You know there's a real estate bubble when...
Tuesday, June 14, 2005
Dozen indicted in Illinois real estate loan fraud
Link to hilarious news story
I like how the story refers to them, "in cahoots" and their "henchmen".
"Hastings and his wife allegedly bought a number of inexpensive houses in Freeport, Ill., and elsewhere, reports said. Their alleged henchmen would have minor repairs and improvements made to the houses in order to inflate the prices, reports said.
Hastings then allegedly sold the houses at inflated prices that were far more than he paid for them, reports said."
Oh my god! Sold the houses at inflated prices that were far more than he paid for them? You've got to be kidding me.
posted by author @ 7:02 PM,
