What if the title insurance company is now closed? Here is an article from The Post in 2010 which may give more details.
Kevin Wheatley, 37, of Waterford, NY; Geoffrey Goldman, 34, of Albany, NY; and his brother Jonathan Goldman, 28, of Newburgh, NY are among five individuals identified to be involved in a massive mortgage fraud scheme in which the group used the title agency they owned, Griffon Title Agency, to further the scheme.
Prosecutors allege that the co-conspirators used a business owned by Geoffrey Goldman, Rivertown Investments of Colonie, NY, to defraud various lenders, homeowners, and title insurance companies. Co-conspirators acting on behalf of Rivertown allegedly lured distressed homeowners into signing title over to the company by promising to lease the homes back to the distressed homeowner, with a promise that the homeowner would be able to regain title in the future, and that equity built during the lease period would be saved for the homeowner.
Once Rivertown had title to the properties, straw buyers under the control of the scheme's masterminds would purchase the properties from Rivertown, obtaining fraudulent mortgages with false statements inflating the straw buyers' incomes to finance the sham transactions. The straw buyers would then quickly sign their deeds over to a holding company in Rivertown's control. Griffon Title was used to facilitate the transactions involved in the scheme, concealing the true nature of the transactions from lenders, homeowners, and their title underwriter.
Rivertown entered lease-back agreements on 105 properties in New York, Pennsylvania, and New Jersey between 2003 and 2008, with purchase prices of homes reaching more than $2.6 million. Authorities say that Rivertown did not hold up its end of the bargain on many of the properties, and that many former homeowners were ultimately evicted or were not able to repurchase their homes as specified in their agreements with Rivertown.
Meanwhile, the co-conspirators allegedly used the ill-gotten proceeds of the scheme to finance such items as trips to Europe and the Caribbean, vehicles, jewelry, a wine locker, and gambling sprees at casinos.
Wheatley, an attorney who was disbarred in 2002 but reinstated in 2005, is the only alleged scheme member who has been arraigned. The others, including the Goldman brothers; Jordan Laccetti, 30, of Saratoga Springs, NY, a loan officer employed by Rivertown; and Jessica Peryea, 27, a real estate broker also employed by Rivertown, have yet to be indicted and have reportedly agreed to give statements against Wheatley.
Do you still feel that CitiMortgage's succesor should go after the Title Insurance Co.? If so, what is my next step?