"Produce the Note"

Obtained from: http://www.operationrest.org/ProducetheNote

"Produce the Note" Strategy for Judicial and Non-Judicial States (Technique Used to Stall Foreclosures) For additional help, please fill in the form below. Content provided from www.consumerwarningnetwork.comand law firm of James, Hoyer, Newcomer, Smiljanich & Yanchunis, P.A. www.jameshoyer.com                                            Many foreclosures are happening illegally.  Institutions are attempting to foreclose without the legal right to do so. Situation:Borrowers need to make sure that the institution attempting to foreclose is, in fact, the owner of the note.  Borrowers should request the institution to "Produce the Note", meaning that they have to show they are the legal owner of the promissory note the Borrower signed at closing, promising to pay the debt.  There is only one original note on the Borrower's mortgage that has the Borrower's signature and this is the document that proves the Borrower owes the debt. The Borrower's goal is to make certain the institution attempting to foreclose actual owns the note. Without a challenge to the lender, the court will simply allow the foreclosure to proceed.  Now, lenders (who are now servicing -- collecting money -- on the loans they made) are moving to foreclose on homeowners, and they actually do not have the proper paperwork to prove they have a right to foreclose.

JPMorgan CEO says foreclosure deal threatened
Reuters
4:56 AM PST, January 26, 2012

(Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said President Barack Obama's decision to expand investigations into home lending and sales of mortgage securities could stop settlement talks with the states over foreclosure practices.

"It has a pretty good chance of derailing it," Dimon said in a televised interview with CNBC from Davos, Switzerland on Thursday.

Obama, in his State of the Union address Tuesday, said he has asked his attorney general to create a special unit of prosecutors to expand investigations into home lending and packaging of mortgage-backed securities. It is not clear how the new unit will be different from earlier investigations.

JPMorgan is the largest U.S. bank and one of the larger servicers of mortgage loans. JPMorgan, Bank of America , Wells Fargo & Co , Citigroup and Ally Financial Inc have been in talks with state attorneys general for months about settling allegations of foreclosure abuses.

The banks and states have been discussing a plan that would have the banks pay $25 billion to homeowners through reductions in principal on mortgage loans.

"I think it would be better for America if that settlement took place," Dimon said. "If this thing derails that, so be it."

(Reporting by David Henry; editing by John Wallace)


Source: http://www.ivpressonline.com/business/sns-rt-us-jpmorgan-foreclosuretre80p0uc-20120126,0,1893647.story

Forbes: Mortgage Fraud Still Rampant

John Wasik, Contributor

I write about investments, financial planning and personal ecology

PERSONAL FINANCE

 

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1/26/2012 @ 12:27PM |1,220 views

Mortgage Fraud Still Rampant

If President Obama is serious about forming a new unit to prosecute financial and mortgage crimes, the first place he should look is at operators who are fleecing desperate homeowners. Scams that target these down-on-their-luck folks are rampant.

State attorneys general are playing whack-a-mole with these shysters, who are exploiting homeowners who just want to avoid foreclosure.

The scam is simple: Companies take upfront fees to save homes from foreclosure or provide debt management services. The services are never delivered and financially ailing homeowners go deeper into the hole and often lose their houses anyway. The companies often advertise as debt “repair” counselors or mortgage “rescue” operations.

There’s a wave of these crimes, which have mushroomed throughout the country. Here’s a sampling of the most recent prosecutions, courtesy of the National Association of Attorneys General:

Como localizar el "Trust" de su mortgage en el sitio de la SEC

How to locate the SEC (Securities & Exchange Commission) documents of your mortgage Trust.

Ver documento aquí.

En el 2011 GreenPoint Mortgage fué demandado por discriminación contra hispanos y afroamericanos

Llame hoy y di toda la información de la casa de mis padres. Dijeron que en una semana me llama un consejero para darme información adicional. También dijeron que envian un paquete por correo. Me pidieron el nombre de mis padres y la dirección de la propiedad, cuantos meses de atraso en los pagos, si estaban en proceso de ejecución hipotecaria, si sabía el nombre del banco y si ya los había contactado, si ya se había hecho una modificación y creo que nada mas.

http://greenpointlendingsettlement.com/

Firmar documentos de foreclosure bajo otro nombre es falsificación?

Is signing foreclosure documents for others forgery?

Updated: 8:52 p.m. Saturday, Jan. 14, 2012
Posted: 6:03 p.m. Saturday, Jan. 14, 2012
By KIMBERLY MILLER, Palm Beach Post Staff Writer

Theresa Edwards (left) and June Clarkson, who led Florida’s foreclosure fraud investigations, were routinely praised in performance reviews before losing their jobs.


The Nevada attorney general calls signing another person's name on documents used to repossess a home "forgery" and a "scheme."

Michigan's attorney general launched a criminal investigation that includes whether "falsified signatures" were used in foreclosure cases.

But Theresa Edwards and June Clarkson were forced to resign their jobs as foreclosure fraud investigators for the Florida Attorney General's Office, in part, for referring to so-called "surrogate signing" as forgery.

According to a Florida Inspector General report that cleared Attorney General Pam Bondi's office of wrongdoing in the firings, the duo repeatedly used the word "forgery" in a 2010 presentation that included documents from the Jacksonville-based Lender Processing Services. The company complained and drew the attention of economic crimes boss Richard Lawson.

Orlando Sentinel: Juez en el condado Seminole procesa 300 demandas de ejecucion hipotecaria en 3 días

Seminole judge's schedule: 300 foreclosure cases in 3 days

January 15, 2012|By Mary Shanklin, Orlando Sentinel

For three days starting Tuesday, Seminole County Chief Circuit Judge Alan Dickey has scheduled 300 foreclosure cases.

"If everybody shows up, I'll have about 30 seconds a case," said the judge, who expressed disappointment with the state Legislature's decision to end funding for retired judges who were helping deal with a growing backlog.

One day in early October, Dickey processed about 125 foreclosure cases an hour throughout the day, the judge's assistant said. Many of those, she added, were dismissed or continued.

From the summer of 2010 through this past summer, the state paid retired judges to tackle a backlog of hundreds of thousands of foreclosure cases across Florida. During much of that time, it just so happened that banks cut back on foreclosure cases because of concerns about illegal documents.

Demanda a JPMorgan por $95 Millones

JPMorgan Chase Is Sued For $95 Million

Posted by Eli Wads On Jan 3, 2012 6:09pm in World

It’s really no surprise that after 2008 a lot of people have lost their confidence in banks and their ability to protect their assets. All in all, investors, consumers and regulators have shifted their attitude towards banks. JPMorgan Chase is getting sued for $95 million over mortgage loans bundled into securities.

According to Reuters, JPMorgan Chase & Co has been sued for $95 million by the trustee for securities marketed in 2005 by former Bear Stearns Cos over alleged misrepresentations regarding the underlying mortgage loans.

Court documents show that US Bank NA’s objective is to force JPMorgan Chase & Co to buy back the mortgage loans because of alleged breaches of representations and warranties regarding the Bear Stearns Asset Backed Securities Trust 2005-4, for which it serves as trustee.

The allegations say that JPMorgan has “materially breached” representations about loans backing the securities. 

PB Post: Termina el Programa de Mediación para Ejecuciones Hipotecarias de Florida

Admitting failure, Florida Supreme Court ends foreclosure mediation program

By JEFF OSTROWSKI

Palm Beach Post Staff Writer

Posted: 5:40 p.m. Monday, Dec. 19, 2011

Florida's foreclosure crisis lives on, but a statewide mediation program for troubled borrowers is dead.

Florida Supreme Court Chief Justice Charles T. Canady issued an order Monday ending the effort to encourage lenders and borrowers to avoid foreclosure.

The program was a flop. Only 3.6 percent of cases referred to mediation statewide yielded a written agreement between the lender and homeowner. In Palm Beach County, which began its program in July 2010, a mere 1.6 percent of the 4,632 cases sent to mediation resulted in a written agreement.

Often, lenders couldn't even reach borrowers to propose mediation. Of 78,076 cases referred to mediation statewide, lenders managed to get in touch with just 42 percent of borrowers.

"The court has reviewed the reports on the program and determined it cannot justify continuation of the program," Canady wrote.

Lenders and borrowers can continue to haggle over loans already in the mediation program, but it will take on no new cases, he said.

Lenders blamed economic reality for the program's failure. Home prices have plummeted and jobless rates have soared since the real estate bubble burst, creating financial obstacles that were just too great for many to overcome, said Anthony DiMarco, executive vice president of government affairs at the Florida Bankers Association.

Propietarios en apuros se benefician con fallo de la corte en Florida

Struggling homeowners gain favor in key ruling

By KIMBERLY MILLER

Palm Beach Post Staff Writer

Updated: 9:10 p.m. Thursday, Dec. 15, 2011

Posted: 9:08 p.m. Thursday, Dec. 15, 2011

Home­owners in foreclosure may have a better chance of getting a true trial, instead of a quickie judgment, following a 4th District Court of Appeal decision that requires banks to prove ownership of the note at the time they file for repossession.

The ruling Wednesday in Palm Beach County was heralded by foreclosure defense attorneys who said it may even force banks to dismiss some cases and start over with new paperwork.

Tom Ice, founder of the Royal Palm Beach-based foreclosure defense firm Ice Legal, called the decision a "sea change" in the way courts are looking at foreclosure cases and the importance of assignments of mortgage.

"No longer can banks just walk in and have their attorney wave around a piece of paper saying this is the note," Ice said. "The good news for homeowners is now they have an opportunity to prove their case and get a trial on its merits."

The 4th DCA ruling follows a rare Florida Supreme Court decision last week to take up an already settled Greenacres foreclosure case that involved an allegedly backdated assignment of mortgage that the bank used to show ownership. The court said it wanted to rule on the case, in which the homeowner was defended by Ice's firm, because its opinion could have an impact on the "mortgage foreclosure crisis throughout the state."

Wednesday's ruling was on the case of Robert McLean vs. JPMorgan Chase, and involved a 2009 Broward County foreclosure.

Gov. Scott's plan to speed foreclosure process draws mixed reactions

By TOM KNOX, Business Writer

Local foreclosure activity at a glance:

Number of properties in some stage of foreclosure:

Florida :

August*: 23,569

July: 22,377

August 2010: 56,877

Volusia County:

August: 486

July: 626

August 2010: 1,734

Flagler County:

August: 142

July: 89

August 2010: 193

*Most recent data available

SOURCE: RealtyTrac

DAYTONA BEACH -- Gov. Rick Scott wants to improve the state's housing market by removing the courts from the foreclosure process, a move supporters say will help prevent long delays.

Critics say removing the courts from the process would give too much power to lenders and removes protection needed by homeowners. Plus, courts would lose more than half of their funding received from foreclosure fees.

Scott and Republican leaders in the House and Senate have expressed interest in changing the process this year, although specifics have yet to be determined.

State lawmakers last year did not pass a bill to change the process.

"Right now it takes more than 600 days to get through a foreclosure," said Lane Wright, Scott's press secretary, in an email. "That's just too long. When foreclosures take that long, fewer people want to lend money to homebuyers and the market can't recover."

Judge Allows South Florida Homeowner to Sue Investors In Lawsuit Charging Financial Institutions With Mortgage Appraisal and Origination Fraud

Wells Fargo, Greenpoint Mortgage Funding, and Credit Suisse First Boston Mortgage Securities Corp. adjustable rate mortgage trust named as defendants.

MIAMI, FL, October 04, 2011 /24-7PressRelease/ -- A Miami-Dade Circuit Court Judge has granted Coral Gables, Fla. homeowner Pelayo Duran permission to include investors in his lawsuit charging Wells Fargo, Greenpoint Mortgage Funding and others with mortgage appraisal and origination fraud (Case #09-03703-CA). This development comes days after the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, sued 17 large banks and financial institutions over losses on about $200 billion of subprime bonds, as well as, AIG's lawsuit against the Bank of America claiming that it lost $10 billion in a "massive fraud."

"It's believed the defendants, just like in the other high-profile cases, fraudulently induced others to invest in mortgage-backed securities supported by scores of defective loans," said Duran. "Basically the defendants generated or acquired any loan, no matter how risky, that could be sold to third party investors. I was an unsuspecting victim who applied for a loan, but was duped into something else."
Duran alleges in his lawsuit that the fraud began when he tried to refinance his primary residence in 2005. He purchased the home in 2004 with an initial down payment of $100,000. Shortly after the purchase, Duran needed to access some of the down payment money to pay for a few personal and business obligations. Duran alleges that the Wells Fargo mortgage broker baited and switched him into a subprime home mortgage with Greenpoint.

The Florida Foreclosure Rescue Fraud Prevention Act

The Law

Beginning in 2010, any individual or company that provides loan modification services must have an active license from the Florida Office of Financial Regulation. This new provision further enhances the Foreclosure Rescue Fraud Prevention Act, which prohibits individuals and businesses from collecting up-front fees for loan modification services related to foreclosures.

In 2008, the Legislature enacted the original Foreclosure Rescue Fraud Prevention Act to specifically address foreclosure rescue businesses and their potentially abusive practices. The Foreclosure Rescue Fraud Prevention Act prohibits businesses or individuals from collecting up-front fees from the homeowner prior to completing all services contained in the contract. This includes foreclosure rescue services or loan modification services related to foreclosures.

Bloomberg: Procurador de California niega propuesta de acuerdo de BoA y JPMorgan

BofA, JPMorgan Proposed Accord Rejected by California’s Harris

By David McLaughlin - Oct 1, 2011

A proposed nationwide settlement with banks including Bank of America Corp. and JPMorgan Chase & Co. is being rejected by California Attorney General Kamala Harris, who will pursue her own mortgage investigation in the state that had the second-highest foreclosure rate in August.

The proposed agreement is “inadequate” and would allow too few California homeowners to stay in their homes, Harris said in a letter yesterday obtained by Bloomberg News.

“After much consideration, I have concluded that this is not the deal California homeowners have been waiting for,” Harris, a Democrat who took office in January, said in the letter to the U.S. Justice Department and the Iowa attorney general, who is leading talks for the states.

All 50 state attorneys general last year announced they were investigating bank foreclosure procedures following complaints that the companies were using faulty documents in seizing homes.

State attorneys general and federal agencies have been negotiating a settlement with the five largest mortgage servicers, including Charlotte, North Carolina-based Bank of America and New York-based JPMorgan. They have sought a settlement that would fund loan modifications and set requirements for how the banks conduct foreclosures and interact with borrowers. Harris’s office has been negotiating directly with the banks on behalf of the states. One in every 226 California housing units had a foreclosure filing during August, more than twice the national average and second only to Nevada, according to a RealtyTrac Inc. report. Harris said 2.2 million Californians are underwater in their mortgages.

JPMorgan fue demandado por Sealink por hipotecas compradas entre 2005 y 2007

Bank of America’s Countrywide Sued by Sealink Funding

By Chris Dolmetsch and David McLaughlin - Sep 30, 2011

Bank of America Corp. (BAC)’s Countrywide unit was sued by Sealink Funding Ltd. in New York over $1.6 billion of residential mortgage-backed securities the fund purchased between 2005 and 2007.

Sealink filed the suit against Countrywide in New York State Supreme Court yesterday, seeking unspecified compensatory, rescissory and punitive damages. Sealink is a fund created to manage Landesbank Sachsen AG’s riskiest assets after the German lender almost collapsed.

“Countrywide was an entity driven by only one purpose --to originate and securitize as many mortgage loans as possible into” mortgage-backed securities “to generate profits for the Countrywide defendants, without regard to the investors that relied on the critical, false information provided to them with respect to the related certificates,” lawyers for Sealink said in the lawsuit.

Sealink filed a similar suit yesterday in the same court against JPMorgan Chase & Co. (JPM) over $2.4 billion worth of residential mortgage-backed securities purchased between 2005 and 2007.

“This appears to be another sophisticated investor looking for someone to blame for investment losses suffered due to a downturn in the economy,” Lawrence Grayson, a spokesman for Bank of America, said in an e-mail. “We will vigorously defend this lawsuit.”

Despiden a dos investigadores de la oficina del Procurador General

Two investigators forced out by Attorney General Palm Bondi

Lawyers fought corruption, then lost their jobs

September 29, 2011|Scott Maxwell, TAKING NAMES

When last we checked on Attorney General Pam Bondi, she was being investigated for forcing out two of her top-producing investigators, and legislators had asked her to produce records to justify her actions.

Well, the investigation is still going, and state officials are tight-lipped about when it might be complete.

PB Post: Corte Suprema de Florida revisa programa de Mediación para ejecuciones hipotecarias

Florida Supreme Court reconsidering foreclosure mediation program

By KIMBERLY MILLER

Palm Beach Post Staff Writer

Updated: 6:13 p.m. Monday, Sept. 26, 2011

Posted: 6:11 p.m. Monday, Sept. 26, 2011

The Florida Supreme Court ordered a review Monday of its landmark foreclosure mediation program which has shown limited success in finding alternatives for struggling homeowners.

The mandatory program for all homesteaded properties was ordered by the court in Dec. 2009 in an effort to reduce judicial caseloads and help borrowers avoid foreclosure with options that can include a loan modification, deed-in-lieu of foreclosure or a short sale.

Limpiar el atolladero de ejecuciones hipotecarias en las cortes, ayudará a revivir la economía del FL?

Will clearing foreclosure logjam revive Florida's economy?

By KIMBERLY MILLER

Palm Beach Post Staff Writer

Updated: 9:41 p.m. Saturday, Sept. 24, 2011

Posted: 7:17 p.m. Saturday, Sept. 24, 2011

With hundreds of thousands of foreclosure cases clogging Florida's courts and more defaulted loans in the pipeline, Moody's economists now predict South Florida home prices won't hit bottom until late 2012 or early 2013.

But whether clearing the logjam through an expedited foreclosure process will equal a shortcut to economic recovery is still up for debate. The current timeline to foreclosure in Florida is 676 days -- nearly two years -- the third-longest wait time in the country.

Fannie Mae ignoró abusos de "robo-firmas" en ejecuciones hipotecarias de FL

Fannie Mae ignored robo-signing abuses in Florida foreclosures, investigation finds

By KIMBERLY MILLER

Palm Beach Post Staff Writer

Updated: 9:39 p.m. Friday, Sept. 23, 2011

Posted: 9:37 p.m. Friday, Sept. 23, 2011

Federal mortgage giant Fannie Mae was told in 2006 about faulty court documents filed by Florida foreclosure attorneys acting on its behalf but did nothing to correct the practices, an inspector general found.

A report issued Friday by the Federal Housing Finance Agency, Office of Inspector General said an outside law firm Fannie Mae hired to investigate allegations of wrongdoing confirmed "unlawful" practices and stated that foreclosure attorneys were sacrificing accuracy for speed by filing false documents.

Según expertos, 10 millones de préstamos hipotecarios entraran en default

10 million more mortgages set to default, expert says

Posted By JON PRIOR On September 20, 2011 @ 10:39 am | 2 Comments

Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from Amherst Securities Group.

At the end of the second quarter, more than 2.7 million long-delinquent loans, others in foreclosure and REO properties sat in the shadow inventory, more than double what it was in the first quarter of 2010. With the market averaging roughly 90,000 loan liquidations per month, it would take 32 months, nearly three years, to move through the overhang.

And that number is contingent on no other loans going into default.

"Many analysts looking at the housing problem mistakenly assume it is limited to loans that are currently non-performing (or 60-plus days past due). Such borrowers have a high probability of eventually losing their homes. However, the problem also includes loans with a compromised pay history; these are re-defaulting at a rapid rate," Goodman told ^[1] a Senate subcommittee Tuesday.

Under a reasonable estimate, which is calculated with more conservative market conditions than what is currently being experienced, Goodman found nearly 2 million re-performing mortgages would default again and another 3.6 million already troubled loans to default as well.

The rest of the 10.4 million estimate is made of always-performing loans at various stages of negative equity. Of the 2.5 million always-performing mortgages with loan-to-value ratios above 120%, nearly half will default. Even 5% of the always-performing mortgages that have some equity left will default, as well, Goodman said.

Participación de Faction Capital Assists en la compra de mas de $500 millones en prestamos "morosos"

NEWS

Faction Capital Assists in Acquisitions of over $500 Million Dollars in Distressed Loans


Miami, Florida - Friday, September 16, 2011 – Faction Capital, LLC, www.factioncapital.com, announced the second closing of a distressed loan portfolio with a major national lender and its client US Debt Ventures in the past 6 months.

On the first transaction, Faction Capital acted as consultant and introducing party for US Debt Ventures in its purchase of a pool of 7000 residential non-performing mortgages with a balance of $500MM from a large financial institution.

In August, Faction Capital assisted US Debt Ventures in sourcing another sizeable portfolio purchase. In addition to sourcing the loan portfolios, Faction Capital’s team of Logan Breen, James Daly, IV and Aaron Resnick assisted US Debt Ventures in obtaining servicing for a portion of the loan portfolios that were purchased.

Logan Breen, Managing Director of Faction Capital, commented "[o]ur experienced consulting team, relationships and background helped us add value to our clients’ investment strategies. We are proud of our working relationship with US Debt Ventures and hope to assist it in many more distressed opportunities in the future." Aaron Resnick, a partner/principal at the firm and a South Florida attorney articulated that Faction Capital’s work in assisting its client in these loan portfolio opportunities demonstrated the "Faction Capital’s ability to help its clients obtain unique off market distressed opportunities both statewide and nationally."

Source: http://www.factioncapital.com/index.php/news

Doce arrestos en relación a fraude hipotecario en Miami-Dade

Attorney General Pam Bondi News Release

September 14, 2011
Media Contact: Jennifer Krell Davis
Phone: (850) 245-0150

La Oficina de la procuradora general Bondi y el Departamento de Policía de Miami-Dade arrestaron a 12 personas por fraude hipotecario por $16 millones

TALLAHASSEE (Fla) – La procuradora general Pam Bondi y el director del Departamento de Policía de Miami-Dade, James Loftus, anunciaron hoy que arrestaron a 12 personas acusadas de supuesta participación en una maniobra importante de fraude por un total de más de $16 millones. Los acusados arrestados integraban una empresa de delincuentes que entregaban documentación falsificada de préstamos hipotecarios a compañías hipotecarias en todo el área del sur de Florida. Entregaron 10 solicitudes de préstamos hipotecarios que se financiaron y valuaron colectivamente en más de $16 millones. Los acusados serán procesados por la Fiscalía de Estado de la Procuradora General en el Tribunal de Circuito de Miami-Dade.

Agencia de ayuda legal en Ohio analiza posibilidad de demanda "anti-forclosure"

Source URL

SEO Legal Services weighs in on big anti-foreclosure lawsuit

By Jim Phillips

An attorney with a local legal aid agency has signed onto a "friend of the court" brief filed with the Ohio Supreme Court in a case that could have a big impact on home foreclosures in the state.

The brief, in U.S. Bank National Association v. Antoine Duvall, was submitted Aug. 16 by Peggy P. Lee of Southeastern Ohio Legal Services, along with representatives of many other legal aid agencies and activist groups around Ohio. SEOLS and others who signed onto the amicus curiae brief have been involved in the Save the Dream Ohio project, a statewide foreclosure intervention initiative, and they report that since 2008, they collectively have represented more than 12,000 homeowners in various foreclosure-related actions.

The Duvall case is complex, but essentially addresses a growing legal issue that could seriously impact home foreclosures in Ohio: the issue of whether a foreclosing bank can actually prove that it owns the mortgage.

Palabras de quien predijo el final de la burbuja hipotecaria

Posted on Sun, Aug. 28, 2011 Words of wisdom from someone who predicted end of housing boom By TOLUSE OLORUNNIPA tolorunnipa@MiamiHerald.com

Seven years ago, while South Florida developers were still staging high-flying condo parties and speculators lined up to put down deposits on new units, housing analyst Jack McCabe saw dangerous signs and began to warn that a downturn was imminent.


As one of the few voices that predicted a housing bust during the fast-money days of the housing boom, McCabe’s insights became more and more valuable when his predictions began to play out. His profile has grown as the housing market has plunged into recession and uncertainty, as analysts and reporters seek insight about where the market is headed next.

Arrestan a dueños de Best Value Homes por fraude en modificación de hipotecas

Attorney General Pam Bondi News Release

August 17, 2011
Media Contact: Jennifer Krell Davis
Phone: (850) 245-0150

Arresto de propietarios de compañía de servicios falsos de modificación del préstamo del sur de Florida

TALLAHASSEE (Fla) –La procuradora general Pam Bondi anunció hoy el arresto de los propietarios de Best Value Homes, Inc. por asociación ilícita para cometer violaciones a la ley RICO (la ley de Organizaciones corruptas y extorsionadoras) y fraude organizado. Best Value Homes, Inc., presentaba servicios falsos al prometer modificar las hipotecas de sus clientes y tomar su dinero sin cumplir con los servicios prometidos. La Oficina del Fiscal Estatal de la Procuradora General de Florida, la Fiscalía Estatal del 11.º Circuito Judicial y la Fuerza Especial contra el Fraude Hipotecario del Departamento de Policía de Miami-Dade colaboraron en el arresto y acusación de los acusados. La pérdida total se estima en $750,000 para 500 víctimas. Si se los declara culpables de todos los cargos, los acusados podrían recibir condenas a prisión de hasta sesenta años.