'  The extension is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight and is effective through December 31, 2011, unless otherwise extended or withdrawn by FHA.  Read More

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