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. . . .
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?
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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