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Resource ID: #23622
Subject:Home Mortgage Lending
Source:Press-Enterprise (Riverside, Calif.)
This story details a con scheme by unlicensed investment counselors affiliated with an organization called Pacific Wealth Management. The company would pay more than the asking price for many of the homes purchased for investors, then pay the seller's asking price and keep the difference. They sold millions of dollars worth of houses to middle-income families, but when the housing market began to deflate, these people were left with millions of dollars in debt.