“Just as regulators, lawmakers and all forms of financial oversight boards are talking about new regulations to guard against mortgage fraud and another mortgage meltdown, there appears to be yet a new mortgage fraud out there today, allegedly perpetuated by agents of, yes, the big banks.
I was first alerted to this by Jeremy Brandt, the CEO of several companies that bring short sale agents, investors and sellers together.
His companies include 1800CashOffer, HomeFlux.com and FastHomeOffer.com. Brandt has a huge network of short sale real estate agents, and over the past several months he’s been receiving all kinds of questions and complaints about trouble with second lien holders…”
Read the full article: http://www.cnbc.com/id/34877347
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© 2009
January 22nd, 2010 at 8:05 am
This guy seems to run a “middle man” quick flip equity scam. His investors gain some kink of interest in the property and negotiate a below market short payoff so they can flip it before they buy it. WOW, talk about the pot calling the kettle black.
I think we should be careful in who we give a platform to.
I too feel these out of escrow payments are a case of banks defrauding banks. But his motivation to whistle-blow is obvious.
Thanks
January 25th, 2010 at 1:36 pm
Thanks for your comment, Barry. AAR doesn’t have an official position on this issue; our goal at AARNews.com is to share interesting real-estate-related articles from various news sources with the membership. Your point about looking at both sides of an issue is an important one.
Thanks for taking the time to post!
Sage Dillon
AAR Communications Manager