“Ameridream” fraud at 10670 Anaheim Dr. La Mesa ?

[cantab]

See http://www.redfin.com/CA/La-Mesa/10670-Anaheim-Dr-91941/home/5645332
This house was listed on June 1 for 445K. It sold for 680K in September 2008. It sounds like the previous buyer went into default almost immediately, and the taxpayer will lose over $300K from guaranteeing the mortgage. Did some subset of the 2008 buyer, seller, agents, appraiser, and lender conspire to defraud the taxpayer?

The 2008 listing is visible at http://www.redfin.com/CA/La-Mesa/10670-Anaheim-Dr-91941/home/5645332/sandicor-088025000
It said “SELLER MAY BE WILLING TO PAY FOR ALL BUYERS CLOSING COSTS & DOWNPAYMENT THRU AMERIDREAM PROGRAM”. A dream for some, a nightmare for the taxpayer.

When the house sold for 680K in 2008, its Zillow valuation was around 500K.

[jpinpb]

Sadly, I’ve seen other similar transactions.

[jpinpb]

Sadly, I’ve seen other similar transactions.

[jpinpb]

Sadly, I’ve seen other similar transactions.

[jpinpb]

Sadly, I’ve seen other similar transactions.

[jpinpb]

Sadly, I’ve seen other similar transactions.

[Author]

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