Sunday, September 21, 2008

Vijay Soni

Vijay Soni, Flipper/WaMu Customer
Successful realtor in the 1980s, but surrendered his license after being convicted of fraud in 2003. Now he's under investigation again.

Investigation Graphic

2008-09-19: Washington Mutual loaned millions to OC home flippers
In July 2007, Vijay and Supriti Soni of Corona del Mar paid $440,000 for a home at 2129 W. Civic Center Drive in Santa Ana.

Five weeks later, they resold the house to Javier Hernandez – the family gardener and handyman – for $660,000. That's a 50 percent gain in 38 days – at a time when real estate prices in Santa Ana were plunging.

Records show that Washington Mutual, America's largest savings and loan and one of its most precariously perched lending institutions, financed at least 43 mortgages worth $24.5 million on properties bought and sold by members of the Soni family since early 2007.
This is where our bailout dollars are going--thank you Housing Bubble and US Government.

1 comment:

ChicagoRealEstateGirl said...

I'm a Realtor in Chicago and I've been screaming this for months!

I'm so glad I stumbled across your site... I think more people need to read this. Greedy buyers are at fault for taking the risks too!