Author Topic: Time for some proper due diligence/ independent auditing in our communities  (Read 211140 times)

Offline dealfinder11

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Offline JMHO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1121 on: November 06, 2023, 06:48:58 PM »

Offline Euclid

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1122 on: November 06, 2023, 07:36:03 PM »
Raided?
Keep in mind that an FBI raid is typically just a bunch of people in FBI jackets gathering documents/evidence with a warrant. Not a SWAT style raid.

Offline dealfinder11

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1123 on: November 06, 2023, 07:40:12 PM »
Keep in mind that an FBI raid is typically just a bunch of people in FBI jackets gathering documents/evidence with a warrant. Not a SWAT style raid.

I understand. But that is a totally different story than a red flag that triggered an audit that triggered a freeze.

Offline yuneeq

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Offline dealfinder11

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1125 on: November 07, 2023, 12:17:15 PM »
https://therealdeal.com/new-york/2023/11/07/meridian-capital-under-investigation-by-freddie-mac/

This story does not mention anything about a raid - just blacklisted - which the story states is a temporary measure when under investigation. 

Offline chevron

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Offline jye

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1127 on: November 08, 2023, 09:19:38 AM »
gonna do wonders for the anti semitism situation, if it exacerbates the CRE crisis
You don’t say. Rumors that more than one broker was caught up in this, Freddie and Fannie are ramping up hiring of fraud investigators and potentially looking at some other brokers, and there may be at least some focus on the Orthodox. All rumors at this point, but considering they put in a pre review requirement across the board it certainly stands to reason that Fannie and Freddie are not treating this as a one off, and will be taking a close look at the brokerages going forward.
« Last Edit: November 08, 2023, 10:19:02 AM by jye »

Offline Euclid

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1128 on: November 08, 2023, 09:21:02 AM »
This story does not mention anything about a raid - just blacklisted - which the story states is a temporary measure when under investigation. 
That tweet that mentioned a raid was deleted

Offline AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1129 on: November 08, 2023, 09:36:42 AM »
That tweet that mentioned a raid was deleted

Not the one posted up thread, it’s still there but doesn’t mention who was raided by name (only by someone in the comments)
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Offline AsherO

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1130 on: November 08, 2023, 09:37:24 AM »
You don’t say. Rumors that more than one broker was caught up in this, Freddie and Fannie are ramping up hiring of fraud investigators and potentially looking at some other brokers, and there may be at least some focus on the Orthodox.

Could it be a bank was told to buy back a loan and they shifted the blame to the brokerage?
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Offline yuneeq

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1131 on: November 08, 2023, 10:13:17 AM »
You don’t say. Rumors that more than one broker was caught up in this, Freddie and Fannie are ramping up hiring of fraud investigators and potentially looking at some other brokers, and there may be at least some focus on the Orthodox.

Not sure if you mean more than one broker at Meridian, as the article mentions only one. But I’d assume Fannie suspects it’s more than one if they suspended the entire brokerage.
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Offline knowitall

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1132 on: November 08, 2023, 10:20:38 AM »
Could it be a bank was told to buy back a loan and they shifted the blame to the brokerage?
Buybacks are the real fear.

Offline jye

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1133 on: November 08, 2023, 10:40:20 AM »
Buybacks are the real fear.
The damage that could do to the small lenders and the CRE market is one reason they may not want to go there. Too big to fail.


Offline jye

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1135 on: November 09, 2023, 05:44:03 PM »

Offline aygart

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1136 on: November 15, 2023, 09:27:40 PM »
Hearing rumors about a real estate guy who just skipped town.
I am hearing now that an investor's audit found him skimming off for himself. I think the properties are okay and just need new management. Investors have been getting returns.
And due to investor infighting they were able to thwart any management change for a large portion of the properties and remain unscathed in those.
Feelings don't care about your facts

Offline Euclid

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1137 on: November 15, 2023, 09:32:45 PM »
And due to investor infighting they were able to thwart any management change for a large portion of the properties and remain unscathed in those.
I don't understand this sentence. They thwarted this guy from becoming their manager? I'm confused

Offline avromie7

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1138 on: November 15, 2023, 09:59:58 PM »
I don't understand this sentence. They thwarted this guy from becoming their manager? I'm confused
They thwarted any attempts by the investors to have them removed as managers.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Euclid

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1139 on: November 15, 2023, 10:04:32 PM »
They thwarted any attempts by the investors to have them removed as managers.
These pronouns are confusing me.
"They" remaining unscathed is referring to the scammers? Weird terminology