California Real Estate Fraud Report

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Lehman Bros. to Cut 1,300 Mortgage Jobs

On Thursday, Lehman Bros. Holdings announced that it was eliminating 1,300 jobs from its Aurora Loan Services unit and close three of Aurora’s offices in Orange County, Florida and New Jersey. This is the fourth round of cuts by Lehman Bros., which has made newslines in the past few months for its eyes-wide-shut response to loans reported as suspicious and possibly fraudulent by vigilant real estate agents. In fact, one wonders how many of the job cuts can be traced to the massive losses incurred by Lehman Bros. courtesy the Bevery Hills real estate fraud gang that has been profiled in this blog, the Los Angeles Times and Forbes Magazine.

Indicted members of the Beverly Hills gang include developers Mark Alan Abrams and Charles Elliot Fitzgerald, real estate agents Joseph Babajian and Kyle Grasso, appraisers Lila Rizk and Scott Robinson, loan processor Nicole LaViolette, real estate worker Jamieson Matykowski, escrow officer Timothy Holland, and mortgage banker Richard Maize.

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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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