State Joins Inquiry of Unusual Loans [Tampa Bay Area]
Hundreds of peculiar home sales and foreclosures clustered in low-income neighborhoods in south St. Petersburg have attracted the attention of the Florida Department of Law Enforcement.
The deals involved unusual mortgages uncovered last summer in a Tampa Tribune investigative report. The sales are tied to a real estate investment program run by a local businessman. Several buyers complained to police that they bought the properties at inflated values.
Ellen Wilcox, an investigator with FDLE, said the case was recently referred to her by the St. Petersburg Police Department, which turned over a spreadsheet of addresses.
“We’re looking into it,” Wilcox said.