Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Tuesday, April 11, 2017
Cleveland Feds: Sticky-Fingered Title Agent Glommed Real Estate Escrow Proceeds Intended To Pay Off Homesellers' Existing Mortgages In At Least 19 Transactions; Title Underwriter Left Holding The Bag For Over $2 Million In Losses
From the Office of the U.S. Attorney (Cleveland, Ohio):
A Massillon woman was charged with defrauding financial institutions out of more than $2 million by having escrow funds on home purchases deposited into her personal account, Acting U.S. Attorney David A. Sierleja said.
Kimberlee E. Himmell, 62, was charged with 18 counts of bank fraud and one count of theft of government funds.
Himmell owned and operated Netwide Title Agency, Inc., located at 3711 Lincoln Way East in Massillon. General Title Insurance Company, located in Cleveland, was Netwide’s underwriter and responsible for auditing Netwide, according to the information.
Netwide, at the direction of Himmell, began in 2007 instructing all lenders doing business with Netwide as a title agency and utilizing its escrow services to wire all incoming lending proceeds to Himmell’s personal account, instead of Netwide’s corporate account, according to the criminal information filed in the case.
Himmell then used the deposited funds for her own personal use and for Netwide’s operational expenses without disclosing to lenders that she was not holding the funds in escrow, as she represented she would, according to the information.
Himmell closed at least 19 real estate transactions in 2013 and 2014 wherein Netwide received escrow funds and failed to pay or release the funds to the prior owner’s pre-existing mortgage. This causes financial losses to lenders and/or sellers of homes in Richmond Heights, North Canton, Willowick, Concord, Strongsville, Newbury, Brunswick, Wadsworth, Medina, Painesville, Parma, Akron, Twinsburg, Brecksville and Millersburg, according to the information.
Netwide’s underwriter, General Title, was contractually obligated to make lenders whole. The loss to General Title as a result of Himmell’s conduct was at least $2,111,014, according to the information.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
<< Home