Real Estate Fraud

Main Street USA’s Hussian Sentenced to Prison over 9 Million Dollar Fraud Case

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!Booms attract crooks, they always have and always will. When a boom deflates though, the vermin usually are exposed for what they are and their scams unravel. Such is the case of Aleem Hussain, a Guyana native who ran [...]

4Oct2007 | Tom Royce | 0 comments | Continued

No Money Down is a Distant Memory in Home Buying

And I am glad for it. No money down on an asset as large as a home is and was pure madness in my mind. Sure, a few ended up making a nice profit at the end either through appreciation or speculation, but many others were burdened with the threat of a fluid housing market [...]

8Sep2007 | Tom Royce | 1 comment | Continued

Connecticut Goes After Predatory Lenders and Agents

Connecticut Attorney General Richard Blumenthal is leading the charge in attempt to prosecute the real estate and mortgage professionals in the state who actively preyed on those less qualified to buy a home and pay for it. There is an underworld in real estate one can not deny. The recent cheap credit and lack of [...]

6Sep2007 | Tom Royce | 0 comments | Continued

Possible 169 Years In Jail For Michael Schneider for Real Estate Fraud

For the grand scale of the crime, Michael Schneider gets the notoriety. For the execution of 173 felony counts of real estate fraud he failed miserably. The real estate broker from Hillsborough, California committed the typical real estate fraud scams of selling homes to multiple buyers as investments, failing to pay mortgages on the properties, [...]

2Aug2007 | Tom Royce | 0 comments | Continued

Mortgage Fraud An Uphill Battle At the FBI

If you are planning on being a white collar criminal and committing mortgage fraud, this is the time to do so. Do to a lack of funding and manpower the FBI is short 2,500 agents that they previously had to investigate white collar crimes such as mortgage fraud. The demands in a post 911 world [...]

6Jul2007 | Tom Royce | 0 comments | Continued

Pinnacle Development Partners Gene O’Neal Pleads Guilty To Fraud Charges

The head of Pinnacle Development Partners, Gene O’Neal, plead guilty to fraud charges in the bilking of real estate investors over the past 2 years. O’Neal used fancy advertising in national publications to lure in investors to fund his lifestyle. Instead of investing in real estate like the prospectus said, O’Neal created a ponzi scheme [...]

5Jul2007 | Tom Royce | 3 comments | Continued

Next Georgia Marijuana Grow House Cooperative - Lee County

Is it that luxury homes in Georgia are less expensive, or is it the power companies are so daft that stealing thousands of dollars in power a month is below their radar screen. Whatever the reason, the use of marijuana grow houses in Georgia are proliferating as the most recent bust in Lee County has [...]

3Jul2007 | Tom Royce | 3 comments | Continued

Appraisal Institute Spokesman Alan Hummel Blames Inflated Appraisal Numbers On Mortgage Brokers

“Hitting the Numbers” is all because of the evil mortgage brokers according to the spokesman for the Appraisal Institute Alan Hummel. Hummel speaking to a Senate subcommittee on mortgage abuse tried to deflect the huge amount of over-inflated appraisals back on the mortgage companies as if the appraisers have no responsibility for the unethical work.
To me [...]

27Jun2007 | Tom Royce | 9 comments | Continued

Real Estate Appraisals and Appraisers Under The Microscope

With all of the fury over mortgage foreclosures, state officials across the country are putting appraisers and their inflated appraisals under the microscope. The game of nudge nudge, wink wink between appraisers and mortgage lenders has been going on for years, but with rising housing prices and easy loan money it was largely under the [...]

23Jun2007 | Tom Royce | 0 comments | Continued

Out of Work Appraiser Stealing Licensees Identity

The slowdown of real estate sales is causing some to take drastic and illegal actions. An appraiser working under another’s license was laid off because there was not enough work. The man, Phillip Contreras, forged the signature of the licensee and stole his identity to continue to do appraisals. Now Fresno, California police have lodged [...]

23May2007 | Tom Royce | 2 comments | Continued