Tuesday, May 28, 2013

"Put Other REALTORS in Tucson Out of Business"

An unnamed Tucson real estate agent was given foreclosure listings by Armando Granillo, a Fannie Mae foreclosure specialist in Irvine, California. In February, Granillo met in Tempe with the Tucson agent, identified as A.M., expecting to receive a cash kick back from A. M. in exchange for more foreclosure listings. This is illegal, but not uncommon at Fannie Mae, according to a fired whistle-blower.

A.M. had reported the kick back scheme to the FBI, and was wired when he met with Granillo, who told A. M. he would give A. M. so many foreclosure listings, that together they would "put other Realtors in Tucson out of business". Granillo acknowledged that the kick backs were illegal, but "a natural part of business". Check it out here.

No comments: