Rafael Santiago, Angel Armendariz, and Lucette Montane
Do you still think your downtown San Diego condo is worth a fortune? Not likely.
Do you still think your downtown San Diego condo is worth what you paid? Not likely.
Six people from a downtown San Diego real estate firm are among more than 400 real estate insiders who have been swept up in a massive, nationwide crackdown on mortgage fraud.
In one case, a condo in Park Loft downtown was listed for sale in May 2006 for $845,000 to $925,000. Later, the price was raised, and it sold for $1.1 million. The buyer got a $1.1 million loan. CFS handled the loan and represented the buyer. The seller paid $174,000 to two CFS agents.
Also named in the complaint are Rafael Santiago, 39, of Riverside; and Angel Armendariz, 27, and Lucette Montane, 25, both of Chula Vista. They are fugitives, Alexander said.