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Cobden Street

 
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Hard Rain
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PostPosted: Sat Sep 26, 2009 4:27 pm GMT    Post subject: Cobden Street Reply with quote

http://www.boston.com/business/articles/2009/09/26/a_move_against_foreclosures/?comments=all&plckCurrentPage=7

In regards to the properties in question :

All units at 28, 30 and 32 Cobden street were sold to the same buyers on the same day using no cash down piggyback loans from different lenders. All were foreclosed and the seller walked away with 3.822 million dollars. This is not a isolated case I have seen it again and again, is anyone looking in to this?

Take a look at the deeds, truly unbelievable...
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admin
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Joined: 14 Jul 2005
Posts: 1823
Location: Greater Boston

PostPosted: Mon Sep 28, 2009 2:54 pm GMT    Post subject: Reply with quote

To make it simpler for people to look up, are you referring to the deeds dated 01/25/2007?

- admin
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Bubblegum
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PostPosted: Mon Sep 28, 2009 5:57 pm GMT    Post subject: Reply with quote

Wow, awesome. I'm gonna go down to Roxbury and see if I can find a vacant house that I can squat in. Last one down there is rotten egg!
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Bluefin38
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PostPosted: Mon Sep 28, 2009 8:48 pm GMT    Post subject: Reply with quote

Why doesnt FBI investigate these?

I have a two family in my neighborhood in Milton that had straw buyer/ seller scam that netted the scammer about $200,000. Why not claw back the money?
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Hard Rain
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PostPosted: Mon Sep 28, 2009 8:49 pm GMT    Post subject: Reply with quote

"To make it simpler for people to look up, are you referring to the deeds dated 01/25/2007? "

Yes,

The easiest way to do it is search is by name, type in "Cobden" and it will bring up Cobden llc with all the unit sales.

Here are three other triple deckers that follow the exact same pattern, no money down, closings on the same day, immediate foreclose and the builder walks away with millions and pennys on the dollar are recovered on the resale of the foreclosures. I find it amazing that no one seems concerned. A quick glance suggests most of the mortgages were securitized so we'll all pay in the end. The scary part is I didn't go looking for this stuff....

Use property search for these:

90 ELM HILL AVE UNIT 1,2 and 3

59 BERNARD ST UNIT 1,2 and 3

39 BULLARD ST UNIT 1,2 and 3
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admin
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Joined: 14 Jul 2005
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PostPosted: Mon Sep 28, 2009 8:55 pm GMT    Post subject: Reply with quote

Hard Rain wrote:
The scary part is I didn't go looking for this stuff....


No kidding. I also found it pretty scary that it wasn't immediately obvious which Cobden Street buyers you were talking about when I went looking for the deeds because there were multiple buyers who bought more than one unit each on the same day.

- admin
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Hard Rain
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PostPosted: Mon Sep 28, 2009 10:00 pm GMT    Post subject: Reply with quote

Another tidbit on Cobdem, apparently it was the bank's fault....

http://weeklydig.com/%5Bcatpath%5D/200908/tenants-give-banks-penance


Hmm Melonie Griffiths, name rings a bell...
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admin
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Location: Greater Boston

PostPosted: Mon Sep 28, 2009 10:19 pm GMT    Post subject: Reply with quote

Hard Rain wrote:
Another tidbit on Cobdem, apparently it was the bank's fault....


I might actually agree with that. The stupidly loose credit had to come from somewhere, after all. It seems like they are complaining that the banks let these scammers flourish in their neighborhood to begin with and that they are doing an inadequate job of dealing with the aftermath now. While I think that the buyers were most at fault, the lenders were enablers.

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PostPosted: Mon Sep 28, 2009 11:46 pm GMT    Post subject: Reply with quote

admin wrote:
Hard Rain wrote:
Another tidbit on Cobdem, apparently it was the bank's fault....


I might actually agree with that. The stupidly loose credit had to come from somewhere, after all. It seems like they are complaining that the banks let these scammers flourish in their neighborhood to begin with and that they are doing an inadequate job of dealing with the aftermath now. While I think that the buyers were most at fault, the lenders were enablers.

- admin


I wholeheartedly agree with your assessment of the bank's culpability, I feel no disdain towards the people who went along for the ride (with the exception of when they play victim). What angers me most - we are stuck with the consequences of the greed and stupidity of others. The scammer , the broker, the bankster, the buyer they all got paid, by us when we had absolutley nothing to do with the transaction....
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Hard Rain
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PostPosted: Fri Dec 18, 2009 11:27 am GMT    Post subject: 'Bout time.... Reply with quote

http://www.boston.com/realestate/news/articles/2009/12/13/developers_easy_money_pitch_left_a_trail_of_ruin/?comments=all
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Fri Dec 18, 2009 2:12 pm GMT    Post subject: Reply with quote

Probably developers would behave more around here if they could make decent money building new things that people could actually afford! People would then hate them less and allow them to build more.
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Hard Rain
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PostPosted: Mon Apr 26, 2010 10:02 pm GMT    Post subject: Reply with quote

I guess it's not a crime in Massachusetts:


http://www.boston.com/realestate/news/blogs/renow/2010/04/here_in_massach.html

So that's it? how about trying to recover the money!
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