Sunday, June 22, 2008

La Vida Loca

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.

2008-06-20: More than 400 indicted in nationwide crackdown
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.


Eric Ogunbase said...

I wonder when they'll start cracking down on the underwriters that signed off on these "purchases".

Underwriters are supposed to be the stopgap. The ones who protect the company interests from the salespeople. This concept works fine in the insurance world. Why not in mortgage lending?

paula said...
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