Mortgage Fraud: Red Flags & Legal Insights
The recent arrest of Lee Farkas, charged with masterminding a $1.9 billion mortgage-fraud scheme, has stirred questions about how institutions and the government can and should control mortgage fraud.
In this exclusive interview, Maxwell, a partner with law firm Barnes & Thornburg, discusses:
- Steps banks and credit unions can take to prevent mortgage fraud;
- Internal controls that can help financial institutions;
- The role financial reform may play in fighting fraud.
Maxwell is a partner in Barnes & Thornburg LLP's Indianapolis, Indiana office. He practices in the Business, Tax & Real Estate Department, primarily in the areas of securities law, financial institution regulation and general corporate matters. He has acted as issuer's and underwriter's counsel in numerous offerings of securities, including initial public offerings and private placements. He also provides advice on banking regulatory matters, including matters arising under the Real Estate Settlement Procedures Act, Truth in Lending Act and federal consumer lending statutes. Before joining Barnes & Thornburg, Maxwell worked as a senior attorney for the Federal Deposit Insurance Corp. in Boston. He also has worked in the Office of Chief Counsel of the Office of Thrift Supervision in Chicago and Washington.