FLASH: FBI arrests over 300 realtors and mortgage brokers in mortgage fraud sweep. FINALLY!!! And only another million or so to go...

And after they're done arresting the realtors and mortgage brokers, they can move on to the millions of mortgage fraudsters. I think Casey Serin might still be in the country.

And then... of course... they can put the kingpin himself into the paddy wagon..

Angelo Mozilo - they're coming to get you!

(UPDATE: New classic frog-march image from today's headline story on HuffPo. FBI release here. Frog-march video here)

Hundreds swept up in mortgage fraud arrests

WASHINGTON - The FBI says it has arrested about 300 real estate brokers since March — including dozens over the last two days — in its crackdown on incidents of mortgage fraud that have contributed to the country's housing crisis.

One law enforcement official put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.

The Justice Department and FBI plan to announce the recent arrests — including apprehensions in Chicago, Atlanta, Miami, and suburban Maryland — at a news conference set for Thursday afternoon in Washington.

Two former Bear Stearns managers in New York were also included in the sweep, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market.

HP follow-up.... Nice to see the FBI raid on little boy David Crisp and Crisp & Cole

Bakersfield Bubble has been all over this story from the start. The little shoe-shine boy who got banks to loan him millions, then allegedly committed mortgage fraud all over California.

(Anyone remember ZZZZbest and Barry Minkow? Got some deja-vu)

Little boy Crisp was the American Dream (and crash), on a much bigger scale than Casey Serin. I really liked the articles that fawned all over the kid for his expensive suits and private jets. But of course, it was done on debt, you fricking MSM idiots. And when the Ponzi Scheme ended, fruitcake pretend businessmen like this are the first to fry.

From waiter to flashy real estate developer to Convict #275820

Here's how he was described by the clueless Realtor.org idiots in 2005:

Bling is the thing: Crisp insists that his salespeople wear professional attire and be well-groomed. He buys luxury automobiles for his salespeople and has flown clients in private jets to view properties. “Image is key in this market,” he says. “Clients want to feel important and be with a real estate professional who’s successful.”

And here's how David Crisp is being written about today:


Crisp & Cole's businesses & homes raided by FBI

The FBI is saying little about the raids at the homes and businesses of the once prominent real estate duo Crisp & Cole.

Today's raids come as the California Department of Real Estate has a number of serious accusations against the once, high profile Bakersfield real estate team, Crisp & Cole. The DRE says it was an investigation, quote, "several months" in the making. The realtors could have their licenses suspended or even revoked.