Jim McConville used rented identities to buy 81 condos in Escondido and San Marcos last year, pulling $12.5 million from the deals. Now, the condos face foreclosure, at least one lender says he's ruined and U.S. taxpayers could be on the hook.
Despite the efforts to clamp down on the easy-money excesses of the housing boom, the story of 81 bogus condo sales in North County shows the real estate financing system -- all the way up to giant government-run mortgage companies -- remained vulnerable to greed and deception in the last year.
San Francisco's ABC 7 has another piece in its continuing coverage of Jim McConville, the guy who's received a ton of media attention, including from us, for his complicated real estate deals-gone-sour all over the state. In the piece, reporter Dan Noyes tours the foreclosed, gutted 80-acre ranch in Castro Valley that used to belong to McConville.
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