BluefoxToday blog : FBI Operation Stolen Dreams in Nevada

FBI Operation Stolen Dreams in Nevada

One Hundred Twenty Three (123) individuals have been charged, convicted or sentenced since March 1 (according to the Las Vegas Review Journal) from the FBI's Operation Stolen Dreams.

Names or details have not been released.  It is being insinuated that the fraud is from straw buyer activity and many of the 123 targeted from the probe are real estate related professionals.  I am wondering if any activity is from short sale fraud and what I call "flip flops".

There are some comments annoying me on LVRJ's website.  This is the reason why I don't like commenting on LVRJ's website nor do I allow anonymous comments on my website.  Some times it is hard to convince people who do not know what they are talking about that they are dead wrong.

Here are some of them and my answers to them (scroll to bottom of article):

Commenter 1:  Even today, Realtors are encouraging people to buy new homes and walk on thier old homes. They call it a strategic default and consider it harmless

Commenter 2:  I hope they are going after the realtors that are assisting people in buying a new home while walking away from their old. Then after that the FBI needs to investigate the banks that start the Foreclosure process, a person walks away as they have no hope in keeping it, and the bank leaves it in the homeowners name until they have a buyer which at that time they foreclose then sell it. This way the bank does not owe Republic Services, HOA's and others for unpaid fees.

I would love to know who is lending to these people.  First off, if someone was so honest about this activity, I would not participate.  If I did participate, I don't know who is lending to these people.  Underwriting guidelines are tough (and have been to mitigate risk.)  Some people still pretend they are the first to come up with "well my spouse isn't on the loan so we will let the home foreclose and they can buy one."  WRONG WRONG WRONG.  Underwriters want to pull spouse's credit now too. 

As for unpaid fees, I don't know if they are talking about private trustee sale purchasers.  If the bank has to buy back their own property (REO), they are responsible for back taxes, HOAs, liens and other fees.

Sorry but it just annoys me to no end when people say things that are not likely to happen and make it sound like it is happening all the time.  It could happen, I guess, but lenders have made it pretty tough to go around this - and these guidelines have been in effect for I would say a solid 2+ years now.

I guess my point of the story was to address the points above and say I am chomping at the bit to hear whom and to what degree the individuals were charged.


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Comment balloon 11 commentsRenée Donohue • June 18 2010 07:17PM

Comments

I really hate the insinuation that realtors are encouraging people to walk away from their homes and buy new ones. Some realtors may in fact be doing this, but do they have to make it sound like we are ALL doing this?  There is always a bad apple in the bunch regardless of profession.

Posted by Cynthia Larsen, Independent Broker Serving Sonoma County, CA (Safe Haven Realty) over 8 years ago

Good article, people are always looking for something for nothing. Why not just build a great business. By the way thanks for your comment on my blog, You can make a video like that one on google it is part of their sharing the success program.

Posted by Ross Quintana, Real E Smarter Real Estate Coach - 509-362-1966 (Real E Smarter) over 8 years ago

Interesting article. I too would be interested in knowing all the juicy details. Don't ya just love a good scandal - LOL...

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) over 8 years ago

Hi Renee . . . great post.  If any Realtor knowingly assists in fraud, that's one thing.  If they have NO CLUE, that's another.  And I agree, it's easy to toss out "they" and "them" but I'm sure only a handful of bad apples are spoiling the whole bunch.  I've had my fair share of buyers who I WALKED AWAY FROM because of the weirdness in their purchase plans.

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) over 8 years ago

Renee

Unreal, what lengths people go to; I so know what you mean about trying to convince people they are wrong until we turn blue.

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 8 years ago

Renee, it seems that those who squeak the loudest are the most uninformed.

Posted by Damon Gettier, Broker/Owner ABRM, GRI, CDPE (Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert) over 8 years ago

Hi Renee, Some people with an ax to grind can and do make insinuations. It certainly is not because information is not out there to give people guidance in the correct ways to proceed. Sadly, people remember what they hear and read even when untrue.

Posted by William Johnson, San Diego Real Estate Voice, GRI CRS e-Pro CDPE (RE/MAX Associates) over 8 years ago

I'm glad to hear they are charging people.  There was just a story today about the first fraudulent borrowers and lenders that are being charged here in Southern California.  I intend to follow up on the story and blog about it here too Renee.  Keep up the good work!

Posted by Vic Steele, Broker/Consultant (Vic Steele, Broker CA BRE 01349863) over 8 years ago

Hi Renee - Here's a partial list from 8NewsNow. I took a quick glance and don't really recognize anyone. As to the RJ comments, I try to ignore them. My guess is they're actually read (and believed) by very few.

Posted by John Novak, Henderson, Las Vegas and Summerlin Real Estate (Keller Williams Realty The Marketplace) over 8 years ago

Renee, this is just the beginning of several related scams we see in Florida.  Thanks for the link.  Fry 'em!  

"South Florida has consistently led the nation in the number of mortgage fraud prosecutions." quoted from the FBI Operation Stolen Dreams, Miami office press release.  This related to activity from 2007 to the present.

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) over 8 years ago

Renee,

It's kind of expected that our housing collapse would attract plenty of scammers to try to take advantage of the situation. One of these days they'll probably release the names and yank their respective licenses.

Posted by Esko Kiuru over 8 years ago

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