0 minute readFederal agents in Northern California arrested 18 people Wednesday on charges of defrauding banks and lenders with bogus mortgage loan applications. The losses totaled at least $10m from 2005 through 2009, said FBI spokesman Joseph Schadler. Those arrested included a mortgage broker, eight real estate agents and three former employees of financial institutions, said US Attorney Joseph Russoniello’s office in San Francisco. Schadler said the defendants are accused of misrepresenting buyers’ incomes, identities and other information to obtain or arrange loans, which later defaulted.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio