We’ve published the result of our three-month special investigation into a post-boom real estate scam in San Diego County, and we’d love to know what you’re thinking.
Let’s discuss the fallout of this series of transactions — please leave your comments below this post in Survival in San Diego.
A quick recap: A Bay Area man named Jim McConville used rented identities to buy 81 condos in Escondido and San Marcos last year, pulling what $12.5 million from the deals, according to sales records. Now, the condos face foreclosure, at least one lender says he’s ruined, and U.S. taxpayers could be on the hook.
You can read Part I and Part II, where we detail the places in which the real estate financing system — all the way up to giant government-run mortgage companies — remained vulnerable to greed and deception in the last year.