Vegas Agent Jailed-Loan Fraud/427 unit bulk sale

Mortgage Loan Fraud Assessment based upon Suspicious Activity Report Analysis (Photo credit: Wikipedia)

The numbers must not be finished in the chart above because the courts are so busy from 2007 forward. Greed rears its ugly head once again. False statements, adding people to banks accounts to get loans all via loan fraud. Those misstatements included information about the true owners and controllers of the properties, whether the properties would be primary residences and the level of assets and income of the straw buyers. Read the link here Owner Occupied (OO) Vs. Non Owner Occupied (NOO) are classified separately for a reason of risk. I just read in another blog tonight, an investor talking about how the lenders don’t care if the buyer ever moves into the home even though stated OO. He went on to state that he had already flipped homes that were bought with OO loans. It’s all no big deal until the FBI shows up wanting to discuss the loan fraud committed with a big signature on it.

English: View of the Las Vegas Strip in the morning (Photo credit: Wikipedia)

Ladder Capital just paid over $100 Million for 427 high-rise units on theVegas Strip. $300 PSF. Bulk sales are everywhere, way out of the reach of the individual investors. Story here