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February, 2007 Blog
Forensic Appraisal Aurora Colorado
by: Philip G Rice, Certified Residential Appraiser, CPA, MBA
They Don't Ring a Bell
I stumbled on this blog by Casey Serin - the blog url is "I am facing foreclosure" .com. I encourage you to read thru what he has to say - and then read the comments. There are 100's of comments.
Casey is a real estate investor / tycoon wanna-be. Right now, he is a complete and dismal failure. However, hope springs eternal.
If he had started a year or 2 sooner, he would have looked like a genius - because market appreciation (inflation) would have solved all his problems. But sadly, he got in too late, and now he is wondering if he will go to jail.
IMHO - Casey's comments, and all of the reader comments demonstrate the huge disconnect between perception and reality. This entire blog is the blind leading the blind.
I give him credit for this much - high rating on entertainment value. Well worth reading. One hilarious comment after another.
I wrote a blog entry once that said - they don't ring a bell. Maybe this Casey Serin blog is the bell. When it comes to this - it means the end is near.
tags
casey+serin mortgage+fraud
Was?
Quoting the Jim Spencer column:
lenders are starting to review the process
and
The risky-lending boom of the early 21st century was a Ponzi scheme
My comments: In particular, I question the use of the word "was" - as in past tense. These 2 statements make it sound like the lenders now have a clue, and problem is well on its way to being solved. Why would anyone think this?
As long as FHA and the good people at HUD are desperately trying to make more loans - it means that anyone can buy nearly any home with nearly zero down payment.
For example - On 02/21/07 I pulled a CMA on Aurora South (AUS) for the most recent 11 days. It shows 37 sales. The range is $137,200 to $440,000 with $224,900 the median sold price.
Per MLS (not 100% reliable) - 15 of these sales involved $zero seller concession, which means 22 reported some amount of seller concession. To be fair (and to understand the data), some of the reported seller concessions are small dollar amount. The largest reported seller concession is $45,983 (a builder sale) and the next largest is $8,300. But try to keep an open mind - because there is more to the story. Many times the real estate agent (for whatever reason) does not accurately report the hocus pocus.
Let's have a closer look at 2 of the sales. I picked one from near the top of the list, and one from the bottom.
Near the top - 5949 Valdai Way, Aurora, CO 80015 in Saddle Rock Ridge. Per MLS pg1 and MLS listing history, sold 02/16/07 as follows: contract price = $279,500, seller concession = $3,500, FHA mortgage of $275,181 @ 6.9%. I could be wrong, but I interpret this to mean the buyer moved in with a down payment of $zero. Anyone who thinks of FHA as a government program to help disadvantaged people get started with a modest home - please note the stats on this home - 5 years old, 4 bedrooms, 2.5 baths, 2,500 sq ft with 2 car attached garage. This home is way better than (about) 3/4's of the homes in Aurora. The monthly payment (PITI) is about $2,000.
Here is a quote from the HUD Webpage:
HUD’s $35.2 billion Budget for FY 2008 - an increase of $1.6 billion over last year’s request - ensures that our Department can continue to accomplish its goals, perform effectively and produce impressive results by targeting limited resources where they are most needed on programs that work.
As long as FHA and the good people at HUD are "in business" why would anyone think:
lenders are going to require borrowers to put some money into their property
The 2nd property is from the bottom of the list - 1581 S Biscay Ct, Aurora, CO 80017 in Stone Ridge. Per MLS pg1 and MLS listing history, sold 02/12/07 as follows: after 100 days on market, with the asking price $129,900 - the buyer and seller cooked up a contract of $145,000. Rob McClure (the listing agent) increased the asking price by $15,000 and reported a seller concession of $7,800. The Arapahoe Public Trustee page shows this property, and many others on the 1500 block have been in foreclosure. I have formed an opinion that 1581 Biscay is high risk for another foreclosure within 6 - 18 months. It will be about 2 weeks before the loan info (lender and $amt) is available on public records.
Negative Equity
Quoting the Jim Spencer column:
lenders believed appreciation would make up for negative equity
My comments: Why would anyone believe this? Lenders routinely lied (and continue to) about negative equity. Everyone involved in the transaction (2 real estate agents, buyer, seller, mortgage broker, appraiser, title company) does their part to produce a contract and then an appraisal report that make it look like a 100% loan.
In some cases the "investor" (Wall Street) made some kind of attempt at forcing the "lender" to "repurchase" the bad loan(s). Many "lenders" avoided this unpleasant problem by going out of business. Two good examples are found on the Tieskotter list - Ownit and Sebring - both kaput. Both relatively small players. New Century is not (yet?) kaput, but the New Century common stock was recently hammered on Wall Street. What is going to happen when Countrywide and/or National City has to face the music? If they go kaput - it's going to be a very big deal. And there won't be any columns in the newspaper with statements like:
Stabilizing home values is what this is all about
In my opinion, if (when?) the 'nothing down' loan goes away, the immediate (short term) impact on the local real estate market is going to be a large decrease in the number of people who can buy a house. And therefore, a large decrease in the $amount homes sell for. I am not talking about a 3% - 5% correction. There will be no polite way to describe it. I use the term "train wreck". I'm thinking it's going to be dramatic decreases all over town - including Parker and Douglas County.
Day Dream Believer
Denver Post column by Jim Spencer, published 02/21/07, section B page 1 (below the fold).
To understand what's happening to the mortgage industry, take a look at Douglas County. One of the country's most prosperous communities now has a foreclosure rate approaching what its former public trustee calls a "tipping point."
In 2006, foreclosures as a percentage of population were higher than any other year since 1991, said Jack Arrowsmith, Douglas' former public trustee and its current clerk and recorder.
At a recent foreclosure sale, Douglas officials offered 32 residential properties for auction. According to Arrowsmith, nobody bid on 31 of them.
That's why mortgage companies making risky loans are now closing by the hundreds.
Offering no-money-down home loans to unqualified buyers using artificially low teaser interest rates was just that - a tease. Especially here in Colorado.
We led the nation in foreclosures most of last year. We're still No. 4 in the latest RealtyTrac poll.
So on Tuesday, when a Federal Reserve governor expressed shock at the quick national collapse of the risky lending market, she sounded vaguely like Capt. Reneau in "Casablanca."
Subprime lenders, as risky-loan makers are called, are closing up so fast that financial experts now debate if it will affect the entire economy. Analysts can't agree. But with stock-market-traded mortgage companies reporting huge losses from subprime lending, it can't help.
The explanation for crazy lending has always been crazy.
"It is no longer community banks making mortgage loans," Englewood lawyer Robert Hopp told a recent foreclosure seminar at the Colorado Bar Association. Out-of-town lenders provide mortgage money for a fee. Risky loans are quickly packaged with other mortgages and sold as securities for a fee. Investors buy the mortgage-backed securities expecting a fat return.
Everybody gets paid. Risks get diluted in big loan portfolios. Those who can't afford houses suddenly can. And lo and behold, the American Dream comes true. Is this a great country or what? It all sounds too good to be true because it is.
Now, the only people capable of stopping the madness - the money grubbers - are getting a clue. Loose and deceptive home lending profits no one.
In Douglas County, Arrowsmith believes fewer risky home loans is good news. It makes lenders and borrowers more accountable, he said. That, in turn, will help everyone's property values.
Stabilizing home values is what this is all about. Arrowsmith lived through the real estate bust of 1988, when home values actually declined. It was ugly.
"It's a positive thing that lenders are starting to review the process," Arrowsmith said of the risky-loan meltdown. "But it's going to take time".
"In the long term, lenders are going to require borrowers to put some money into their property."
Sure, that thins the homebuying herd, but it forces folks back to the reality - and responsibility - of homeownership.
The risky-lending boom of the early 21st century was a Ponzi scheme. It depended on constant growth in real estate values. You could lend anybody anything so long as their house was worth 10 percent more each year. For lenders, growth meant collateral would always be worth more than the money tied up in it.
According to Hopp and Arrowsmith, some lenders made loans worth up to 20 percent more than the assessed value of homes. These lenders believed appreciation would make up for negative equity. When the market stagnated and borrowers couldn't keep up with mortgage payments, negative equity and zero-down lenders ended up with a bunch of houses worth less than the amount of money owed on them.
When that happens, you get foreclosure auctions where only one house in 32 is worth a bid.
And lo and behold, the American Dream comes to Jesus.
What's Wrong With This Picture?
I have lots of questions, few answers. Nothing about this looks "right", but it could be me. Maybe there is nothing wrong here.
MLS01a. MLS01b. MLS01c. MLS02. Deed.
5560 Helena, Denver, CO 80239. This property located in Montbello - sort of. This is not beautiful downtown Montbello, more like the suburbs of Montbello. This property went on the market in July of 2005 with an asking price of $229,900. Hope springs eternal. The property was marketed as a "short sale". The listing agent is named Kirill Merkulov. 309 days later, with the price reduced to $219,00, the listing was "withdrawn", i.e., they gave up.
In mid 2006, the lender (Deutsche Bank) got short on patience, and took possession of the property. 5 months later, they hired the Teamwerk Pros and put the property on the market with an asking price of $175,900. In 2 weeks time, the property sold for $190,000 - that's $14,000 over asking price. The listing agent (Teamwerk) reported a seller concession of $zero. This would be correct if there was a bidding war, and the buyer really paid $190,000. Raise your hand if you believe the buyer paid $14,000 over asking price.
This property was purchased by a fellow named Jack G Schatz, a licensed real estate agent. Mr. Schatz obtained a $171,000 mortgage loan from the good people at Countrywide. If we take this at face value, it means Mr. Schatz paid $190,000 to buy the house, got a $171,000 loan - which means he made a down payment of $19,000. How many people think there was an appraisal done that showed a value of (at least) $190,000?
Raise your hand if you believe Mr. Schatz made a $19,000 down payment.
I took the above picture on January 1st, 2007 (New Year's Day) at about 9:30am. I knew something didn't look "right" about this property, but it took a minute to register. Click on the image to see a larger photo, and see if you can spot it. The temperature was about 5 degrees. And 2 of the windows (above the garage) are wide open. The house is vacant, with a path shoveled to the front door.
This was not the first time I had seen this. Very cold day, vacant house, and 1 or more upstairs windows wide open. I want to be clear about this - I don't claim to know anything more than what I saw with my own eyes - and even that could be wrong. Having said that - I wonder if the reason windows are open on a cold day in a (more or less) vacant house is Meth Lab.
I did a Google search on "Jack G Schatz" - the licensed real estate agent and (investor) owner of this property. It turns out Mr. Schatz was a Plaintiff in a civil suit (legal action) in Denver District Court, and an appeal. The other party is a person named Feerouz Jafari.
No. 99CA1431 NOT SELECTED FOR PUBLICATION
Jack G. Schatz,
Plaintiff-Appellee,
v.
Feerouz Jafari,
Defendant-Appellant.
Appeal from the District Court of the City and County of Denver
Honorable John W. Coughlin, Judge
No. 99CV1317
Division IV JUDGMENT REVERSED
Opinion by CHIEF JUDGE HUME AND CAUSE REMANDED
Marquez and Dailey, JJ., concur WITH DIRECTIONS
This property is now on the market, with an asking price of $229,900. Hope springs eternal. New carpet, interior paint, and new counter in the kitchen. No indication of a bidding war this time.
What are the chances of Jack Schatz selling his investment at a reasonable profit?
Just to get a rough idea, I looked at a quick and dirty CMA. It shows 9 sales in the past 12 months from $158,000 to $191,900. Let's have a closer look at the highest sale. 5583 Hannibal, the MLS listing shows this is a short sale. Asking price of $255,000 (hope springs eternal) and an actual sold price of $191,900. The deeds report shows the price was $191,000 - for a difference of $900. My guess is the deeds report is right, and the MLS listing is wrong - but in any event, the difference is only $900. The listing history show the property on the market for 85 days.
The listing agent (Esdrel Peinado of Top Producers) reported a seller concession of $zero. Sold date is 1/12/07. This property was purchased by Camilo Ochoa, who obtained a mortgage loan of $191,000 from the good people at Lenders Direct Capital Corp - one of the Tieskotter lenders.
Presumably they looked at the sale when Jack Schatz bought 5560 Helena - a very similar property, and similar situation (lender owned). And who knows, maybe the real estate agent told Camilo that Jack paid $190K, so that's the market value. Right? How many people believe Jack paid $190?
How many people believe there was no seller concession included in the purchase price when Camilo Ochoa bought her house?
How many people believe the lenders, real estate agents, appraisers, mortgage brokers, title companies, continue to do the same thing that got Montbello into this mess? How many people believe the $190,000 mortgage loan to Camilo Ochoa is headed for the same end result as Shawn/Richard/Darlene Tieskotter (make payments for 6-12 months, and then foreclosure)? How many people believe Camilo Ochoa moved into the house and actually lives there?
Want more?
Let's have a look at 5556 Helena - more or less the next door neighbor of Jack Schatz. The MLS listing shows this property is now (02/18/07) under contract, with a listing price of $174,900. Described as lender owned, good condition. The listing history shows a failed attempt in June of 2006 at $185,000, and now a quick (pending) sale at $174,900. How many people think this property will sell with 100% financing? How many think that whoever buys this house will move in and live there?
mortgage fraud real+estate Montbello Kirill+Merkulov Deutsche+Bank Teamwerk Jack+G+Schatz Feerouz+Jafari Meth+Lab Esdrel+Peinado Top+Producers Camilo+Ochoa Lenders+Direct+Capital Countrywide Tieskotter
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Montbello / Kirill+Merkulov / Deutsche+Bank / Teamwerk / Jack+G+Schatz / Feerouz+Jafari / Meth+Lab / Esdrel+Peinado / Top+Producers / Camilo+Ochoa / Lenders+Direct+Capital / Countrywide / Tieskotter /
In Search of a Victim
This article published in the Rocky Mountain News, 2/15/07
Foreclosures rip neighborhoods
Record metro rate takes a heavy toll in northeast, southwest
Dennis Schroeder © The RockyRealtor Phil Heter, left, and his son Adam inspect a foreclosed home Wednesday at W. 1725 Stoll Place - one of six foreclosed homes within a block - in north Denver. A city-funded report tracks foreclosures, which drive down surrounding property values.
By John Rebchook, Rocky Mountain News
February 15, 2007Foreclosures in Denver since 2003 will log a fivefold increase by the end of the year, a trend that is tearing apart neighborhoods throughout the city.
A new city-funded report that tracked the swelling number of foreclosed homes found that once a neighborhood has several foreclosures, it quickly multiplies. That's just the start of the problems, which now are threatening the social and physical fabric of entire neighborhoods.
Vacant and abandoned houses drive down surrounding property values, hurting schools that depend on property taxes and can attract transients and criminals.
Neighborhood complaints about yards overgrown with weeds and filled with trash correlate exactly with areas plagued by foreclosures.
And nowhere is the impact of foreclosures more evident than in northeast Denver.
"I would say on some blocks, but not every block, in Montbello, 25 percent of the homes are in foreclosure," said -Realtor Phil Heter, who specializes in selling foreclosed homes.
"The same thing happened to Montbello in the '80s, with all of the HUD foreclosures."
Heter has about 120 distressed properties to sell, double what he had a year ago.
On one block in northeast Denver's Montbello, he has three homes he is selling for a lender, and other brokers are listing a few more across the street.
The 22-page Foreclosures in Denver was prepared by the Denver Office of Economic Development and the Division of Housing and Neighborhood Development.
The Foreclosure Task Force - created a month ago by Denver City Council President Michael Hancock - will have its fourth meeting today. It will look at some of the findings and specific recommendations in the report and try to find solutions to combat the record number of foreclosures in the city.
In 2006, a record 19,425 real estate foreclosures were filed in the seven-county Denver area. That's up from about 9,000 in 2003. The state has led the nation in the number of foreclosed homes for most of the past year.
It was important to confirm where foreclosures are concentrated, said Jacky Morales-Ferrand, director of Housing and Neighborhood Development Services for the city of Denver.
"We can use this information to better target areas with our limited resources," Morales-Ferrand said.
Also, by pinpointing where the foreclosures are occurring, "it helps heighten the awareness in neighborhoods."
Realtors Carolin Sandberg and Sarah Hayes are in the process of selling a house in Green Valley Ranch in a short-sale.
For this type of sale, the property doesn't go through the entire foreclosure process, even though the borrower is behind on mortgage payments. Instead, the lender accepts less than the amount of the loan.
The loan is for about $170,000, but Sandberg and Hayes are listing it for about $165,000. The bank is paying the closing costs, legal fees and commissions, and the move to an apartment for the family.
"A lot of people think the banks are being mean to them, but they don't want to own the real estate," Sandberg said.
Hancock, whose district includes Green Valley Ranch and Montbello, would like to create a plan for dealing with the problem.
"I hope to identify, in the next few weeks, initiatives to help bring Montbello back," Hancock said. "I have been approached by some investors who think they can really help. If you look at the housing stock in Montbello, it is full of all-brick ranches where anyone would want to live."
He also said if the city discovers it has banking relationships with lenders who are making "predatory loans" that are fueling foreclosures, it will park its money elsewhere.
City Councilman Rick Garcia, who is co-chairman of the Foreclosure Task Force, said questionable loans are to blame.
"It does appear that the growing number of foreclosures, in part, are being driven by folks who got involved perhaps in riskier mortgage products than they understood," Garcia said.
rebchookj@RockyMountainNews.com or 303-954-5207
My comments: It's sad. There was a murder at Montebello High School about 2 years ago. One student stabbed another in the cafeteria. I'm not saying the foreclosure problem caused the murder, but when I drive around Montbello, I see a neighborhood in bad shape.
Montbello could be a place where anyone would want to live - and it should be. Elizabeth Butler owns a home in Montbello. I wonder if she thinks I am the enemy?
If appraisers had the intelligence and the backbone to do their job, Montbello would be in less bad shape. Politicians who talk about "riskier mortgage products than they understood" are still in denial.
Alphonso Jackson, you should be ashamed of yourself. The mortgage market in Montbello needs high quality leadership, and instead we have the federal government leading the way down the path of no-hope mortgages based on lies. Once the real estate community starts producing contracts and appraisals based on the amount needed to get the loan approved, the system is badly broken. The company called Neighborhood Gold got the gold, and the neighborhood is now going down the toilet. Meanwhile, back at the ranch, the good people at FHA are desperately trying to LOOSEN their standards because if they can't make more loans, they might go out of business.
From MSN Money 2/15/07
Shake-up coming in high-risk loans
The Wall Street Journal reported today that big banks such as Merrill Lynch (MER, news, msgs), JPMorgan Chase (JPM, news, msgs) and HSBC (HBC, news, msgs) are unloading bad loans like hot cakes as more Americans fall behind on mortgage payments.
The banking giants, which had gone on loan-buying sprees in 2005 and 2006, are trying to force mortgage originators to buy back subprime loans, the newspaper said. As defaults have increased over the past few months due to rising interest rates and slowing home appreciation, Merrill Lynch and other big financial institutions have exercised their contractual rights to demand that sellers to take back the bad loans, the paper continued. The contracts force mortgage originators to repurchase loans that default early in their term or that come with mistakes, such as flawed property appraisals.
Last week, HSBC surprised analysts with news that its charge for bad debts would be more than $10.5 billion for 2006 -- 20% higher than it had expected. CEO Michael Geoghegan said he was taking action to change its lending policies.
Will subprime lenders stay afloat?
The surge in defaults is causing concern about whether lenders such as New Century Financial (NEW, news, msgs) and NovaStar Financial (NFI, news, msgs) will be able to manage losses. On the same day that HSBC made its announcement, New Century Financial warned about a fourth-quarter loss because of a rise in defaults.
Still, New Century shares were down 4.9% on the day; NovaStar Financial was off 3.8%. New Century is down nearly 41% on the year. NovaStar is down nearly 37%.
One mortgage broker told Market Dispatches that part of the problem was due to the disparity between household income and home value during the housing boom. "The days of paying off mortgages as our parents used to are seemingly out the door," said Jim Goodwin, a mortgage broker at San Diego's MD Mortgage Group. "The mentality has changed. Homeowners are too concerned about keeping up with the Joneses rather than building equity in their home and increasing their savings."
-- end of article --
My comments - New Century was one of the original Shawn Tieskotter lenders. The common stock got hammered last week. I expect to see this get much worse. It's going to be ugly.
Telling Lies and Selling Lies
2545 Pemberly Ave, Highlands Ranch, CO 80126
- Buyer/Borrower = Eric M Orr (licensed appraiser)
- Seller = Robert A Coy
- Amount Paid to Seller = $530,000
- Loan Amount = $585,000
- Lender = Greenpoint Mortgage Funding
- MLS pg1 - Purchase 12/22/05
- MLS pg2 - listing history
- Deeds Report
- Mortgage Fraud = $55,000
- Listing Agent = Brad Smith, Re/Max Professionals
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: This item was originally published August 16th, 2006. Updated now to indicate the Buyer (Eric M Orr) is a licensed real estate appraiser. I found 2 other purchases by Eric M Orr - (12/14/05) at 6792 Bronzite Way in Castle Rock for a smooth $995,000 and (04/11/05) at 10565 Pearlwood Cir in Highlands Ranch for $336,000. The Bronzite property is now on the market with Kimberly White the listing agent.
2 real estate agents, the buyer/borrower, a mortgage broker, appraiser, and a lender all knew what needed to be done - and each did their part. IMHO, it's likely Greenpoint sold this mortgage to a sucker.
mortgage fraud real+estate eric+m+orr brad+smith kimberly+white remax gillian+e+scott greenpoint robert+a+coy
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / eric+m+orr / brad+smith / kimberly+white / remax / gillian+e+scott / greenpoint / robert+a+coy /
February 12th, 2007
Colorado Division of Real Estate
1560 Broadway, #925
Denver, CO 80202
Attn: Cary Whitaker
This is a complaint against Edward Hefferan and Tri-Point Mortgage and Pinnacle Mortgage, 730 Broadway #102, Chula Vista, CA 91910. You can contact Edward at 866-270-9314 x112. This person and/or company are acting as a mortgage broker without a license. Please listen to the audio clip.
Audio message dated 02/10/07, available at:
http://www.mkgappraisal.com/images/blog_feb07/tripoint.wav
Note that Edward spells the address of the property wrong. 2927 S Ouray St, Aurora, CO 80013. Zillow has the property valued at $178,000.
Public records shows Oscar M Medrano (the homeowner) took out a $15,000 loan from PDQ Bail Bonds, LLC in November of 2001.
What could possibly go wrong here?
Thank you
Phil Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
mortgage fraud real+estate edward+hefferan pinnacle+mortgage tri+point+mortgage
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2 Fish
Click the photo for a full size image. It's good to know the city of Aurora is takin' good care of the 2 fish.
February 9th, 2007
Colorado Division of Real Estate
1560 Broadway, #925
Denver, CO 80202
Attn: Cary Whitaker
This is a complaint against Joseph White (a/k/a Joey, Joe, Jay) and Elite Funding Group, LLC, in Arizona. You can contact Mr White at 623-266-2508. This person and/or company are acting as a mortgage broker without a license. See below and listen to the audio clip.
Phillip [sic],
Here is the address
17822 E. Iowa Ave.
Aurora, CO 80017
Estimated Value - $155,000.00
Thanks,
Joseph White
Elite Funding Group L.L.C.
Mobile – 602-312-7990
Office - 623-266-2508
Fax - 480-393-5611
jwhite@efgaz.com
Thank you
Phil Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
mortgage fraud real+estate Joseph+White Elite+Funding+Group
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February 9th, 2007
Colorado Division of Real Estate
1560 Broadway, #925
Denver, CO 80202
Attn: Cary Whitaker
This is a complaint against Jamie Hansen and Ashley Deal and Melissa Velez (619-331-1343) at One Easy Fee Home Loans, 3636 Camino Del Rio North, #220, San Diego, CA 92108. This person(s) and/or company are acting as a mortgage broker without a license. Audio available and see attached.
Thank you
Phil Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
Ashley Deal, 4999 Duluth for Julio Herrera
mortgage fraud real+estate one+easy+home+loans jamie+hansen ashley+deal melissa+velez
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February 9th, 2007
Colorado Division of Real Estate
1560 Broadway, #925
Denver, CO 80202
Attn: Cary Whitaker
This is a complaint against Nicole Smith and United Mortgage Capital, 236 S 300 E, Salt Lake City, Utah, 84111. You can contact Nichole at 801-433-3410 x107. This person and/or company are acting as a mortgage broker without a license. See attached.
Thank you
Phil Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
mortgage fraud real+estate nicole+smith united+mortgage+capital
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Who is Zooming Who?
James L Esters, Errors and Omissions (E&O) Insurance provided by Lexington Insurance Company, 100 Summer St, Boston, MA 02110. Agency = Intercorp, Inc 1438-F West Main St, Ephrata, PA 17522. Fungus mold exclusion and a terrorism exclusion with a disciplinary proceedings extension endorsement. Master Policy number = 5113872, renewal 5113803, certificate 21040. $1.0M limit, $2,500 deductible. Advance Certificate Holder Premium = $581.
Insured:
James L Esters
3749 Deer Creek Dr
Parker, CO 80138
My opinion/analysis/commentary:
This is why a $20,000 fine will have a limited benefit to the problem of mortgage fraud. This is why James Esters has a lawyer. It's likely that Lexington has already dropped James Esters, and it's likely James Esters will have a hard time finding E&O insurance from any other company - but IMHO, anything is possible.
People that hire appraisers want the appraiser to have E&O insurance - in theory it cuts down on the chance of a "bad" appraiser because "bad" appraisers can't get E&O insurance. This is a really good demonstration of why this theory does not work very well in practice.
If James Esters can attach an E&O document to his appraisal report - who is zooming who?
tags
mortgage fraud real+estate Lexington+Insurance Intercorp Errors+Omissions E&O James L Esters
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Erin Toll Reply dated 02/23/07
Complaint against Robert Givan, Complaint No. 80357284, Investigator = Christine Stanley 303.894.2361. Form letter (1 page).
Erin Toll Replies dated 01/31/07
Complaint against Cedrick Lipsy, case number 80358251, Investigator = Daryl Lay 303.894.2668. Form letter page 1 and page 2.
Complaint against Justin Juarez, case number 80358250, Investigator = Daryl Lay 303.894.2668. Form letter page 1 and page 2.
Complaint against Derek Camunez, case number 80358249, Investigator = Daryl Lay 303.894.2668. Form letter page 1 and page 2.
Complaint against Russell Harrist, case number 80357125, Investigator = Patricia Erickson 303.894.2343. Form letter page 1 and page 2. Investigator = Future Davis 303.894.2362 Complaint No. 80357125, Case No. 80358246 page 1.
Complaint against Brad Brooks, case number 80357125, Investigator = Patricia Erickson 303.894.2343. Form letter page 1 and page 2. Investigator = Future Davis 303.894.2362 Complaint No. 80357125, Case No. 80358243 page 1.
Complaint against Joe Ma, case number 80358252, Investigator = Daryl Lay 303.894.2668. Form letter page 1 and page 2.
Complaint against Unnamed Mortgage Broker, case number 80357125, Investigator = Cary Whitaker no phone number given. Form letter page 1.
We ?
This email received February 5, 2007, sender = Aurora Appraiser
Let's have a discussion in the only language you understand.
We're making you an offer here. You take your crap of lies off the internet and we won't tell EVERYONE (government agencies, associations, clients, enemies, etc) that you've been misleading your clients and the general public with your little CPA designation lie on your resume.
Don't bother changing the resume on your website. It has been recorded in a manner that is admissible in court.
You have until 2/6/2007 12:00 PM Mountain. Do we have a deal?
My comment: We? Plural, a team? This speaks for itself. Copy forwarded to the FBI and the CBI. And by the way, 12:00 PM is incorrect and misleading - it's either noon or midnight. For those who may be concerned about my designation, please investigate, and if you have even the slightest concern, then by all means, ask someone else to meet your CPA needs.
tags
mortgage fraud real+estate Aurora+Appraiser adam+conner
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Dear Governor Ritter
This email was sent to me on February 4, 2007
Governor Bill Ritter
136 State Capitol
Denver, CO 80203
RE: Letter dated 1/26/2006 from Philip G. Rice regarding "Mortgage Fraud" 10415 Carriage Club Drive, Lone Tree, CO
Dear Governor Ritter,
Mr. Philip Rice has mentioned my name in a recent letter to you that is posted on his website regarding "Mortgage Fraud". Mr. Philip G. Rice has not checked his facts. Please acknowledge that I have never completed an appraisal nor have I ever completed an appraisal review on the said property.
Mr. Rice has inappropriately placed my character in question by making false statements in writing to you and on his website.
I am against mortgage fraud and for mortgage broker licensing. In my five years as an appraiser and nineteen years as a real estate broker, not one complaint has been filed against me by the Real Estate Commission or Board of Appraisers.
Sincerely,
Russell Harrist
tags
mortgage fraud real+estate Russell+Harrist
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Colorado Division of Real Estate
1560 Broadway, #925
Denver, CO 80202
Attn: Cary Whitaker
This is a complaint against Paul Mondello and Windsor Capital Mortgage Corp 10935 Vista Sorrento Pkwy #200, San Diego, CA 92130. This person and/or company are acting as a mortgage broker without a license. See below.
Thank you
Phil Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
It is disturbing to me that a professional appraiser would use
Zillow.com as a measuring point. Please disregard my prior request. Thank
you.
Paul Mondello - Loan Officer
Windsor Capital Mortgage Corporation
10935 Vista Sorrento Parkway, Suite 200
San Diego, CA 92130
Office: (949) 716 5890, (877) 364 2831
Cell: (949) 395 7339
Fax: (949) 203 3090
paul.mondello@windsorcap.com
https://www.windsorcap.com/pmondello
"Live the Golden Rule"
----- Original Message -----
From: Phil Rice
To: Paul Mondello
Sent: Wednesday, January 17, 2007 1:08 PM
Subject: Re: comp check?
zillow has the property at $207.
My fee to do an appraisal is $325, paid in advance or at the door.
----- Original Message -----
From: Paul Mondello
To: phil.rice@mkgappraisal.com
Sent: Wednesday, January 17, 2007 1:24 PM
Subject: comp check?
Hello Phil,
Will you please check comparables on the following property and if the
value looks solid please let me know what your charge will be for a full
appraisal
14070 Arkansas Place
Aurora CO 80012
Parcel #: 197519224003
Estimated value is $300 - $315K.
Thank you!
Paul Mondello - Loan Officer
Windsor Capital Mortgage Corporation
10935 Vista Sorrento Parkway, Suite 200
San Diego, CA 92130
Office: (949) 716 5890, (877) 364 2831
Cell: (949) 395 7339
Fax: (949) 203 3090
paul.mondello@windsorcap.com
https://www.windsorcap.com/pmondello
"Live the Golden Rule"
tags
mortgage fraud real+estate comp+check Paul+Mondello Windsor+Capital+Mortgage
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Colorado Division of Real Estate
1560 Broadway, #925
Denver, CO 80202
Attn: Cary Whitaker
This is a complaint against the following individual/company. This person and/or company are acting as a mortgage broker without a license, with details as follows:
01/03/07 - Rick Bohannon of Zero, Call Rick at 303-309-3698
01/08/07 - Jarrod Smith says he works for
New World Mortgage.
His phone number is 866.909.8540
01/12/07 - Sammy Aljiboori, Gateway
Mortgage in Oklahoma, 918-392-0100
01/16/07 - Steve Kittel of Premier Lending, Inc (Seattle) call
Steve at 425-605-1012
01/17/07 - Jason Campos,
phone: 408.515.6306,
700 Agnew Rd #367, Santa Clara, CA 95054
Please refer to
http://www.mkgappraisal.com/comp_check_log.htm
Thank you
Phil Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
tags
mortgage fraud real+estate comp+check Rick+Bohannon Jarrod+Smith Sammy+Aljiboori Steve+Kittel Jason+Campos
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This email message received from Rick Calhoun
Phil
I know you stopped tracking a lot of this stuff but thought I'd pass this
on anyway. The
Vicki Dillard Crowe house at 12066 N. 3rd Street is now up for sale at
1.098 million dollars. It has been empty since it was purchased by Ms
Crowe in Feb 2006 and quick claimed to Memorial Manors LLC (a Dillard
Crowe corporation according to the state) in March 2006. The listing link
is as follows
http://www.coloradohomestop.com/HomeDetail.aspx?MLSID=465542&MLSProviderID=2&SearchType=0
MLS = 465542, Fontella Pappas. MLS is not consistent, they use both 3rd and Third.
MLS pg1a , pg1b, pg1c, pg2, pg2b
tags
mortgage fraud real+estate fontella+pappas sana+wood chris+mygatt vicki+dillard+crowe
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Ivan Passamentt
Colorado Division of Real Estate
1560 Broadway, #925
Denver, CO 80202
Attn: Cary Whitaker
This is a complaint against Ivan Passamentt and First Capital Mortgage 600 W Chicago Ste 730, Chicago, IL 60610 ipassamentt@fcmteam.com. This person and/or company are acting as a mortgage broker without a license, with details as follows:
On or about January 18th, 2007, Mr. Ivan Passamentt contacted me and ordered an appraisal (copy attached).
Thank you
Phil Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
mortgage fraud real+estate Ivan+Passamentt First+Capital+Mortgage Mortgage+Broker
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Alex Jaramillo
Colorado Division of Real Estate
1560 Broadway, #925
Denver, CO 80202
Attn: Cary Whitaker
This is a complaint against Alex Jaramillo and Mortgage One & Finance, 1300 Godward St #2650, Minneapolis, MN 55413. This person and/or company are acting as a mortgage broker without a license, with details as follows:
On or about January 19th, 2007, Mr Alex Jaramillo contacted me and ordered an appraisal (copy attached attached).
Thank you
Phil Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
tags
mortgage fraud real+estate Alex+Jaramillo Mortgage+One+Finance Cary+Whitaker Mortgage+Broker
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Alex Jaramillo - 01, 02, 03 Feb 2nd, 2007
MKG Appraisal FoaF, OPML, old RSS Feed, Business Card - scanned image, vCard file. Authored by Phil Rice, powered by Wordpress. Yard Signs.
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