bed-stuy-flip-042110.jpgAs both The Post and NY1 reported this morning, seven people have been charged in a house-flipping scheme that also involved identity theft. The ring was exposed when a woman complained to the District Attorney’s office after her credit rating took a hit when she failed to make mortgage payments on a $675,000 loan in her name on a house in Bed Stuy. It turns out that the same group of people had flipped the same house four times in four years, sucking out $2 million in the process. “It’s very much like someone who’s the victim of a random mugging,” said Brooklyn DA Charles Hynes. Neither report gave an address of the house in question.


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  1. “ARE OH TEE DUB is back in the brownstone building to save the ratings!”

    You should come by and check out my new house! Got it half off!

    The What

    Someday this war is gonna end..

  2. Well, read the data before you start talking about asses and cracks.

    It would also seem, from the actual data out there on prices, that collateralized mortgage obligations are doing quite fine with private buyers now.

    Next.

  3. “We are there and the market has bottomed. Didn’t you read the Prudential Douglass Elliman 1Q Report?????????”

    No Dave-O we are at FHA induced Main Line Crack Drip!

    Without FHA the Space-Time Continuum tears in half. New Subprime for the Asses um.. I mean the Masses.

    The What

    Someday this war is gonna end..

  4. Leading indicators were +1.4% earlier this week, against expectations of +1.1%.

    I only argue with facts, not guesses, speculation and cut-and-pastes of other people’s opinions, especially Roubini.

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