"Fraudera Ranch"
You've got to read this post at Bubble Markets Inventory Tracking [excerpt]:
12 Quartz Ln., Ladera Ranch, CA 92694There's more. Much more. To the tune of a profit for this family of around half a million dollars.
--05/2004: purchased for $421,500.
--06/2005: purchased for $530,000 by Angelica, associate of "The Family."
--06/2005: Angelica immediately deed the title to Janneth.
--01/2006: sold to Saul the truck driver for $630,000.
--07/2006: NOD filed, Saul just committed a first payment default.
--11/2006: REO
--Total Profit: $100,000 for "The Family."
Tons of it at Mortgage Fraud Blog.
Casey Serin blogged his shenanigans.
Check out the Mortgage Lender Implode-O-Meter. Twenty mortgage lenders gone bust in the past couple-three months.
Hang onto your hats. We haven't seen the bottom yet.
UPDATE: I fixed the nonworking link. Sorry 'bout that.
1 comment:
RE: Casey Serin:
Some similarly business-minded folks from the old country also run into tough times, due to their own innovative ideas for creating wealth, just like Casey:
Uzbekistani immigrants await discussion of entrepreneurial methods
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