102 Troubled Properties, $62M+ In Mortgages Tied To One Bakersfield Group Under Investigation

In Bakersfield, California, The Bakersfield California reports:

• Carl Cole, former managing broker of now-defunct Crisp & Cole Real Estate, counted his first two foreclosures Thursday, trustee's deeds recorded with the county show. They are so far the only foreclosures in the Cole family, but just a pair among more than 100 defaulted and foreclosed properties associated with the former company's employees, family members and associates, according to an ongoing Californian tally. Federal investigators are currently looking into Crisp & Cole operations for possible mortgage fraud after a federal raid of 13 Bakersfield sites Sept. 12.

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• As of Thursday, 102 troubled properties with more than $62.3 million in total loans can be pegged to former Crisp & Cole associates, according to The Californian's ongoing tally. Of those, at least 57 have so far foreclosed. On Monday, the Seven Oaks mansion of Cole's former partner, David Crisp, is scheduled for the auction block.

For more, see First of Cole's properties foreclosed (David Crisp's mansion set for auction Monday).

Go here for other posts and links to stories on the David Crisp / Carl Cole alleged flipping operation.