Landamerica 1031 exchange services inc liquidating trust Chinese sex mobi
In this particular crime scene, the fiduciary was supposed to be Land America and this suspicious bad behavior feels a tad fraudulent to say the least.The timeline goes something like this: September 2003, Land Am acquires 'mortgage credit reporting provider' Info1 - well that's a win for them then, isn't it?Land America had hoped to expand its credit reporting operations by streamlining the credit approval process, allowing it to bring credit quicker and easier to all sorts of mortgage applicants, including subprime borrowers.In 2004, Land America/Info1 made a great team, bringing easy credit to the ever-expanding housing bubble... The faces are familiar, as Land America Credit Services (the re-branded hybrid of Land Am and Info1) was the original e-MITS(R) (Electronic Mortgage Information and Transaction System) credit provider for Indy Mac Bank, providing credit reports to Indy Mac for 8 years before the merger.Before we get into this, let's define "1031 exchange" for the uninitiated.
Landamerica Financial Group, Inc was classified as a Real Estate Title Insurance company founded in 1991.
Land America subsidiaries also provided mortgage origination and refinancing services, REO management, valuation, foreclosure, and bankruptcy services and lien reconveyance, and real estate tax services.
I'm here to tell you the tale of mortgage bundling, 1031 exchanges, and towards the end abject failure that may or may not turn out to be absolutely bone-headed, if not downright criminal.
In a teleconference to discuss the transactions, Land America executives said part of the motivation for the deals was the ability to offer bundling of loan origination services. Well that's not criminal, especially when everyone else is doing it.
Banks like Bear Stearns, Bank of America, Citigroup, and Morgan Stanley couldn't get enough of these securitizations and companies like Land Am were more than happy to keep the financial crack coming.
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Beyond mortgage bundling, Land Am's other lucrative venture was of course their 1031 exchange arm.