Tuesday, August 14, 2007

Your Mama Hears...

...that crooked real estate agents all up and down Sunset Boulevard are shaking in their John Lobbs and Jimmy Choos. According to Jimmy Jabbermouth, an LA based real estate executive who requested anonymity, a prominent Bev Hills mortgage broker was recently arrested, and the Feds, bless their law lovin' hearts, are hoping to engineer a plea bargain with the gentleman whereby he will lead the Fed's Horse to the rich waters of double dealing real estate agents throughout the Platinum triangle of Beverly Hills, Bel Air and the Holmby Hills.

Gawd knows Your Mama is not saying that ALL real estate agents are tawdry and scandalous creeps. In fact, we are of the perhaps naive mind that most real estate agents are in fact upstanding citizens just trying to make a decent living like everybody else in the good ol' U.S. of A.

But in a town crawling with with real estate agents eager to make the "big deal," one presumes that Joseph Babajian and Kyle Grasso are not the only ALLEGEDLY nefarious house hawkers in the City of Angels.

Tommy Tellall, a high profile real estate agent in Beverly Hills who naturally wishes to remain anonymous, tells us that he has also heard about the arrest of the mortgage broker and that, "The quick sand is in full effect," implying that this mortgage mess is about to get even more messy.

Get out the mops and buckets kids, because it looks like it's going to be a blood bath in Beverly Hills.

18 comments:

Anonymous said...

Free legal advice and best defense courtesy of the top law enforcement man in the country: "I didn't see the memo, I just signed off on it, and besides, I don't recall."

Anonymous said...

There will be no one left in Bev Hills to sell real estate if they arrest all the crooked ones. Real Estates are like lawyers: professional liars. How do I know? Guess what I used to do?

Anonymous said...

Realtors are just honest people trying to make a living... Please, I can honestly say that I have never met a Realtor without substance abuse issues.

The realtor occupation is reserved for crooks and bored housewives who were actually able set aside four to six weeks to get a realty licence.

Maybe just maybe if the realty industry as a whole set up a few more hoops for its future realtors to jump through. This whole mess in Beverly Hills will never happen again.

Its good to know that no matter how badly I mess up, a profitable career in realestate is just 4 to 6 weeks away.

Finally to all the realtors that read this blog and take exception to this posting... BLOW ME!

Anonymous said...

mama...can you erxplain to me what is being investigated and how these people are able to de-fraud through the deal ?

Anonymous said...

where i'm from the realtors never get to touch any of the the money...it all goes through lawyers and is distributed through each individual firm.

And at the end the realtors get their cheque through their own real estate broker.

West Coastian said...

Anonymous at 5:08, put this url in your browser and it'll show you previous posts with the info on what they're doing etc.

http://realestalker.blogspot.com/search?q=Real+Estate+Fraud

If the link doesn't work, type Real Estate Fraud in the search box at the top left of this blog.

West Coastian said...

PS: There's an article in the LA Times as well:

LA Times

Phoenix said...

Anon @ 5:08 PM, you can read/learn more by clicking on the links below:

(west coastian, thanks for trying. I think you had too many browser windows open and got the URLs confused. Let me try:)

Mama's article

LATimes article

Anonymous said...

Mama, tip off the feds to Coldwell Banker's middle Canon Drive Office. It's a "hot bed" of cock roaches doing back door deals.

Team said...

I am always so surprised by all the vitriol toward real estate agents. This is the only career I've ever had and I couldn't imagine doing anything else with my life.

Phoenix said...

hey team, for what it's worth, I think the generalized criticism of real estate agents in this post is harsh and unfair. There are people of integrity and people who lack integrity in every profession.

Anonymous said...

As an agent, I find the field filled with a few excellent people, some good, and a little too many that are unethical. The bar is low and needs to higher but in reality the whole industry is not really needed. Yes, an agent can get you more $$ for a sale but if there was a systematic for selling, none of if would be needed. Title and escrow companies need more regulation and oversight. The “you scratch my back and I'll scratch your’s” mentality is rampant. I love real estate but the field is field with people whose main concerns are making that next deal, getting that next listing, and not really knowing the job well enough, especially on the Westside. I often find myself not telling people I am an agent when I am out. I might lose a few new clients but sometimes it is just easier. I’ll never be a Babajian but so be it.

Anonymous said...

who is the loan broker in hot water?

Phoenix said...

Anon @ 6:48 AM, you might find the answer to your question Here and Here.

property pimp said...

hey you forget to mention after all the housewives in realestate all the ex-hookers.... tons of them, from the pages of frontiers magazine or selling shoes at guccis to dating madonnas brother, they all moved into real estate sales..... also, the mtg broker is not Maize, that was last years arrested mtg broker, this is someone new...hmmm juicy

Anonymous said...

This market is about to go down 80% in the next 1-2 years. How is it that real estate can go up 500% in 5 years ? Guys like these culprits is how............ I have heard other stories in other states and cities as well talking of price manipulation, they are all in cahoots with mortgage brokers, appraisers ect. What is a 5mm mansion really worth these days ?

Let alone a 600k starter house ?

someone said...

Before I begin...I just want to say that I am NOT a realtor/real estate agent/real estate sales consultant/etc. I am an accountant.

It surprises me that certain people are so quick to jump on the bandwagon and begin stereotyping realtors and those in the profession because of some recent occurance that involved a few stupid, greedy individuals. I agree that stupid greedy people get what they deserve--but I don't agree that just because they belong to a certain profession they're all substance abuse addicts, ex-hookers, liars, etc. I mean isn't that the same as stereotyping and grouping a particular race/religion because of a few bad apples?

Maybe some of you haven't dealt with respectable ones with knowledge and integrity, but I have (and yes, on the Westside). Hopefully you will someday.

There, I've said my piece.

Phoenix said...

'property pimp'.. the 2nd article says, "Maize agreed to.. cooperate in the government’s ongoing probe of the scheme." That leads me to believe it could be him, or perhaps Joseph Babajian & Kyle Grasso. Police records regarding who's been apprehended and for what becomes a matter of instant public record, so I'm pretty sure it's not anyone we don't already know about. I'm thinking the suprise will be in who one or all of these men implicate.

'someone'.. well said.