Home › Forums › Financial Markets/Economics › 24 People in S.D. Indicted on Mortgage Fraud.
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April 8, 2009 at 9:10 AM #378585April 8, 2009 at 10:18 AM #377995
jpinpb
ParticipantAs I posted on SDL.
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.
April 8, 2009 at 10:18 AM #378271ParticipantAs I posted on SDL.
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.
April 8, 2009 at 10:18 AM #378452ParticipantAs I posted on SDL.
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.
April 8, 2009 at 10:18 AM #378493ParticipantAs I posted on SDL.
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.
April 8, 2009 at 10:18 AM #378620ParticipantAs I posted on SDL.
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.
April 8, 2009 at 10:30 AM #378000NotCranky
ParticipantThis could happen because the methodologies used for “legit” transactions were pretty similar to the illegal ones.Liar loans in the hands of loan originators made the crime ring possible the same way liar loans made the bubble. The only difference was provable “intent” based on the hiring of “straw buyers”.These guys got busted because the weak link broke.It’s a drop in the bucket. Most of the racketeering passes as the business of making a living.Greed everywhere.
April 8, 2009 at 10:30 AM #378276ParticipantThis could happen because the methodologies used for “legit” transactions were pretty similar to the illegal ones.Liar loans in the hands of loan originators made the crime ring possible the same way liar loans made the bubble. The only difference was provable “intent” based on the hiring of “straw buyers”.These guys got busted because the weak link broke.It’s a drop in the bucket. Most of the racketeering passes as the business of making a living.Greed everywhere.
April 8, 2009 at 10:30 AM #378457ParticipantThis could happen because the methodologies used for “legit” transactions were pretty similar to the illegal ones.Liar loans in the hands of loan originators made the crime ring possible the same way liar loans made the bubble. The only difference was provable “intent” based on the hiring of “straw buyers”.These guys got busted because the weak link broke.It’s a drop in the bucket. Most of the racketeering passes as the business of making a living.Greed everywhere.
April 8, 2009 at 10:30 AM #378498ParticipantThis could happen because the methodologies used for “legit” transactions were pretty similar to the illegal ones.Liar loans in the hands of loan originators made the crime ring possible the same way liar loans made the bubble. The only difference was provable “intent” based on the hiring of “straw buyers”.These guys got busted because the weak link broke.It’s a drop in the bucket. Most of the racketeering passes as the business of making a living.Greed everywhere.
April 8, 2009 at 10:30 AM #378626ParticipantThis could happen because the methodologies used for “legit” transactions were pretty similar to the illegal ones.Liar loans in the hands of loan originators made the crime ring possible the same way liar loans made the bubble. The only difference was provable “intent” based on the hiring of “straw buyers”.These guys got busted because the weak link broke.It’s a drop in the bucket. Most of the racketeering passes as the business of making a living.Greed everywhere.
April 8, 2009 at 10:53 AM #378015aldante
ParticipantFBI did not even start to investigae until November!!!!!!
I suppose there are some one this blog who would say “Whew – glad they were caught”. My belief is that this is just the tip of the iceberg.
This absolutely confirms the worst of fears – a conspiricy has existed and most likely still exists to perpetuate the notion that REAL ESTATE ONLY GOES UP!! STUPID.
Anyone who is buying real estate in San Diego is either very very long term minded – does not know this news story – or so rich they do not care if their property value drops another 30%…………of course IMHO.BTW if my anger is not appropriate too frigging bad
April 8, 2009 at 10:53 AM #378292ParticipantFBI did not even start to investigae until November!!!!!!
I suppose there are some one this blog who would say “Whew – glad they were caught”. My belief is that this is just the tip of the iceberg.
This absolutely confirms the worst of fears – a conspiricy has existed and most likely still exists to perpetuate the notion that REAL ESTATE ONLY GOES UP!! STUPID.
Anyone who is buying real estate in San Diego is either very very long term minded – does not know this news story – or so rich they do not care if their property value drops another 30%…………of course IMHO.BTW if my anger is not appropriate too frigging bad
April 8, 2009 at 10:53 AM #378472ParticipantFBI did not even start to investigae until November!!!!!!
I suppose there are some one this blog who would say “Whew – glad they were caught”. My belief is that this is just the tip of the iceberg.
This absolutely confirms the worst of fears – a conspiricy has existed and most likely still exists to perpetuate the notion that REAL ESTATE ONLY GOES UP!! STUPID.
Anyone who is buying real estate in San Diego is either very very long term minded – does not know this news story – or so rich they do not care if their property value drops another 30%…………of course IMHO.BTW if my anger is not appropriate too frigging bad
April 8, 2009 at 10:53 AM #378513ParticipantFBI did not even start to investigae until November!!!!!!
I suppose there are some one this blog who would say “Whew – glad they were caught”. My belief is that this is just the tip of the iceberg.
This absolutely confirms the worst of fears – a conspiricy has existed and most likely still exists to perpetuate the notion that REAL ESTATE ONLY GOES UP!! STUPID.
Anyone who is buying real estate in San Diego is either very very long term minded – does not know this news story – or so rich they do not care if their property value drops another 30%…………of course IMHO.BTW if my anger is not appropriate too frigging bad
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