If you have any information, stories or links on this please let me know. As I understand it here is the best synopsis I can provide:

When a property becomes delinquent with its mortgagor and when it enters foreclosure it is a matter of public record. Foreclosure properties are monitored heavily by predatory lenders. Equity stripping comes in several guises, but is generally a scheme where predatory lenders offer to refinance a home to create a lower mortgage payment, generate cash, and to help the homeowner avoid foreclosure.  However, the mortgage company uses a straw buyer and the title is transferred to him usually under a barrage of loan documentation. With the help of the predatory lender, this straw buyer then refinances the home, pockets the equity, and, in a few months, the home is again in foreclosure and the original owners have now lost all of their equity.