Eagle First was just one enabler of the biggest ponzi scheme ever to hit Arizona, which as many of you know became the flim-flam-scam-o-rama-fake-economy-state during the Late Great Housing Bubble.
This company was just one of many unregulated mortgage broker firms promoting the "cash-back" fraud, and now that politicians and the MSM in Arizona have woken up to the fact that their housing market was all a sham, you'll start seeing company shut downs, arrests, new laws and one hell of a clean up.
Arizona property prices will crash 30% to 50% over the next 36 months, I am sure of it. Their 55% 2005 bubble was a fraud, a scam and a joke. Hundreds of thousands of REIC connected jobs will disappear, the Arizona economy will be devastated, and stucco home ghost towns all over Phoenix and Tucson will emerge.
And the walls come tumbling down. The money ain't gonna get paid back. The Great Unwinding is here.
Mortgage company shut down - Mesa-based firm caught in state's fraud crackdown
Regulators have shut down Mesa-based Eagle First Mortgage and its more than 75 Valley branches, citing illegal lending practices.The Arizona Department of Financial Institutions pulled the license of the mortgage firm and its broker, David Sanchez, last week.
Regulators have shut down Mesa-based Eagle First Mortgage and its more than 75 Valley branches, citing illegal lending practices.The Arizona Department of Financial Institutions pulled the license of the mortgage firm and its broker, David Sanchez, last week.
Regulators described more than 100 illegal money transactions, loan activities and hiring practices. The firm, one of the largest that Financial Institutions has shut down, has until March 14 to finish any outstanding loans and close its doors
A wave of mortgage fraud started spreading across the Valley last year that could cost lenders millions of dollars and erode values and confidence in Arizona's real estate market and economy. Most of the fraud is coming from cash-back deals that involve obtaining a mortgage for more than a home is worth and pocketing the extra money. But there are other types of fraud such as faking and forging documents and lying about income and other personal information for loans.
It's estimated there are as many as 18,000 unlicensed people taking mortgage applications, negotiating rates and getting loan commissions statewide.
