Deputy Assistant Attorney General Brent Snyder referred to the brokers as “an elite group conspiring together for their own profit.”
More than four dozen real estate speculators and two companies have been charged with illegally fixing foreclosure auctions in three states by bid-rigging. Several were operating in the Bay Area.
The U.S. Justice Department said eight real estate investors have agreed to plead guilty in a bid-rigging scheme to buy foreclosed real estate at public auctions in two Bay Area counties.
For those who are losing their homes to foreclosure, it’s a bitter pill to swallow. But some homeowners may have lost their homes to investors cheating on the courthouse steps.