Links from the paper for Aug. 8
On July 20, Times Senior Correspondent Lucy Morgan reported on the mysterious activities in North Carolina of Miamian Domenic Rabuffo, who is shepherding a real estate development on a remote mountain that is completely out of character for the area. He is building huge luxury homes sandwiched on 1-acre tracts, in a gated community he values at more than $200-million.
Rabuffo has been buying land, often paying dramatically more than it's worth, and selling it to people who pay even more. The buyers, some having never laid eyes on the property, all obtain big mortgages.
Now, reports Morgan, SunTrust Mortgage officials accused 14 of those property owners of falsifying their income with they obtained mortgages totaling more than $20-million.