The professional dominatrix who recruited straw buyers
Boring Friday? Not anymore.
This commentary started as an investigation into the troubling foreclosure timelines in New York, New Jersey and Florida, but when we discovered this property in Westhampton Beach (thanks Lori, you are the best), we just had to change our focus. Who would imagine that there existed a mortgage fraud ring that worked with a dominatrix to recruit straw buyers from fetish sex clubs in NYC to purchase homes in the Hamptons. Wow!! Thanks to this story, Google (and maybe one day the FBI), will think that Webbs Hill Advisors is into fetish S&M clubs in NYC. That is not true. As we investigated the largest and most outlandish mortgage scam in Suffolk County history, we were able to pinpoint some of the loans that have affected Non-Agency RMBS investors. We discovered one loan where the servicer is still advancing on a property that was a burnt, crumbling abode and a hangout for trouble-making teenagers and finally demolished in March 2015. We also discovered a loan where the foreclosure case appears to have been dismissed due to the Trustee’s counsel “failure to advance any colorable excuse to explain its delay in this matter.”
So let us get this straight, who are the bad guys here? Broker/Dealers? Hedge Funds? Wall Street? Nope, nope and nope.
The troubling foreclosure timeline commentary will come out next week. Have a nice weekend.
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