Five Arrested in Orange County-Based ‘Builder Bailout’ Mortgage Fraud Scheme That Fraudulently Purchased Condos

SANTA ANA, CA – January 11, 2012 – (RealEstateRama) — Federal authorities have arrested five people allegedly involved in a “builder bailout” real estate scheme that fraudulently purchased more than 100 condominium units around the country with mortgages that mostly went into default, resulting in foreclosures and millions of dollars in losses