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Five real-estate investors sentenced for rigging bids at foreclosure auctions

By Patrick following x   2018 May 12, 7:08pm 208 views   8 comments   watch   sfw   quote     share    


https://www.sfgate.com/crime/article/5-real-estate-investors-sentenced-in-Bay-Area-bid-12902468.php

Five real-estate investors convicted in a conspiracy to rig bids at foreclosure auctions in the Bay Area were sentenced Tuesday to either prison or probation, and additionally ordered to pay nearly $7 million combined in fines and restitution, according to federal officials. ...

Between 2008 and January 2011, officials said, the defendants would select a winning bidder for selected properties and then agree not to bid against one another during the auction. The defendants would privately negotiate payoffs among themselves in return for not competing against one another, the statement said.


This was a common news story during the bubble. Funny that the same story is back in the press. Might signal that we really are in another real estate bubble.
1   WarrenTheApe   ignore (0)   2018 May 12, 8:49pm   ↑ like (1)   ↓ dislike (0)   quote        

Patrick says
This was a common news story during the bubble. Funny that the same story is back in the press. Might signal that we really are in another real estate bubble.

Yeahhh...co-worker of my wife bought a place in Hayward for $500k. Last year. They just sold it for $750.

So, bubble yes. Don't forget that the $10k SALT Deduction cap kicks in this year too. That is going to stress this bubble, for sure.
2   Strategist   ignore (1)   2018 May 12, 11:29pm   ↑ like (1)   ↓ dislike (0)   quote        

Patrick says
Five real-estate investors convicted in a conspiracy to rig bids at foreclosure auctions in the Bay Area


Real estate investors? Now they wouldn't do that, would they?
3   komputodo   ignore (0)   2018 May 13, 7:57am   ↑ like (1)   ↓ dislike (0)   quote        

Patrick says
Between 2008 and January 2011, officials said, the defendants would select a winning bidder for selected properties and then agree not to bid against one another during the auction. The defendants would privately negotiate payoffs among themselves in return for not competing against one another, the statement said.


How did they manage to prove that without at least one of the participants dropping a dime?
4   Patrick   ignore (0)   2018 May 13, 8:08am   ↑ like (0)   ↓ dislike (0)   quote        

That's why there were not six sentencings, lol.
5   mell   ignore (1)   2018 May 13, 9:17am   ↑ like (1)   ↓ dislike (0)   quote        

Where is AF when we need him?
6   Strategist   ignore (1)   2018 May 13, 9:19am   ↑ like (2)   ↓ dislike (0)   quote        

mell says
Where is AF when we need him?


AF is packing his suitcase. Trump is taking him along to negotiate with Kim.
7   HEYYOU   ignore (13)   2018 May 13, 9:23am   ↑ like (1)   ↓ dislike (0)   quote        

Is AF packing his belt fed?
He is the world's top negotiator.
8   Tenpoundbass   ignore (9)   2018 May 13, 9:47am   ↑ like (0)   ↓ dislike (0)   quote        

This is why RE has been held hostage since the start of the boom.

RE scumbags should be sent the Philippines on a boat loaded with Heroin.




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