Loan Scams are Financial Fraud

Financial Fraud Enforcement Task Force makes PreventLoanScams reporting tools available at StopFraud.gov

Report a Scam!

In Your State

News Clips
Press Releases
Publications and Testimony

08/31/2010 Scammers Devise New Tactics as Homeowner Distress Grows Deceptive Loan Scammers are using new tactics to lure distressed homeowners into misleading agreements. At the American Association of Residential Mortgage Regulators' annual conference Yolanda McGill, Senior Counsel for the Lawyer Committee's Fair Housing and Lending Project, shared stories of loan scammers and their attempts to "pick off" borrowers while attending legitimate modification events.

07/19/2010 Chicago Attorney Convicted of Mortgage Rescue Fraud According to the Chicago Tribune, Norton Helton has been charged with 9 counts of bankruptcy fraud and three counts of wire fraud related to mortgage loans. A former Chicago attorney, Helton is facing a maximum of 20 years in prison for scamming homeowners seeking debt alleviation and loan modifications. Although Helton began his schemes prior to the foreclosure crisis, his actions can still serve as a warning sign to homeowners currently facing foreclosure.

06/09/2010 FTC Broadens Mortgage Fraud Case to Include Forensic Audits According to LoanSafe.org, the Federal Trade Commission (FTC) has added several defendants to a lawsuit against alleged loan scammers charged with deceiving homeowners seeking foreclosure rescue. In its new complaint, the FTC broadened its case to include defendants accused of offering the very misleading "forensic audit" scam to homeowners. John W. Smith and Glenn E. Gromann are now defendants along with other alleged scammers from the Debt Advocacy Center, LLC and CreditLawGroup.

05/26/2010 New Financial Regulations may do little to Stop Loan Scams According to The Grio, a leading online publication for African American news, the new Consumer Financial Protection Bureau will have little impact over mortgage rescue scams. While the new agency will have the ability to enforce and regulate new rules concerning mortgage lenders, it will have little influence over scam artists who target communities of color and the elderly.

More News

04/26/2010 Coalition Launches New Campaign to Fight Loan Modification Scams The Loan Modification Scam Prevention Network, led by Fannie Mae, Freddie Mac, the Lawyers' Committee for Civil Rights Under Law and NeighborWorks America, today announced a national campaign to prevent loan modification scams through public education, complaint reporting and coordination with local, state, and federal enforcement agencies.

02/16/2010 PreventLoanScams.org a New Online Tool in the Fight Against Loan Modification Scammers As part of a vigorous national campaign to strengthen the fight against loan modification scammers, the Lawyers' Committee for Civil Rights Under Law today launched www.PreventLoanScams.org.

More Press Releases

07/22/2010 Lawyers' Committee's Comment on the FTC's Proposed Rulemaking regarding Mortgage Assistance Relief Services

08/10/2010 National Loan Modification Scam Database Report- July 2010 For July this monthly report summarizes scam complaint related data, which is housed in the national Loan Modification Scam Database, and highlights the prevalence of fake government affiliation scams.

07/14/2010 National Loan Modification Scam Database Report- June 2010 For June this monthly report summarizes scam complaint related data, which is housed in the national Loan Modification Scam Database, and highlights the impact of scams on homeowners aged 51 and older.

06/24/2010 National Loan Modification Scam Database Report- May 2010 For May this monthly report summarizes scam complaint related data, which is housed in the national Loan Modification Scam Database, and highlights attorney involvement in alleged scam activity.

More Publications and Testimony

The Loan Modification Scam Prevention Network is led by: