Mortgage Fraud Conspiracy in Cape Coral (Sarasota, Port Charlotte: for sale by owner, real estate market, foreclosures)

[yoko]

" O'Brien agreed to participate in a "cash-out" mortgage fraud conspiracy in the Cape with a group of individuals that included Stephen Petrovich, 35, a former detective from the CCPD and the son of Police Chief Rob Petrovich. O'Brien was a sergeant at the CCPD until he submitted his voluntarily resignation effective May 3.

The mortgage fraud scheme took place from 2007-08 and involved eight properties in the Cape, according to court documents. The group reported "inflated sales prices to lenders and falsified applications for loans based on the higher prices, then pocketed the excess loan proceeds at closing."

The plea deal states that O'Brien agreed to buy a home for an inflated sales price, then submitted a fraudulent loan application in order to qualify. O'Brien made three payments on the home before walking away. The home went into foreclosure.


O'Brien reportedly walked away from the deal with about $95,000, which he used to refinance his primary home, to pay bills and loans, and to buy a car.


http://www.cape-coral-daily-breeze.c....html?nav=5011




" Amara, a company based in Cape Coral, was working with several small businesses to create fake employment records for homebuyers.
“Some people were construction workers, others were unemployed. Nobody had near the income that was put on their applications,” says Florida Department of Law Enforcement.

Court records show that the Office of Financial Regulation inspected almost 50 Amara loans. About half of the loans were in foreclosure.
According to the criminal case, Amara worked out deals with small businesses where they would pay them anywhere from $300 to $500 for every fake “employee” they would verify. "


http://charlotte.floridaweekly.com/n...__madness.html

[mnpedwards]

And?

[yoko]

“Herald-Tribune reviewed more than 19 million Florida real estate transactions to determine how much of the bust had its root in housing fraud.

The year-long investigation found that more than 50,000 Florida properties flipped under suspicious circumstances from 2000 through 2008. Those flips artificially drove up housing prices and tax bills and contributed to the crush of foreclosures that has gutted the real estate market.

All over the state, professional property flippers made billions in profits on the back of concocted land deals. When the market crashed, they left banks and the American public to clean up the mess."

Investigation: 'Flipping' in Florida | HeraldTribune.com | Sarasota Herald-Tribune


“The Herald Tribune’s team found from 2000 t0 2008:
1,222 suspect property flips in Lehigh Acres,
1,815 in Cape Coral,
1,010 in Port Charlotte and North Port,
535 on the Cape Haze peninsula."

Map: heraldtribune.com/flip.
http://www.heraldtribune.com/article...-1/NEWSSITEMAP


“$10 billion in suspicious deals in Florida alone."

http://www.heraldtribune.com/article...ICLE/907191025




Who do you think is paying for all of these?

[yoko]

" Second officer to plead to a mortgage fraud-related crime in the last two months.

Three days after closing on the xxxx Stratford Court house, he submitted a loan application for a refinance on his primary residence of xxxx SW 27th Place in Cape Coral, which failed to report the Stratford Court purchase. He made three payments on the Stratford Court property and then walked away, letting it go into foreclosure.


According to court documents, from May 2007 to July 2008, Bossert, Forrey and Reese would find real estate for sale by owner, while Forrey, Reese and Petrovich would negotiate the purchase on behalf of third-party buyers at inflated sales prices. "




Another Cape officer pleads to mortgage fraud scheme | news-press.com | The News-Press

[JERSEYGIRLJODI]

just a little extra note the father of the 1 guy is the chief of police and now is retiring isn't that convienant

[yoko]

" KB Home has promised to fully remediate and completely rebuild Mrs. Pxx's home in Cape Coral, Florida and remove all of the defective drywall and remediate the home.

KB Home formed a joint venture with Countrywide, now Bank of America, to unlawfully fix and manipulate the appraisal, sales price and financing of the home with two mortgages.

But KB Home did not stop there. The house was seriously defective and contained major structural problems including as to the foundation and the use of defective Chinese drywall throughout the home.

For several years, KB Home concealed this critical information from the Pxxxs. The Pxxxs and their child suffered daily from noxious sulfur odors, frequent headaches, inability to breathe properly and an inability to conceive a new child.

According to the Pxxxs, it was unbearable. Now, Bank of America, formerly known as Countrywide (who engaged in a joint venture appraisal scheme with KB Home) is foreclosing on their home and seeking hundreds of thousands of dollars from the Pxxxs, notwithstanding all of the egregious acts of KB Home and Countrywide. "


June/18/2010
Gilman and Pastor, LLP is Investigating KB Home and Other Companies for Fraud - MarketWatch