Friday, June 22, 2007

Update on the Elk Grove Mortgage Fraud Story

From KCRA (also video):

Federal indictments are expected in the coming weeks after some local companies were accused of a real estate scheme that left several investors nearly broke and many Elk Grove homes in foreclosure, officials said.

A real estate agent who investors said took part in the deals is now out of a job and the state is now taking action as well.

Following a KCRA 3 investigation, the state Department of Real Estate filed a civil complaint against mortgage company officials and a Realtor, alleging fraud, dishonest services and much more.
[I]f indictments are issued and convictions are made, officials said, those involved could be looking at up to 30 years in prison and millions of dollars in fines.

1 comment:

jackpayne said...

Why is it the Sacrmento fraud market never goes flat, as it does, from time to time in other areas of the state? I have long been perplexed by this.

--Jack Payne