Media stories on real estate fraud often focus on the markets that flew highest, like Las Vegas and Florida. But there was a story on today's All Things Considered tells of a scam of Akron, Ohio.
Towns like Akron, as it turns out, were a fertile feeding ground for illicit activity during the boom. Even during the headiest days property values were appreciating too slowly to make a fortune quickly, so unfortunately there were some operators who combined greed and easy credit into a formula to bilk novice investors and, sometimes, the banks that financed the deals.
Worth listening to.
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