New Charges Added And Four More Suspects In Las Vegas Mortgage Fraud Scheme
Vintage Vegas was especially hard hit by the alleged Mortgage Fraud scheme by the owners of Distinctive Realty.
5th Place, 6th Street, 16th Street, 8th Place, Cochran, several in McNeil and several in Paradise Palms all had homes sell in 05 and 06 where the deals looked fishy to me. There were at least a dozen homes that I’m aware of, and there were probably plenty more in Vintage Vegas. I guess I was lucky to have never have never been involved in a transaction with them.
The problem with mortgage fraud and inflated appraisals is that it helped to bring the “suburban foreclosure crisis” back into Vintage Vegas. We were all fooled by the prices that homes were selling for. Where the suburban crisis was caused by rampant speculation, we were unknowingly plagued by rampant thievery.
Just as all home values in a neighborhood are affected by a foreclosure, we were misled as to the value of homes based on sales that were involved in the conspiracy.
The other problem with mortgage fraud is that it helped fuel the frenzy of 05 and 06, and the subsequent “reversal” of fortunes that we’re experiencing today.
I think life sentences are in order.