Economic conditions, mortgage fraud, real estate scams and increased foreclosures are some of the reasons for the dramatic decrease in new mortgages and other forms of credit. Are things beginning to look up? What is in store for the New Year?
Fifth Third extended less credit in October
Business Courier of Cincinnati
Fifth Third Bancorp extended $5.4 billion in credit in October, down nearly $600 million from September.
Commercial and industrial loan commitments decreased to $830 million, down from $846 million in September. Small business commitments dropped to $247 million, down from $393 million in September.
Renewal levels for existing commercial and industrial loans also fell to $1.8 billion in October, compared to $2.2 billion in September.
Mortgage and loan originations, however, increased in the month of October, to $1.7 billion from September’s $1.4 billion.
New credit card extensions also increased slightly, to $125 million over $124 million in September.
Fifth Third (NASDAQ: FITB), headquartered in Cincinnati, is the Tri-State’s largest bank, and has 16 affiliates with about 1,300 banking centers and more than 2,300 ATMs in Ohio, Kentucky, Indiana, Georgia, North Carolina, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, and Missouri.
Saturday, December 19, 2009
Robert Shumake Fraud Report - Tax Preparer Commits Bank Fraud
Here is an article that was recently posted by The Associated Press:
Wis. woman accused of $3.3 million bank fraud
MADISON, Wis. — A 44-year-old tax preparer from Sun Prairie, Wis., faces federal charges for allegedly defrauding a bank of $3.3 million.
Gail L. Mendez was arrested Thursday in Laredo, Texas but indicted Sept. 30.
Mendez, who worked as Mendez Connections, and others not named in the indictment allegedly took part in mortgage fraud in 2006 and 2007. They are accused of submitting false income tax returns to Park Bank in Madison while applying for 19 loans for more than $3.3 million.
The indictment also said Mendez applied for a $349,000 loan from AmTrust Bank, a Cleveland-based online bank. She allegedly submitted 2005 and 2006 income tax returns showing an income $169,237 and $170,825, respectively, but only earned $29,402 and $40,868.
No attorney was listed in online court records. A message left at her office wasn't immediately returned Friday.
Wis. woman accused of $3.3 million bank fraud
MADISON, Wis. — A 44-year-old tax preparer from Sun Prairie, Wis., faces federal charges for allegedly defrauding a bank of $3.3 million.
Gail L. Mendez was arrested Thursday in Laredo, Texas but indicted Sept. 30.
Mendez, who worked as Mendez Connections, and others not named in the indictment allegedly took part in mortgage fraud in 2006 and 2007. They are accused of submitting false income tax returns to Park Bank in Madison while applying for 19 loans for more than $3.3 million.
The indictment also said Mendez applied for a $349,000 loan from AmTrust Bank, a Cleveland-based online bank. She allegedly submitted 2005 and 2006 income tax returns showing an income $169,237 and $170,825, respectively, but only earned $29,402 and $40,868.
No attorney was listed in online court records. A message left at her office wasn't immediately returned Friday.
Robert Shumake Fraud Reports - Identity Theft and Bank Fraud
Here is an article I would like to share with my readers:
Clarksville man charged with bank fraud, ID theft
BY CHRIS SMITH • THE LEAF-CHRONICLE • DECEMBER 19, 2009
•
A Clarksville man was indicted by a federal grand jury this week on charges of bank fraud, aggravated identity theft and Social Security number misuse.
Jerome Henderson Jr., 37, was indicted Wednesday, according to a news release from the U.S. Attorney's Office in Nashville.
The seven-count indictment alleges that from March 2005 to May 2007, Henderson engaged in a scheme to defraud mortgage lenders and financial institutions by submitting multiple fraudulent mortgage loan applications to lenders and financial institutions for the purchase of properties in and around Nashville and Clarksville.
"Given the current strain on the housing and mortgage industries, our office takes very seriously, the prosecution of individuals and entities that defraud financial institutions," U.S. Attorney Ed Yarbrough said in the release.
"Anyone submitting false or misleading information in loan applications or engaging in any other kind of mortgage fraud is on notice that the United States Attorney's Office and other state and federal law enforcement agencies are focused on rooting out such illegal conduct."
The indictment further alleges that in multiple mortgage loan applications, Henderson lied about his income, assets and his financial suitability to qualify for a loan.
Henderson created fictitious and forged documents, including false Social Security numbers, a forged Army Contractor Badge, and forged W-2 forms, according to the indictment. In addition, Henderson created false bank statements that showed fictitious direct deposits into accounts bearing his name, and containing a bogus physical address.
If convicted, Henderson faces up to 32 years in prison and a $1 million fine, the release said.
This case is being investigated by the Secret Service, the Veteran's Administration Office of the Inspector General, and the Memphis Field Office of the Federal Bureau of Investigation.
Chris Smith is Senior Editor/Local News for The Leaf-Chronicle and can be reached at 245-0282 or by e-mail at chrissmith@theleafchronicle.com.
Clarksville man charged with bank fraud, ID theft
BY CHRIS SMITH • THE LEAF-CHRONICLE • DECEMBER 19, 2009
•
A Clarksville man was indicted by a federal grand jury this week on charges of bank fraud, aggravated identity theft and Social Security number misuse.
Jerome Henderson Jr., 37, was indicted Wednesday, according to a news release from the U.S. Attorney's Office in Nashville.
The seven-count indictment alleges that from March 2005 to May 2007, Henderson engaged in a scheme to defraud mortgage lenders and financial institutions by submitting multiple fraudulent mortgage loan applications to lenders and financial institutions for the purchase of properties in and around Nashville and Clarksville.
"Given the current strain on the housing and mortgage industries, our office takes very seriously, the prosecution of individuals and entities that defraud financial institutions," U.S. Attorney Ed Yarbrough said in the release.
"Anyone submitting false or misleading information in loan applications or engaging in any other kind of mortgage fraud is on notice that the United States Attorney's Office and other state and federal law enforcement agencies are focused on rooting out such illegal conduct."
The indictment further alleges that in multiple mortgage loan applications, Henderson lied about his income, assets and his financial suitability to qualify for a loan.
Henderson created fictitious and forged documents, including false Social Security numbers, a forged Army Contractor Badge, and forged W-2 forms, according to the indictment. In addition, Henderson created false bank statements that showed fictitious direct deposits into accounts bearing his name, and containing a bogus physical address.
If convicted, Henderson faces up to 32 years in prison and a $1 million fine, the release said.
This case is being investigated by the Secret Service, the Veteran's Administration Office of the Inspector General, and the Memphis Field Office of the Federal Bureau of Investigation.
Chris Smith is Senior Editor/Local News for The Leaf-Chronicle and can be reached at 245-0282 or by e-mail at chrissmith@theleafchronicle.com.
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