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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. . . .

Posted by Steve Dalton - Northwest Indiana on 05/18/2008 07:38 PM

Comments (4)

home builders of america, new home builder

Post is included in group: Mortgages
Post is included in group: The Economics of Real Estate
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4 Comments on Home Builder Horror Story

MAY

2008

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

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

JUN

2008

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

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!

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