Making builders accountable to homeowners
Mortgage fraud example
Las Vegas leading consumer advocates for homeowners and veteran realtors Kendall Trotter and Steve Hawks continue their discussion with former new home builder employee Dana Ellis. The trio explore the missing addendums that directed the cash back. Trotter and Hawks also ask Ms.Ellis how they buyer could have known that possible fraud was occurring. Trotter states the buyer just thinks they are getting another incentive, looking back how could have the average buyer know that addendums were not being passed on to the mortgage company.The homebuyers just knew they were getting their credit cards paid off, a new car paid off etc.. Watch this continuation of one of the most shocking events in recent Las Vegas real estate history.
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Comment by Wayne Caswell on March 14, 2009 at 10:11am - This interview shows some of the ways mortgage companies artificially inflated the appraised value of properties. It reinforces our concerns with builder-owned finance companies (mortgage, title and insurance) and the conflict of interest incentives to cheat the system. In our informal survey of the top out-of-state volume builders operating in Texas, ALL of them owned their own finance companies.
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