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State Joins Inquiry Of Unusual Loans

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Francois K. Gregoire

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Florida
State Joins Inquiry Of Unusual Loans



By Shannon Behnken of The Tampa Tribune
Published: March 5, 2008
TAMPA - Hundreds of peculiar home sales and foreclosures clustered in low-income neighborhoods in south St. Petersburg have attracted the attention of the Florida Department of Law Enforcement.
The deals involved unusual mortgages uncovered last summer in a Tampa Tribune investigative report. The sales are tied to a real estate investment program run by a local businessman. Several buyers complained to local police that they bought the properties at inflated values.

Ellen Wilcox, an investigator with FDLE, said the case recently was referred to her by the St. Petersburg Police Department, which turned over a spreadsheet of addresses.

"We're looking into it," Wilcox said.

http://www2.tbo.com/content/2008/mar/05/state-joins-inquiry-unusual-loans/

Follow up story tomorrow.
 

Tony V

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Mar 29, 2005
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New York
After a quick read it appears that some of the buyers involved were..

""Happy then, sad now""....."" I was clueless""

What ever happened to taking responsibility for ones actions....m2:

Seems some of these folks thought that this was a quick way to major $$$$...Greed over common sense...Of course with a ""little"" help from their friends..:nono:
 

Michael Tipton

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Florida
Frank, any thought about FDLE expanding their investigation statewide? I would be surprised if the lender only operated in one market in ST. Pete.
 

Francois K. Gregoire

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Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Frank, any thought about FDLE expanding their investigation statewide? I would be surprised if the lender only operated in one market in ST. Pete.

The FDLE agent quoted in the article works out of the Clearwater Field Office. I don't know how the FDLE divides up the work, the state or the assignments. They do seem to be taking their cue from the papers, however.
 

Francois K. Gregoire

Thread Starter
Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Follow Up Story

Here is the follow up to yesterday's Tampa Tribune story

Appraiser Evaluates Whether 303 Homes Are Overpriced
By SHANNON BEHNKEN, The Tampa Tribune
Published: March 8, 2008

TAMPA - South St. Petersburg homeowners living in neighborhoods with homes sold at inflated prices may no longer have to pay higher property taxes because of those transactions.

The Pinellas County Property Appraiser's Office is combing through each of 303 sales, first detailed in a Tampa Tribune investigation, and will likely disqualify them as comparable sales used to determine the value of nearby homes, said Ron Anderson, deputy for appraisals.
 
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