Home Builder Horror Story

I don't post much anymore here on Active Rain, but this one struck a nerve. 

The Mortgage Fraud Employee Benefit Program

from Calculated Risk by Tanta Thanks to Clint for this terrifying story in The Oregonian:

Fitzsimons, of Prineville, started his first residential construction company, called Sunrise Northwest, when he was 19. In August 2004, he joined forces with close friend Shannon Egeland, co-founding Desert Sun. . . .
 
Post is included in group: Mortgages
Post is included in group: The Economics of Real Estate
Post is included in group: Home Builders of America

4 Comments on Home Builder Horror Story

Wow. I read the story.  That guy is sure a piece of work. Thanks for sharing.

05/18/2008 07:45 PM by Chuck Carstensen (Re/max Associates Plus inc)

Unbelievable! How could they let this guy form a new company and give him a 3.4 Million Dollar Credit Line?

05/18/2008 08:13 PM by C Tann-Starr (REMAX People Realty)

Thanks Steve - a sobering reminder of how out of whack and detached from reality the capital markets became during the boom years

06/08/2008 09:02 PM by Chris Butler (Artisan Custom Estates)

Horror story is RIGHT!  I think there is at least one builder in the Boise area that did some very similar things.  Too bad it is not an isolated case!

06/08/2008 10:49 PM by Meridian Idaho Real Estate ~ Pam Pugmire (All Pro Realty)

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Builder-Contractor: Steve Dalton - Northwest Indiana (Green Pointe Development)
Steve Dalton - Northwest Indiana
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