Appraisal Fraud Sends Former California Appraiser To Federal Prison For 3 Years
Convicted Appraiser Must Pay $46Million In Restitution For Inflating Property Values
Real Estate In Woodbridge Not Immune To Appraisal Fraud
Expect More Convictions Across The Entire Mortgage Industry
Sloppy, sloppy, sloppy.
Those are the three words that describe the way the ENTIRE mortgage industry operated in the early 2000's.
Especially among the "back room" workers who filed appraisals, who chopped up mortgage loans into little-bitty pieces that were spread across Mortgage Backed Securities, and mortgage banks who lost or destroyed vital loan papers.
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Here is a story that broke today on the Living Lies blog about an appraiser who shall spend a dozen lifetimes paying restitution.... after a 3-year vacation in federal prison:
Living Lies Blog - February 12, 2010
Lila Rizk, 43, Rancho Santa Margarita, California, a former state-licensed real estate appraiser, was sentenced to three years in federal prison and ordered to pay more than $46 million in restitution for her role in a massive mortgage fraud scheme that caused tens of millions of dollars in losses to federally insured banks. Rizk received the three-year prison term after her conviction last summer on conspiracy, bank fraud and numerous loan fraud charges.
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Appraisers are independent contractors, and trust me folks when I say that they won't get rich appraising homes. The typical appraiser earns $55,000 - $89,000 per year gross income.
She shall never obtain an appraiser's license anywhere on the planet for the rest of her life.
Let's pretend for a moment that Lila is fortunate when she gets out of the slammer, and lands an $85,000 per year job scraping chiggers off of dead dogs with a cheese grater.
Uncle Sam will likely garnish 15% of her wages to pay restitution, about $12,750 per year to pay-off her $46 Million restitution.
In just 3,608 years, Ms Rizk will finish paying restitution for her crime.
"So Mr Erick, what does a convicted appraiser in California have to do with Woodbridge Virginia homes?"
The point is, Woodbridge home owners who bought homes in the Go-Go days when values were rocketing skyward may begin getting visits from Deputy Sherrifs carrying Summons' to testify on behalf of the Virgina State Attorey, against the mortgage companies that originated home loans based on inflated values.
Opportunities Are Everywhere...We Can Help You Find Your Dream Home.
Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252 list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany, Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.
Equal Housing Opportunity
CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge and Prince William County.
"Hey Erick, I have a question...."
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy)703-590-2252 (Office).
Give us a call and we can "GET YOUR HOME SOLD FAST".
You can hire us to sell your home in Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Gainesville, Garrisonville, and Triangle.
You can hire us to help you buy a home throughout all of Prince William County Virginia. Manassas Park, Haymarket, Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, and Dale City.
Equal Housing opportunity.
