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Thursday, July 23, 2009

More on Foreclosure Modification Scams

by Calculated Risk on 7/23/2009 09:22:00 PM

From Matt Padilla at the O.C. Register: DA raids Ladera homes tied to alleged loan-aid scam

Investigators with the Orange County District Attorney early Thursday morning searched three Ladera Ranch homes tied to an alleged foreclosure rescue scam.
Attorney General Jerry Brown last week said he has filed suit against the men for allegedly charging homeowners $4,000 in upfront fees and then failing to get them cheaper payments on their home loans.
Earlier in the week District Attorney Tony Rackauckas told a group of community leaders his office is expanding investigations into real estate fraud.

Elizabeth Henderson, an assistant DA who spoke at the same event in Garden Grove, said 30% of the cases handled by the office’s major fraud unit are tied to real estate, up from an average 10% in past years ...

“We want to send people to jail,” she said.
Once again some of these scamsters are former subprime mortgage brokers. I bet many people hope Ms. Henderson is successful!