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  • robertcreis robertcreis Jan 6, 2013 6:23 PM Flag

    United States Attorneys Office Of Eastern District Of California Vs Micheal Llamas

    indictment, Loomis used Michael Llamas, 27, of Tracy, and Peter Woodard, 54, Ventura, to approach builders of new homes and developers of condominiums to purchase investment homes in bulk at substantial price discounts ranging from 30 to 50 percent off under the terms of an “option contract.” Llamas and Woodard had no financial ability and no intention of purchasing the homes; rather, the homes were to be sold to Loomis’s nominee members at full price. Loomis then arranged for his mortgage company, Nationwide Lending Group (NLG), to sell mortgage loans for the nominees with banks and other lenders at the full price of the homes without disclosing the large price discount. Lenders were thereby misled into advancing loans that far exceeded their lending guidelines. Also, the large option contract price discount was used to conceal the lack of required down payments by nominee buyers. Loomis, Llamas, and Woodard split what remained of the price discount after subtraction of the fake down payments and certain fees.....................................This is about 10% of the Indictment I pulled up...Why didnt "yahoo User" Tell fellow Investors about this. I thought these forums where for the people by the people! Not Too Carry out Deceit.

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