more on murrieta scam

[no_such_reality]

Take the fraudsters out and you don’t get 10-15% annual jumps. Take the 10-15% annual jumps from the fraudsters out and all the speculators don’t pile in creating 20-25% annual gains. Take the 20-25% annual gains out and the vacant homes that are on the market with speculators and apartment vacancies don’t fall to the low single digits which promotes rent increases. Take the increases out and you strip away the idiotic $3000/month Craigslist ads for two bedroom condos downtown. Unwind of all it and there would be minor pressure on prices and rents and prices would be half of today.

[Steve Beebo]

The North County Times is supposed to have an article about the scam either tomorrow or Sunday. I don’t think the number of homes is anything close to 5000, but the resulting foreclosures in Murrieta and Temecula are going to do more damage to the already weak market in that area.

[waiting hawk]

Just remember when people say that 04-05 activity could not be sustained. You tell them that 04-05 activity drove that price up. If the activity could not hold than the price cannot either. Simple ass math.

2005 as a bench mark for sales and inventory.
Take off ~30% of sales from that time, and double or triple inventory.

Whats that mean? ~30 off the price.

[Steve Beebo]

Update on story:

http://www.nctimes.com/articles/2007/02/10/news/californian/22_50_212_9_07.txt

[novice1027]

If you have to borrow 4.4 million dollars to “invest” you derserve to loose your shirt. How bloody stupid and greedy are people??

[Anonymous]

You want to learn more about this scam or are a victim please check out this site for the latest details.
http://www.coreclient.110mb.com

[Anonymous]

Steve I can assure you it is a least 2400 homes and counting. There is evidance that there are over 800 victims (that can include husband/wife combo). Basic math here
victims 800
number houses 3 (conservative side)

So now are you worried this does not only affects the victims it affects everybody in the Riverside county area and nation wide…Hear all these lenders going down…Hum not affecting you…Good luck in getting a loan here in the next couple of years…Subprimes are gone.

[FormerOwner]

Here’s the latest on the Stonewood debacle:

“One of several men accused of running a vast mortgage scam has allegedly begun to launder money through his wife’s clothing boutique and may be preparing to flee the country, according to a lawsuit brought Tuesday by a fresh pair of aggrieved investors.”

http://www.nctimes.com/articles/2007/05/23/news/californian/4_02_405_22_07.txt

[FormerOwner]

Here’s the latest on the Stonewood debacle:

“One of several men accused of running a vast mortgage scam has allegedly begun to launder money through his wife’s clothing boutique and may be preparing to flee the country, according to a lawsuit brought Tuesday by a fresh pair of aggrieved investors.”

http://www.nctimes.com/articles/2007/05/23/news/californian/4_02_405_22_07.txt

[Anonymous]

These folks are fighting back. Good for them I hope they stick it to the fraudsters. The fraudsters need to go to jail for a long time. http://www.coreclient.110mb.com

[Coronita]

This thing involves about 2,400 houses! Most likely, all or most of the 2,400 will foreclose or become short sales. Another nail in the housing market's coffin. I wonder how long it will take before these things really start foreclosing en-masse.

 

Yes, this would be an issue in this area. But to correct, the nail is this particular area's housing market. 

[Coronita]

These folks are fighting back. Good for them I hope they stick it to the fraudsters. The fraudsters need to go to jail for a long time. http://www.coreclient.110mb.com

 

I bet the scammers  are probably smarter than most people think. They probably already tucked much of what they took in offshore accounts, derivatives, under other names etc and pooof. All the "investors/victims" money disappear. I doubt any of the people that lost money will get most of it back.  Sorry, it's not pleasant saying this, but it's reality. As far a jail time, I doubt they'll get more than a slap on the wrist and possibly revocation of a few licenses.

 

[Bubblesitter]

I certainly have some sympathy for the victims, however these victims should also be looking into their own soul. Were you looking for a quick buck? Did you get wrapped up in the bubble frenzy?

As the old adage goes “if it is too good to be true it probably is”.

Guys, always be very vigilant with your money. I certainly hope the DA goes after these guys. There are fraudsters and hucksters everywhere. Who in their right mind would invest in any of the following? This is just plain dumb.

Pulled from the victim’s website http://www.coreclient.110mb.com/

There are several alleged schemes operating concurrently, with some victims only involved in a single scheme and many others victimized in multiple schemes (this was dependent upon your ‘credit-worthiness’). The schemes are as follows:

1. Real Estate Investment Scheme required you to refinance primary residence and give them proceeds to invest in real estate. They ‘promise’ to pay the additional debt burden on your property. They then buy you ‘investment properties’ and wire mortgage payments for you to pay the note. A few months later they sell the property and ‘HIJACK’ the proceeds to their bank accounts, have you Quit Claim Deed it over to Total Return Fund, or just stop sending you mortgage payments so that you default on the loan. They also over-inflated appraisals and skimmed money off. They were to use the proceeds of your refinance to open up a brokerage account in your name to invest in stock, commodities, currency, precious metals, and diamonds.

2. Equity Sharing Real Estate Scheme is their newest scheme where they state they are buying you a property and will give you 6-9 months worth of mortgage payments. Problem is, once you sign the loan docs, you never see a penny of the money promised and you will quickly default on the property. (these are the scammers’ properties that they are trying to unload)

3. Total Return Fund/300%/ Credit Card Scheme is where they open multiple lines of credit for you and then instruct you to pull proceeds off these cards and wire them the money. You have a difficult time claiming fraud as you pulled the money off the cards they opened up. You followed their instruction because remember, “Clients do what they are told without question or they are either ejected from the program or passed over for the next amazing opportunity.” This one they also ‘promise’ to pay the credit cards back.

4. Special ‘Short-term Currency Investment’ Scheme where they claim you will be given the proceeds of your investment after 6 months as a reward for being such a good client. Many clients accessed personal savings and 401k retirement accounts for this opportunity. This resulted in a delivery of Irai Dinars far below the fair-market value sum.

5. Credit Repair Scheme where they take your credit that they screwed up and then ‘promise’ to repair it. How very generous of them.

6. Total Return Distress Property Scheme whereby you purchase membership units at a set rate for distressed properties that Total Return Fund rehabs and sells at a profit.
Services and Investment Plans are constantly changing but the players remain the same.

[JWM in SD]

Core,

Stop spamming this site. You will not find what you are looking for here…sympathy or empathy for that matter.

This is not going to help get your money back.

[Bubblesitter]

It is interesting seeing the backlash against all those who got in over their heads, caught up in bubble frenzy.

This was particularly evident in run up to Bush’s mortgage relief plan announcement last friday. The mainstream media, OPed pages where proclaiming “no bailout for flippers”.

A note to the scam victims, many may be good christians as the site claims. One of the 7 deadly sins is greed.

[Author]

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