The IRE Resource Center is a major research library containing more than 23,250 investigative stories — both print and broadcast. These stories are searchable online or by contacting the Resource Center directly (573-882-3364 or email@example.com) where a researcher can help you pinpoint what you need. Browse or search the tipsheet section of our library below. Stories are not available for download but can be easily ordered by contacting the Resource Center:
The IRE Resource Center is a major research library containing more than 23,250 investigative stories — both print and broadcast.
These stories are searchable online or by contacting the Resource Center directly (573-882-3364 or firstname.lastname@example.org) where a researcher can help you pinpoint what you need.
Browse or search the tipsheet section of our library below. Stories are not available for download but can be easily ordered by contacting the Resource Center:
Search results for "flipping schemes" ...
In one of the largest white collar crimes, "$10 billion in suspicious property flips helped turn the real estate boom into the worst financial crisis since the Great Depression." This series became the most comprehensive investigation and it also uncovered certain tactics used by these men to appear legitimate. Furthermore, this investigation didn't have the help of police reports and court cases, just the truth.
Dixon spent three months following a chain of titles on hundreds of property deals and deeds. She found that several real-estate companies which contract with charities to evaluate and sell real estate donations on behalf of the charities are scramming the charities. Dixon found that " The company [Donate Real Estate] was selling property to associates of the founders, who then flipped, or resold the property, to buyers who paid many times the first purchase price. Those buyers then got mortgages based on inflated appraisals, didn't make their payments, and the homes went into foreclosure." The investigation unearthed a brazen and widespread real estate and mortgage fraud scheme that took advantage of novice investors.
According to the author, "A five-month investigation by The Record exposed serious loopholes in local, state and federal housing regulations that thwart the U.S. Department of Housing and Urban Development's goal of neighborhood stabilization of the inner city. The stories document how lax regulations allowed a real estate partnership to buy more than 100 shoddy homes in New Jersey cities, make cosmetic repairs and sell them for 75 to 100 percent profit to first-time homebuyers with taxpayer backed mortgages. Due to this property-flipping scheme, many owners are forced to foreclose because of high repair costs. Because HUD guarantees the mortgages, the federal government ends up paying off the house."
Tags: federal housing; housing regulations; schemes; loopholes; state housing regulations; New Jersey; real estate; mortgages; taxpayers; federal government; HUD; Housing and Urban Development; cities; inner city
This weekly newspaper investigated a "real-estate flipping scheme involving city of Tampa redevelopment properties." The reporter found out that "a private company [Wide Spread Inc.] had allegedly flipped the properties using city funds at a financial gain to the company and its agents of at least $ 337,000." The investigation revealed that the flipping scheme involved "four nonprofit groups designated by Tampa Mayor Dick Greco to help the city spruce up rundown sections of Tampa Heights and Ybor city." The nonprofits purchased at unreasonably high prices the properties Wide Spread had acquired. The story pointed out that "city auditors came across the same alleged flipping activity and privately alerted state criminal investigators before Weekly Planet published its story." At the time the story was published "city officials claimed to be unaware".
WBAL-TV reports "an investigation that focuses on a real estate scheme in which longtime landlords and speculators "flip" deteriorating properties to unknowing buyers and investors for highly inflated prices. The extent of the scheme .. as many as 2500 properties in the city of Baltimore are involved. The scheme has caused a dramatic increase in mortgage foreclosures and personal bankruptcies and has further contributed to the demise of many struggling neighborhoods."