California Regulators Investigating Defunct Real Estate Company's Ties With Sour Loans

The Bakersfield Californian reports:

• "It's impossible to know what state regulators are looking for as they examine files of the former Crisp & Cole Real Estate company. Two former staffers recently told The Californian that investigators from the state Department of Real Estate have been asking questions and requesting files. Meanwhile, default notices continue to pile up for properties related to Crisp & Cole. [...] Californian research has uncovered a pattern of property turnover among Crisp & Cole associates, steep price increases and 100 percent financing by subprime lenders in many of the properties now defaulting."

Quick flips involving some of the homes now sitting empty that are described in the article may point to possible improprieties that underlie the transactions.

For more, see Crisp defaults pile up (Latest notice on $1.75 million loan for Seven Oaks mansion).