Nightline did a story last night. Centering on foreclosed properties and appraisers committing fraud, bought/sold at high prices. Gangs saying the real estate fraud was more profitable than drug dealing!
The only problem w/the story I had was how they were saying that now these foreclosures are bringing down the price of homes. Sucking the bogus equity. HELLOO!! If they were not fraudly appraised, probably the prices would not have gone up so drastically in the first place. Duh!
It was about time the FBI got on it. There is way more out there. I remember one in particular in beloved Carmel Valley that comes to mind. 13104 Chambord Turned out it was bought 12/04/2006 $850k and sold to girlfriend 02/28/07 for $950k. Then they lived in it for however long w/out paying til it got foreclosed.
