A massive real estate portfolio of over 6,000 rental units tied to convicted investor Eli Silber is set for auction following a multi-million-dollar loan fraud scheme. The properties, located across several states including Michigan, Louisiana, and Pennsylvania, are being sold after Silber defaulted on $20M in loans. Fannie Mae, Freddie Mac, and the FHFA are ramping up efforts to crack down on real estate loan fraud with new underwriting rules. Learn more about the fraud case in this episode!
Topics discussed:
- 00:00 6,000 Units Headed to auction
- 00:34 Locations of Units
- 00:55 Fraud Scheme
- 01:48 Fannie and Freddie’s New Rules
Source: https://www.bisnow.com/national/news/capital-markets/fannie-mae-fraudsters-6300-unit-portfolio-heads-to-the-auction-block-129009?)
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