There is no defense for outright fraud fueled by out of control greed.

Many tend to forget the people that got hurt with C&C's schemes, schemes which required little in the way of creatvity or expertise I might add.

I just wonder how complicit CSUB management is in all this. I heard millions were funneled their way to make them choose an inexperienced "kid" for such a vast project. What with going Division One and all it had to be tempting.

I notice there are a lot of people getting long sentences in Federal Prisons for straw buyer schemes. There is a rumor going around even that the FBI has established an office locally just for this case. We shall see. That fat lady won't be singing for awhile, but when she does..............

It wasn't just C&C or even other unscrupulous agents. Complicity was required from o/s appraisers, loan officers, straw buyers........ they all had a stake in it......... they were all greedy.

C&C may have been the gun but they were the bullets..............

Tell me sf, if someone had offered you 20 grand to put your name on a loan, would you have  been tempted?

 just wonder how complicit CSUB management is in all this. I heard millions were funneled their way to make them choose an inexperienced "kid" for such a vast project. What with going Division One and all it had to be tempting.

I have been wondering the same thing myself. Any sort of quid pro quo here?

 I just feel bad for the families living in those houses

So do I.

Most were probably not very financially savvy. They see these guys come along with their flashy image and they think they will look out for them. Then they take advantage of them.

That is the lowest form of human out there!

1600 to 2000 dollars/month rent on a 400,000 to 450,000 dollar house

It doesn't take a rocket scientist.

This was to good too be true for everyone involved.

I understood from the article that although there were boxes checked off on a list, there never was an actual lease to buy contract signed.  It sounds like some slippery dealings were done to avoid tying the company up in such a deal but on the other hand, if it had been me, I would have insisted on seeing the actual contract spelling it out.   Again, it sounds like people who were rushing to buy a home they couldn't normally afford, put themselves in the hands of crooked sellers.

The one couple said they weren't aware the C&C didn't even own the house.  This whole deal just gets worse and worse.

"Where is Ed Jagels on this matter? I call for a full investigation! "

He is checking to see how he can benefit if their is a full investigation or he is busy as nixon was in destorying evidence.

He is checking to see how he can benefit if their is a full investigation or he is busy as nixon was in destorying evidence.

LMFAO!!!

bubble

I know you know better

isn't RESPA, et al more of a State matter? Even Federal?

and aren't they already "involved"

Come on now, you know better. If DRE then FBI came in, Ed needs to take a back seat and let things play out under settlement procedures acts, etc.

Don't you agree?

Now look what you have done.

sf, has swished in and asserted that Jaegels is like Nixon

You opened that door bubble, shame on you

mattlock: you need to catch up. You think you are ahead but you are in actuality behind. Danger Will Robinson

Bubble re quid pro quo--res ipsa loquitor: I know people that know people (yeah yeah we've all hear that one) that are looking into affilitations re the straw buyers not just names

this could get even uglier

this could be the biggest story the Californian ever had

and they know it (i think)

remember how long it took for the Yemini cigarette dealer to be taken down? 2 years. minimum. These things don't happen over night. settlement procedures acts, etc. are not just for littles, they can be for jumbos. 2nds therefrom.

BTW, you are a smart man. excuse sf he has a severe problem with commo skills

UAE $$ through Las Vegas through................. this could be bigger than anyone ever thought

justin-

LOL.

I am hearing so many rumors on Fed and State all over this case, however, Ed could go in an get some local justice.

This case should be "slam dunk" (not a Tenet style one either). What the hell is taking them so long? I am just hoping someone will alert me to the perp walk so I can get some photos.

"Bubble re quid pro quo--res ipsa loquitor: I know people that know people (yeah yeah we've all hear that one) that are looking into affilitations re the straw buyers not just names this could get even uglier this could be the biggest story the Californian ever had and they know it (i think)"

I think there are still 3 major chapters before this book is finished (I am not saying what those are either). I can't wait to get to the end of this page turner!

ROFL!

Finally an "adversary" worthy. BTW, love the bubble .... Ha!

Great links, I go there every day and my SO and I commisserate on what we read therein (its the only time we talk)

I am but a mere "investor" and, as such, an observer. However, I have watched the kinds of deals with 2nd's and appraisals, and straw buyers, and all ad nauseum

why was this allowed to happen? irrational exhuberance ring a bell?

You know Ed. If there is a good sound bite in it for him he may well "bite". I wish he would. Ed Jaegels is smarter than most people I know. Maybe he'll sick annointed one (Lisa Green) after Bruthuhs case, on it..... LOL!

Bottom line: Matt: there is more. much more. Bubble knows it. He just doesn't have the skinny...........yet................

Whore Us

Who?

You know something bubble?

I might as well say it right now

You have provided a service to this community (to those that pay attn anyway) for quite a while now

I think you are great

Not SFC Luis Gutierrez-Rosales great you understand, but great all the same

Seriously, you have suffered the slings and arrows of Baco Bits' outrageous unfortune to bring to us the ugly truth about our little "crispy cole gonna make us like LA" Armani clad dude................

 You have been VINDICATED sir!

Now it is just time to sit back with popcorn and watch the fur and feathers fly...........................

Gary Crabtree deserves some Kudos too although some highly place builders don't think he had the best of interest either...... can we say "captive market"???

I really would like to know how Crisp got three loans in a two day period on the Stockdale Highway property. I would also like to know why Cole thinks the Bakersfield public would ever beleive he was ignorant of his partners dealings.  Every Bakersfield property owner has been hurt by these two criminals as they have reduced the price of EVERY property in Bakersfield.

hopefully they will be charged 1st part of this week.

You have provided a service to this community (to those that pay attn anyway) for quite a while now

I think you are great

THANKS!!!

There a tens of thousands of others who visit the housing blogs and have been giving us good information, they have also been vindicated - Now give us some perp walks!! LOL

" Every Bakersfield property owner has been hurt by these two criminals as they have reduced the price of EVERY property in Bakersfield"

jramsey: this is what some of us have said all along. This new twist, rent to own scam, however will bring home to the average joe sixpack what these guys are doing to all of us! REO's, 2nd's, o/s appraisals, respa....... these things just ring hollow to most........... but being told you are "renting to own" building equity through rental payments when not true......now that is easily understood by even the rankest neophyte!

A market that would have risen more reasonably and then leveled off for some period of time now will crash!

Many more will be hurt. I have no sympathy for either C&C or their cohorts in crime.

Friday, July 20, 2007

California Foreclosure Specialist Sentenced for Bank Fraud

Christopher Craig, 35, Auburn, California, pled guilty to bank fraud and was sentenced to 60 months imprisonment followed by five years of supervised release and was ordered to pay $975,000 in restitution. 

According to the Indictment, the defendant approached homeowners who were on the verge of having their homes foreclosed on by their mortgage lenders.  Craig promised to loan them money but instead created documents deeding away their residential properties to co-defendants who acted as “straws” and then applied for home equity loans from Washington Mutual Bank claiming falsely that they were the …

This is the "Next Best Thing"  LOL!

With only minor researach I was able to find that most Crisp deals follow this pattern:  Buy a new home with a straw buyer from a willing builder, get 100% financing ( the friendlyl loan broker), then immediately after closing, refinance with a new first and second totaling about 20% more than the first sales price.  This enables someone??? to walk away with $100K to $200K and hope the market will continue to rise and then sell the property at an even greater amount.

Looks like that all ended with the implosion of the sub-prime lenders and the bubble burst.  Now most of the homes are on MLS, subject to approval of the lender of a "short sale".

For the scheme to work, Crips needed help from loan brokers and appraisers.  I hope the authorities or the Californian investigative reporters can expose them all.

From Today's LA Times article on California foreclosures, 2Q07:

http://www.latimes.com/busi...