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 oversight has brought these low lifes to the surface as their greed was allowed to get the better of them.
Now, at least in Connecticut, these folks are getting flushed out. The real estate industry has it’s own crosses to bear as does most industries. The real shysters and hucksters that are out only to make a buck and could care less what the results the buyers and sellers experience are the ones that give the industry a bad name.
The RE.net, led of course by Bloodhound Blog, is talking about a super level organization to represent the best and most ethical of agents. That is all well and good, but if the National Association of Realtors enforced their own guidelines and ethical policies and investigated ethical lapses with the vigor they deserve to be, the organization would not be facing an uprising by their best and brightest.
Blumenthal said the prospective home buyers were lured to buy properties listed at inflated values, using mortgages with concealed costs they could not afford due to falsified incomes and assets. Many of the borrowers failed to find or keep renters and could not afford monthly mortgage or tax payments, Blumenthal said.
The state knows of three dozen or so borrowers in the alleged scam, which may have involved hundreds of thousands of dollars, he said. “These practices preyed on the most vulnerable citizens — many of them first-time unsophisticated low-income home buyers who spoke little or no English,” Blumenthal said. via the Courant.com
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