by Jim the Realtor | Apr 13, 2009 | Fraud | 19 comments
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CA DRE #01527365, CA DRE #00873197
Your only real power as a service professional is your ability to withhold your services by saying 'No' to poor fits. The client will go with someone else when they're focused purely on price, but they will lose out on your creativity and professionalism.
House prices rose 19.8% Y/Y in August- same as the previous month & the first time the Y/Y gain hasn’t increased since early 2020. House price growth will likely slow as rising rates cut into affordability, but don't expect price declines b/c the supply-demand imbalance persists.
Even if they had bought on the open market they’d still be underwater. And that woman with the sunglasses, 5 units? No, the pusher is not to blame for the junkies’ behavior.
Yeah, this is indicative of a healthy market.
The funny part is representative of Jim McConville said Jim is trying to find way to start paying those mortgages. Dude pocketed over 12.5M of proceed and still having difficulty paying some mortgages? Those ladies are freakin idiots for not having terms and conditions in writing…words don’t mean jack!
What a sign of the times. Kelly, Rich and Jim becoming Media darlings. A few years ago no one wanted to listen to any of them, now they are the “experts”.
Contrats to all 3 for sticking to your guns and not running with the herd.
It’s time for renters to stop paying rent and start squatting. I hope the straw buyers have recourse loans so folks like “5-unit Vicki” have to sell their million dollar OC mansions to pay off lenders. It’s time to start making fraudsters take responsibility for their actions. All cash economy here we come.
No one would say they knew it was fraud in front of camera. I would have said that I totally believe him so I can be a victum, and be on the same side with DA in the court. And of course, I am trying to repair my credit scores (after pocketing $50K)….. I am such a fool…blah blah blah…
“You can’t cheat an honest man. He has to have larceny in his heart in the first place.”
They got too greedy!!!!!!!!!!!!
It just needed The Entertainer playing in the background.
Jim,
Thanks for posting this. Several thoughts:
1) again, where was the mainstream press when all this was happening (and still is)? Newspapers are dead; next, local tv stations. Watch for more voice of san diego type operations popping up all around the country. I wish newspapers would survive but management seems to be doing everything they can to kill the business.
2) Here in metro Atlanta, there are whole subdivisions that are now sitting half empty (one little number-there are 150,000 empty, brand new homes in the metro area), 90 to 100% of the “owners” were investors. It seems we had subdivisions being built and marketed mainly to “investors”. Now we find most of those were fraud schemes like the one depicted in this story.
Do the fraudsters enroll in classes on how to do this stuff? Maybe there are seminars and college credit for criminals.
3) Greed is just part of the story. I’m sorry. Those women who became the straw buyers are criminals. Stupid, yes. Criminal, yes. The story of our time is about how we have become a lawless nation. How is this any different than those pirates who bumped your story from Nightline the other night? The scary part is that almost no one has gone to jail for this stuff. The biggest criminals, like BOA Ken Lewis and A. Mozillo, are still out here.
4) Have we reached the bottom? From Atlanta, we can’t see, hear or touch the bottom!
Those OC “investors” need to stick to ventures that they have a proven track record in. Things like Gold Digging and MegaShopping! In all honesty, this clip looks like a low budget parody. The OC bee-sting lip “investors”, the villain with a “criminal record”, the “investigative reporters” and the “”victim” renter look to have come from central casting at a highschool film project!
Will, your right about those lips on those OC housewives. I think BRAVO has the new show set for next year The Screwed Housewives of Orange County.
And they both happen to be blond.
I bet they drove up in their new Mercedes Benz. They should NOT BE WORRIED ABOUT THEIR DEAD CREDIT!
They may be going to jail.
They should have to liquidate all their assets.
HOW FREAKIN’ STUPID DOES ONE HAVE TO BE TO FALL PREY TO THIS?
OMG! So this guy paid people $10k to user their identities? That’s the dumbest thing I have ever heard! For a few thousand more, he could probably have had full power of attorney and shared custody of their first born.
Escondido condos for everyone!
Wow, the housing bubble has descended from national tragedy to lowbrow farce. I was just waiting for some guy dressed as a Viking to walk onto camera and slap those bee-sting blondes with a dead fish.
Consultant said: “Do the fraudsters enroll in classes on how to do this stuff? Maybe there are seminars and college credit for criminals.”
Read this, if you have the stomach for it:
http://money.cnn.com/2007/08/06/magazines/fsb/real_estate.fsb/index.htm
From Dwip’s link:
Given those grim stats, why would anyone want to invest in real estate? Nouveau Riche borrows heavily from the investment philosophy popularized over the past several years by real estate guru Robert Kiyosaki, who wrote the bestselling advice book Rich Dad, Poor Dad. Like Kiyosaki, Nouveau Riche teaches that working for a salary is a fool’s game; the road to riches requires leveraging debt to amass a portfolio of income-generating properties.
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IMHO, this is because American workers have seen their purchasing power fall through the floor, while the “rich get richer” via financial “innovation.”
It’s no wonder we see so much fraud these days. People who actually produce things (union workers and other blue-collar employees) are being called parasites, while the banking class makes multiples more just by gambling with other people’s money.
These so called “victims” should be indicted and sentenced to life imprisonment for criminal stupidity. We need a Mortgage Fraud Tea Party to demand action be taken by federal and state law enforcement agencies to prosecute these criminals now – and stop dragging their feet.