California Real Estate Fraud Report

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Forbes Magazine Provides Juicy Details to Beverly Hills Real Estate Fraud

Following up on the Los Angeles Times’ story of unbridled greed on the part of a pack of real estate professionals operating out of Beverly Hills, Forbes Magazine has written about some of the details that made stealing so easy: lender Lehman Brothers – too busy writing loans without showing the slightest due diligence to its investors by failing to verify loan documents; chronic crooked developers Mark Alan Abrams and his bigamist partner Charles Elliot Fitzgerald; celebrity still-not-rich-enough Realtor Joseph Aram Babajian and his crew of professionally creative appraisers and mortgage brokers.

In a plug for my home team, Christian Stevens, a broker in the Beverly Hills office of Keller Williams Realty, was the good guy that Lehman Brothers wished would go away. Calls by Stevens to Lehman Brothers to report what Stevens thought was fraudulent lending, were brushed off. When the lender finally contacted Abrams about his scam, Abrams’ reply was “What’s the worst that can happen to us?”

Another good guy was appraiser Gary Crabtree, working out of Bakersfield, California. Crabtree called lenders WaMu, SunTrust Bank, Countrywide and others to report up to 207 residential sales he believed were fraudulent. According to Crabtree:

“GreenPoint Mortgage told me it was none of my business,” he recalls. “SunTrust was another I reported numerous frauds to. They just want to write them down and get out of town.” The banks declined comment.

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© Copyright 2007-2017 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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