Greed is Good? NOT. Foreclosure Fraud arrests!

The FBI has launched a massive foreclosure fraud campaign in northern California arresting dozens.  Plea bargains and guilty plead abound.

Here’s a report from the SF Chronicle.

http://www.sfgate.com/cgi-bin/article/article?f=/c/a/2011/02/04/MN3F1HIV4H.DTL#license-/c/a/2011/02/04/MN3F1HIV4H.DTL

What is is all about?

Greed.

The “professional bidders” get together, and agree among themselves as to who will bid on any particular property.  Then, later, they get together againand hold a second sale – among themselves.  No public bidding. 

Ouchie.