Comments on: Busted-Largest Mortgage Fraud Ring in Fairfax County

By: cindyjones

cindyjones — Sun, 27 Sep 2009 18:57:06 +0000

Greg-when brokerages were filling desks when any available warm body it was easy to see trouble coming. I think we see some of the same issues with REO agents who are handling 100′s of listings. Little supervision and lots of questions about how their business is operating.

By: greg stiger

greg stiger — Sat, 26 Sep 2009 14:27:47 +0000

I agree-but I fear that the broker biz model that allows one person to manage the activity of a hundred or more agents,most of whom receive no training beyond the basics, will continue to lead to serious problems with the repuattion of what I consider to be a noble profession.Hope that I am wrong…

By: cindyjones

cindyjones — Sat, 26 Sep 2009 12:56:41 +0000

Greg-there are a lot of schemes that happened when no one was minding the stores. In some cases the brokers were raking in their portion of the money and looking the other way. I suspect we will see more agents and their brokerages under scrutinty for a few years to come.

By: greg stiger

greg stiger — Sat, 26 Sep 2009 11:50:55 +0000

FINALLY! Now if the FBI can follow up on the other “raise the list price-then cash back” fraud sales from 2006/2007 ,agents who operate on the edge-under brokers who do not even begin to know what their agents are doing-MIGHT just take note that justice may be slow, but it is coming their way! When I called my association to report fraud, they seemed disinterested as in “we are a trade organization-not an investigating body”. THAT has to change too!