Richard L Hanna

July 21st, 2008

FBI
935 Pennsylvania Avenue, NW
Washington, DC 20535
Attn: Robert S Mueller, Director

via snail mail
to: distribution list /with attachments

Dear Bob Mueller

Please treat this as a formal complaint with regard to mortgage fraud - against Richard L Hanna, Jason Stephens, Ray Sherman, Steven Gage, Kerry K Killinger, Victor Ciardelli, Pete Capra, and all of the executives at Golden Design Group, Indymac, New Century Mortgage, Biltmore Bank of Arizona, Silver State Mortgage, DR Horton, Keller Williams, Vision Development Group, and the board of directors at Washington Mutual.

By copy of this letter to D. Rico Munn and Erin Toll, please treat this as a complaint against the mortgage broker license of Peter Vincent Capra (LMB100009013). In addition, please treat this as a complaint against the real estate license of Jason Stephens (FA40021244) and his employing broker at Keller Williams - presumably Ray Sherman (EL93630).

By copy of this letter to various federal, state, and local agencies, please treat this as a complaint against each of the individuals and business entities named below.

Once Upon a Time

Once upon a time there was a hot shot golfer with a smart ass caddy. The golfer hit the ball into the deep rough. When they found the ball, the golfer said to the caddy - if you're so smart, how should I play this next shot? The caddy said - under an assumed name.

Assumed Name

There is a politician in upstate New York who goes by the name Richard L Hanna. As near as I can tell, he is a Republican. I don't know if the NY politician is the same Richard L Hanna who has been buying up properties in Colorado. It seems far fetched to me. I'm thinking it must be 2 different people who share the same name - or maybe it's a case of identity theft.

Now that I think of it, there is a very strange (far fetched) question about Michael R McCormick. Is the mass murder the same person who worked at the AG's office? Or is it 2 different people with the same name? Or is it identity theft?

Disclaimer

All of the information in this letter is my interpretation of information in the public records. It's my opinion - take it for what it's worth.

Hi Ho Silver

261 Lead Queen Dr, Castle Rock, CO 80108 (Douglas Co) - On June 30th, 2006 Richard L Hanna bought himself a house. He paid $1.2M and got a mortgage loan to match from the good people at New Century Mortgage. Since then - New Century has gone bankrupt and this property went into foreclosure. The MLS listing history shows the property has been on the market since February 2008 and the current asking price is $675,000. That's $525,000 less than the loan.

The listing history makes it clear that there was some serious mortgage fraud in the June 2006 transaction. The sole purpose of this transaction was to generate excess mortgage funds - a/k/a cash back at closing - a/k/a mortgage fraud. The (roughly $550,000) excess funds were divvied up amongst the buyer, seller, 2 real estate agents, appraiser, mortgage broker, and lender. Did I leave anyone out?

Everyone has been well trained by HUD in the process of manipulating the paperwork to make the deal work. Everyone knows what needs to get done, and everyone does their part. And everyone gets paid.

Jason Stephens (FA40021244) of Keller Williams was the listing agent and also the selling agent. He increased the asking price by $300,000 and reported a seller concession of $17,568. I think Jason Stephens and his supervisor should both have their real estate license revoked.

Dear Erin Toll

Question for Erin Toll: Is this a good example of when the listing agent should ask themselves the questions outlined in the Summer 2008 Newsletter (page 7)? Are you thinking (hoping?) that Jason Stephens and Ray Sherman should have decided this was mortgage fraud? Or not? And if they somehow decided it was mortgage fraud - then what?

What exactly should they have done? Should they have quietly walked away from the $66,000 commission?

Two Potato

2282 Dogwood Dr, Erie, CO 80516 (Weld Co) - About a month later (7/31/06) Richard L Hanna bought himself another house. The sole purpose of this transaction was to generate excess mortgage funds - cash back at closing - mortgage fraud.

He paid $387,500 and got a mortgage loan from Axis Mortgage & Investments (a/k/a Biltmore Bank of Arizona). This was a builder (DR Horton) sale, not listed or recorded on MLS. This property went into foreclosure. It went on the market in February 2008 - asking $350,000 as an REO property. It's still on the market - now asking $259,950. About $127,000 less than the loan amount. Small potatoes - who cares?

Three Potato

16402 E 107th Ave, Commerce City, CO 80022 (Adams Co) - About a week later (8/7/06) Richard L Hanna bought himself another house. The sole purpose of this transaction was to generate excess mortgage funds - cash back at closing - mortgage fraud.

The sale price is recorded as $302,500 with a loan to match by Axis Mortgage & Investments (a/k/a Biltmore Bank of Arizona). This was a builder sale, not listed or recorded on MLS. This property went into foreclosure. It recently (7/9/08) sold for $209,000 - about $92,000 less than the loan amount. Small potatoes - who cares?

Four Potato

11336 Jersey Dr, Thornton, CO 80233 (Adams Co) - About a month later (9/1/06) Richard L Hanna bought himself another house. The sole purpose of this transaction was to generate excess mortgage funds - cash back at closing - mortgage fraud.

The sale is recorded at $329,000 with a mortgage loan to match by Victor Ciardelli and the good people at Guaranteed Rate, Inc. This property went into foreclosure. It sold 7/9/08 for $230,000. About $100,000 less than the loan amount. Small potatoes - who cares?

528 Nesting Crane Ln, Longmont, CO 80504 (Weld Co) - About a year later (8/29/07), Richard L Hanna bought himself some land. It's not clear if he intended to start a potato farm.

The sale is recorded at $475,000 with a mortgage loan provided by bank formerly known as Indymac Bank FSB. If anyone reading this has any money on deposit at Indymac - my advice is to run to the bank and withdraw your money.

The sole purpose of this transaction was to generate excess mortgage funds - cash back at closing - mortgage fraud. This property went into foreclosure. It's now listed for sale at $195,000. About $280,000 less than the loan amount.

Indymac. FDIC. Does anyone see a problem here? FBI.

The FBI investigation is focused on the company [Indymac] - which was taken over last Friday by the Federal Deposit Insurance Corporation - and not individuals who ran it

CNN Money article dated 7/11/08:

The FDIC says the failure will cost the Deposit Insurance Fund between $4 billion and $8 billion

Don't Worry Be Happy

"It's possible this will be the most costly bank failure in history, but it's too soon to say," said FDIC Chairman Sheila Bair. She went on to say "People should not worry".

Q - At $280,000 a pop, how many potatoes does it take to get to $4 to $8 billion? And as a follow up - at $4 to $8 billion a pop, how many Indymacs does it take before "people" should worry?

A- Hello? Is anybody home?

Big Potato

16773 E Lake Dr, Centennial, CO 80016 (Arapahoe Co) - about 2 months later (11/3/06), Richard L Hanna bought himself yet another house. The sole purpose of this transaction was to generate excess mortgage funds - cash back at closing - mortgage fraud.

This was a builder sale - he bought the house from Pete Capra and the Golden Design Group. The sale price is recorded at $1,150,000 (that's over a million dollars) with a $1,150,000 mortgage loan provided by Silver State Mortgage.

About 2 months later Silver State Mortgage went kaput. Connect the dots. I think the CEO at Silver State Mortgage should spend some time in the Martha Stewart jail cell.

This property went into foreclosure. It's now on the market - asking $605,000. That's a smooth $600,000 less than the loan amount - and that's before expenses. Somebody is getting screwed on this one. And it ain't over yet.

More Big Potato

5045 McClure Ln, Castle Rock, CO 80108 (Douglas Co). About a year later (12/19/07) Richard L Hanna bought himself another house - brand spanking new from Steven Gage and the good people at Vision Development Group. The sole purpose of this transaction was to generate excess mortgage funds - cash back at closing - mortgage fraud. Nobody ever moved into the house - a/k/a barely lived in. Richard L Hanna never made a payment.

The sale price is recorded at $1,585,000. The good people at Washington Mutual made a mortgage loan of at least $1,188,750. I'm of the opinion there was an unrecorded 2nd mortgage and the total loan was $1,585,000.

This property is now on the market with an asking price of $899,000. That's $686,000 less than the sold price.

Let me say that again - this property lost $686,000 value in 8 months - darn near $100,000 per month. And of course it ain't over yet. It could get worse.

Richard L Hanna has some big potatoes.

Does anyone see a problem here?

How many more potatoes will it take to push Washington Mutual into bankruptcy? If you have any money on deposit at WaMu - my advice is to run to the bank and get your money out before Chuck Shumer writes another letter. Don't count on Ben and Tonto to decide that WaMu is too big to fail.

Untenable

This is how hispanicbusiness.com reported (7/8/08) what Henry Paulson (a/k/a Tonto) had to say:

But the Treasury chief made no apologies for those who either have or are about to lose their homes either because they were speculators or because they overextended themselves by purchasing homes they couldn't really afford.

"There is little public policymakers can, or should, do to compensate for untenable financial decisions," he said.

My question - What about WaMu? Are they tenable?

For those who live in upstate New York - my advice is to carefully consider your vote in the upcoming election.

How bad does it have to get?

Sincerely,

Philip G Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com

ps - To all who have read this far, please take a minute and think creatively about something you can do. Make a positive difference. If you need help, call me at 720-282-3376 or send an email.

-- End of Letter --

Navigate:

home / site map / disclaimer / proactive suggestions / phil.rice blog

Philip G Rice

resume, FoaF, OPML, RSS Feed , Business Card - scanned image, vCard file.