Innocent Homeowners Victims Of Fraud

Mortgage fraud suspect face more charges. Innocent homeowners put at risk.

United States Attorney Nicholas A. Klinefeldt announced today that 20
additional bank and wire fraud charges have been filed against mortgage broker and closing company owner 41 year old Paul Kramer of Granger, Iowa.

One additional charge has been filed against 37 year old Lane Anderson,of Altoona, Iowa, and 46 year old Dave Mableof Urbandale, Iowa.
All three defendants were charged last fall with conspiracy to commit wire fraud. The Superseding Indictment alleges that Kramer owned and operated a mortgage brokerage,Kramer Mortgage Company, and closing company, Iowa Closing and Escrow, between 2006 and 2010.

In late 2006, Kramer Mortgage Company began having financial problems, thus leading Kramer to devise a scheme to defraud U.S. Bank, other financial institutions, and innocent homeowners out of
money, property, and property rights.

The Superseding Indictment alleges that Kramer received mortgage payoffs from homeowners who sold or refinanced their homes through Kramer Mortgage Company or Iowa Closing and Escrow.

However, he sometimes did not use those funds to pay off the preexisting mortgage, which had often been assigned to U.S. Bank. Instead, Kramer would use the payoff money for other business purposes or for his own personal use.

The Superseding Indictment alleges that Kramer’s conduct put innocent homeowners at risk of foreclosure even though they never missed a mortgage payment because, unbeknownst to them, their homes remained subject to the unpaid, pre-existing mortgage.


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