California Real Estate Fraud Report

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WaMu Made Repeated Loans to Convicted Investors

Vijay and Supriti Soni  were prosecuted in 2003 by Doug Brannan, a deputy Orange County District Attorney. Now he says “Unfortunately, we are back looking at these characters again.”

The Sonis and their family members took out 43 mortgages worth at least $24.5 million beginning in 2007. While home prices in Santa Ana, where the Sonis operated, peaked in 2006 and have fallen over 40% since, the Sonis flipped more than 22 properties and never sold for a loss.

WaMu of course denies any responsibility for not checking into the criminal background of its applicants like the Sonis or others who have a record of real estate fraud or mortgage fraud.  Says spokeswoman Sara Gaugl, “We have extensive controls in place to protect the integrity of our portfolio and loan processes. We are continually enhancing our efforts to identify and prevent any potential illegal activity.

Paul Leonard of the Center for Responsible Lending’s California office has a different view. “This is a quality control problem,” he said.  “It certainly is curious WaMu’s fraud detection system didn’t pick this up. It looks very bad and it is bad. The question is how widespread it is.”

Read the Full Article  (extensive and well-written) in the Orange County Register.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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