Posted on 09/21/2008 5:25:28 PM PDT by kellynla
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.
But the lender that financed both mortgages – Washington Mutual Bank – took a bath. In March of this year Hernandez's loan went into default and in July the bank foreclosed. On the trustee's deed, the bank listed the home's value at $377,137 – $220,000 less than the outstanding loan.
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.
(Excerpt) Read more at ocregister.com ...
ping
Follow up story... check the money trail on the mortgage brokers, title companies, and appraisers.... Are there any recurring names? ....Duh, well maybe something smells.
I’m preparing to close my accounts with WAMU. I can not trust banking with a business this stupid.
Don’t we have enough native born criminals without bringing the worlds grifters and con artists here under the guise of diversity?
I don’t know about the rest of the country but those of us who live in LA & OC, CA KNOW that the RE, mortgage loan companies & banks are just inundated with crooks. And Paulson, Barnanke et al would have American taxpayers pick up the tab for all these bad loans.
How does a gardener and handyman get a loan for $660,000?
I know how you feel but you might have a problem finding a bank that wasn’t and isn’t involved.
It's a nice building.
I wonder who's gonna own it in 8 months.
I had seen a report in 2007 that 60% of the home sales in CA were never occupied by the owner. Purchased only to flip the house for a profit.
Sounds like the whole country is eligible for a GI home loan now, banks, crimigrants, scam artists, etc.
Why bother serving?
“oversight problem?”
yea, that’s what crooks call it when they take your money...
it was just an “oversight” problem. LOL
I emptied my WAMU accounts on Thursday.
That’s easy! He applies at WaMu.
At the rate things are going, the U.S. Government.
Note that I said the Government, not the taxpayer.
The taxpayer owns nothing. The Government, however, owns whatever it says it owns.
Kerry Killinger (ex-CEO of WaMu) and WaMu continued making these dubious NINJA loans well into 2007. The board of directors of WaMu and the exec leadership team must be jailed for corruption.
NINJA loans = Loans extended by WaMu to individuals with No income, no job, no assets
He applies anywhere. He’s hispanic. If he was denied they’d be heavily penalized for being racist.
You need fraud to be committed by at least: an appraiser, the loan officer/mortgage broker and by 2007 an underwriter at WAMU. And that is in addition to the Soni family members and their shills.
There is no way for this to occur without a fraudulent appraisal and somebody willing to forge the loan application on behalf of the criminal selling the house to a person who has no qualification except for a high credit score (which disappears after he is burned up on the deal).
The entire Soni family should be rounded up and put in jail. Just because thre are ‘lots of cases’ doesn’t mean that some heads don’t need to be put on a pike. The ‘victims’ here aren’t poor people but rather the banks and now taxpayers.
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