SCAMS/FRAUD in today’s real estate and mortgage industry

“For the love of money is the root of all evil” and as someone else finished that by saying “and in America Ignorance of Money runs a close second.”

It is sad to see but these phrases are so specially very true when it comes to real estate transactions by inexperience and unscrupulous so called “professionals” working in our industry.

We do have SOME bad apples in our industry, just like in any other type of industry but fortunately for us and the consumers, there are laws that protect us all from those bad apples.

Recently HUD brought a federal lawsuit against Property I.D. Corporation. This company is a large hazard reporting company in California. The lawsuit also involves four California real estate brokerages: Realogy Corporation (formerly know as Cendant Corporation); NRT/Coldwell Banker Residential Brokerage Corporation; Mason McDuffie Real estate (doing business as Prudential California Realty); and Pickford Realty Ltd (doing business as Prudential California Realty) for creating a network of “made-up” companies designed to pay illegal kickbacks to these brokers in violation of RESPA.

The federal suit claims Read more

May 31st, 2007 · Filed Under Real Estate & Mortgage FRAUD

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