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.