Industry News

Real estate fraudsters pay up

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Real estate fraudsters paid more than $400,000 in negotiated settlements to The Prieston Group's clients in January, the risk management consulting company said today. Lanahan & Reilley, a law firm providing legal services in support of TPG Loss Mitigation efforts, indicated that $315,800 of that amount was in cash, while the balance was in various forms of negotiated settlement. "This is significant," said Arthur Prieston, chairman of TPG and senior partner and chairman of the Mortgage Banking Group of Lanahan & Reilley, "not because of the actual dollar amount, but more importantly because it validates the effectiveness of our recovery procedures, which are now highly refined and obviously very effective." The Mortgage Banking Group of Lanahan & Reilley serves hundreds of lenders all over the country and handles thousands of cases every year. "Fraudsters are doing so many loans to so many lenders in so many parts of the country, it's easy to miss the interrelatio...