Reply to "Real Estate Fraud in Queens is Rampant!"

quote:
Originally posted by the new yorker:
I've been looking up countless properties on the city's records system and cannot tell you how many instances of blatant fraud have popped up. Properties bought for $875k and sold via "short sale" to friends or RELATIVES for $300k. Properties sold for $700k, then $300k, then back up to $750k, then AGAIN for $320k. Massive, massive equity stripping and these people are making HUNDREDS OF THOUSANDS OF DOLLARES PER PROPERTY. WTF is going on in this city?



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That's why a lot of small mortgage companies are going out of business. The bigger companies who get funding from their 'parent' companies are staying afloat but have tons of credit losses and their 'allowance for loan losses' are going through the roof.

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