Illinois Files Disciplinary Actions In Alleged Flipping Scam; 125 Homes Involved

According to a Press Release issued yesterday from the office of Illinois Governor Rod R. Blagojevich:

• "[O]fficials from the Illinois Department of Financial and Professional Regulation (IDFPR) and the Governor’s Mortgage Fraud Task Force (MFTF) today announced a series of disciplinary actions against more than a dozen real estate licensees, including mortgage brokers and loan originators, allegedly involved in a ‘mortgage flipping’ scheme – buying houses below market rates and re-selling the same properties for artificially higher prices. The scheme, centered in the Chicagoland area, involved more than 100 properties, said IDFPR officials during a press conference called to disclose the results of a three-month investigation."

Those named in the state disciplinary actions are:

• Tyrone Matthews: Appraisal and LoanOriginator, Felicia Matthews: Appraisal, Joseph Holman: Appraisal, Jomonique Moore: Appraisal Associate, John Tagtmeier: Loan Originator, Illinois Mortgage Assoc.: Residential Mortgage Broker, Carteret Mortgage: Residential Mortgage Broker (Va.), Contemporary Financial Services Inc. Mortgage Broker, New Family: Residential Mortgage Broker, Kelly Husband: Loan Originator, Appex Mortgage: Residential Mortgage Brokers (Fla.), Cynthia Woodcox: Unregistered Loan Originator, Odeh Saleh: Unregistered Loan Originator, Clint Welsh: Unregistered Loan Originator, Deangelius Smith: Unregistered Loan Originator, Tri-Star: Title Agency, Resource: Title Agency.

For more, see Blagojevich Administration officials take action against massive mortgage fraud ring.

See also Chicago Tribune story, 17 penalized in 'mortgage flipping'.

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