The Obvious Side of the Double-Selling Fraud

Once you are able to identify the elements that indicate Double-Selling fraud, you can quickly recognize those loans in the property records that stick out like a sore thumb.  Here are a few examples of what you should be looking for.

This is a loan to Claudia Spofford, table-funded by FREDDIE MAC through their agent, Memorial Park Mortgage of Houston, Texas who subsequently delivered the loan to FREDDIE MAC.  Through a “Double Selling” scheme, Memorial Park Mortgage sold and assigned a second set of forged documents to ABN Amro Mortgage Group. Then, eighteen months later, Memorial Park Mortgage then sold it a third time to Principal Residential Mortgage.

This is a loan to Steve Nucci, table funded by FREDDIE MAC through their agent, Memorial Park Mortgage who subsequently delivered the loan to FREDDIE MAC. Through the same “Double Selling” scheme, Memorial Park Mortgage sold and assigned a second set of forged documents to ABN Amro Mortgage Group.  Apparent from the record, Memorial Park Mortgage then sold and assigned a third set of forged documents to Principal Residential Mortgage, evidenced by the Release of Lien filed by Principal Residential Mortgage a year later.  Oddly, Memorial Park Mortgage then did the impossible and sold and assigned for a fourth time to Principal Residential Mortgage a loan that had been paid off and released to Principal Residential Mortgage three months earlier.

Finally, this is a loan to James Endler, table-funded by FREDDIE MAC though their agent, Memorial Park Mortgage who subsequently delivered the loan to FREDDIE MAC.  Through the same “Double Selling” scheme, Memorial Park Mortgage sold and assigned a second set of forged documents to ABN Amro Mortgage Group.  Apparent from the record, Memorial Park Mortgage then sold and assigned a third set of forged documents to Washington Mutual evidenced by the Release of Lien filed by Washington Mutual two years later. Special attention should be paid to the return address on the Washington Mutual Release. This address is registered to a number of different companies such as Vertex Computer Solutions, The Houston Police Foundation and several telephone repair companies -  and oddly, FREDDIE MAC, all under the control of Charlene Floyd.  Washington Mutual has no record of this address.

It should be noted that in 2004 Wells Fargo sued Memorial Park Mortgage alleging a similar fraud involving 54 loans Memorial Park Mortgage sold to Wells Fargo. The suit was dismissed by Wells Fargo following an undisclosed settlement.