Mortgage fraud case update - the St. Louis basketball coach, the straw buyers and a case of obvious mortgage fraud

Back in December of 2006, we came across this innocent little article in the St. Louis Post Dispatch about an obvious case of mortgage fraud by a popular high school basketball coach Floyd Irons. Obvious to us, but not to the St. Louis Post Dispatch.

So we emailed the reporter with how the scam works, and HP'ers also sent it in to the FBI. But then time went by, nothing happened, the reporter didn't understand mortgage fraud and wouldn't follow up, and just like Casey Serin and the other million mortgage fraudsters, we figured this would just be another case where crime did pay.

Well, for the first time in the history of this blog, we've got some good news on that front - we got our man, and the guilty are on their way to federal prison, with some hefty fines too. And the FBI in St. Louis should be commended for DOING THEIR F*CKING JOB.

Glad we could help.

One down. Millions to go.

St. Louis Post Dispatch reporter stumbles onto classic mortgage fraud and doesn't realize it

Floyd Irons sentenced to year in prison in mortgage scheme

Sobering video from the Denver Post on foreclosures, and the end of the housing bubble, Denver style

Everyone watch this uber-real video and read the excellent Denver Post series on Foreclosures, and the impact it's having on my favorite American city.

Denver had their bubble a few years before the rest of America, complete with mortgage fraud and an out of control and corrupt REIC.

And now they're having their crash.

Watch this video for a glimpse of America 2008 - 2010.
This will end so ugly. So very, very ugly. It already is in Denver.

Get ready.

Special Report: Foreclosing on the American Dream

Colorado leads a national wave of foreclosures that is leaving neighborhoods blighted and forcing many homeowners into financial ruin. In an ongoing series, The Denver Post examines why the state's foreclosure rate leads the nation and how it is affecting Coloradans, their communities and the economy.

Aggressive building and lending practices, lax regulation and a high rate of mortgage fraud, among other factors, are pushing thousands of homeowners into foreclosure.

A record 58,257 Phoenix bag-holders (aka "Desperate Homedebtors") are wondering today "where did all the buyers go"

Ah, a classic and inevitable end of a grand Ponzi Scheme is now unfolding in Phoenix. A sight to behold HP'ers. Textbook.

Phoenix, bottom line, you're screwed. Sorry to say. But it was your own doing.

50% appreciation in 2005? What a joke. Your fake economy was built on the back of a corrupt and out of control REIC, your homes are not worth 100% more than they were just a few years ago, and now your economy will collapse due to out of control mortgage fraud, massive REIC layoffs, out of control illegal immigration, and basic human greed.

Good luck out there Phoenix. You're gonna need it.