Posts Tagged ‘mortgage loans’

Flippers in Florida cause loss of millions

July 21, 2009

“At least 37 groups of property flippers operated in Sarasota and Manatee counties. The groups bought hundreds of properties worth more than $350 million and sold them to associates for inflated prices. The flippers identified by the Herald-Tribune — and the people who ultimately bought their properties — have so far defaulted on more than $450 million in mortgage loans. Their defaults account for $1 in every $13 lost to foreclosure in Sarasota and Manatee counties from 2005 through 2008.”