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This tour of San Elijo Hills includes a house sold in March by one of the Lopez Brothers, who ran Century 21 Eldorado.  The Mortgage Fraud Blog has a good summary of their specific fraudulent acts:

http://mortgagefraud.squarespace.com/journal/2007/11/25/four-plead-guilty-in-san-diego-sub-prime-mortgage-fraud-case.html

During the conspiracy, they brokered fraudulent loans (including first and second mortgages), averaging approximately $400,000, for over 200 unqualified clients.

As part of their guilty pleas, the defendants admitted that they solicited clients at swap meets and by advertising in Spanish language newspapers and publications and on Spanish language radio stations. At times they used third parties with higher credit scores as “straw buyers,” misrepresenting to lenders that the third parties would occupy the homes. To fraudulently qualify clients for loans, the Lopez Team inflated clients’ incomes and bank account balances; falsified employment, rent, and credit information; misrepresented that clients were United States citizens; used altered social security cards and bank statements; and purchased from tax preparers letters that misrepresented that clients were business owners and that the tax preparers had prepared the clients’ tax returns. When lenders called to check the references, they impersonated employers, landlords, and creditors to falsely verify the information.

The defendants admitted that they obtained $1,070,000 in loan commissions from their fraudulent loan activities. As part of their plea agreements, Alejandro Lopez, Emilio Lopez, Sekhon, and Velasquez have agreed to repay to the Government their illegal gains, totaling $1,070,000, in the form of forfeitures or fines.

The Lopez brothers lost a home at the end of Schoolhouse to foreclosure, and sold short the one featured in the video below.

Emilio and his wife still own this house on La Plaza for which they paid $1,311,000 in Sept., 2004, with loans over a million dollars.

At least Emilio’s real estate license was revoked in November, 2008.

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In the San Marcos zip code 92078 there are a total of 375 NODs, NOTs, and REO properties, according to Foreclosureradar.com: 

NOD = 207
NOT = 117
REO = 51

Year-to-date there have been 66 properties foreclosed in 92078. Thirty-five of those trustee sales have happened since June 1st, and of those, seven (or 20%) were sold to a third-party, rather than back to bene.

 

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