Mortgage Fraud... Ya Think!?!?!?! (Part 2)

I've been tracking a lot of suspicious activity with what looks like mortgage fraud...
View Part 1 of my series
How did these fraudsters do it?

Here's another example of what I percieve as mortgage fraud...
All the facts are real, as I cannot make this stuff up folks!

Acquired 12/01/2006-- $1,130,500 (99.997% Loan-to-Value)
Loans: 1^st T.D. --$904,200
2^nd T.D.-- $226,000
Total Loans $1,130,200
Reverted to Lender on 05/08/2008 (17 months after acquisition)
Sold as bank-owned property on 11/03/2008 --$760,500
Loss to lender <369,700>

Here's the sad part... I had the listing across the street listed for $850,000-- it ended up selling as a short sale (not by me--I don't do short sales) for $659,000 and the seller had lost their job. The home was their only asset.

Another one bought by the same person...

Acquired 10/18/2006-- $777,000 (99.974% Loan-to-Value)
Loans: 1^st T.D.-- $621,450
2^ndT.D.-- $155,350
Total Loans $876,800
Reverted to Lender 12/26/2007 (14 months after acquisition)
Sold as bank-owned property 04/25/2008-- $550,000
Loss to lender <226,800>

And lastly, the following was also bought by the same person...

Acquired 10/16/2006-- $956,000 (99.998 Loan-to-Value)
Loans: 1^st T.D.--$764,640
2^nd T.D.-- $191,160
Total Loans-- $955,800
Reverted back to lender 11/05/2008 (12.5 months after acquisition)
Sold as bank-owned property on10/20/2009-- $585,000
Loss to lender <$370,800>

This person bought 3 houses within 45 days, from 10/16/2006 to 12/01/2006.

To get 100% financing, as it appears he had on all these homes, he had to claim that the home was going to be a primary residence. I suspect he wrote the loans himself, and used the same credit report, so the home loans would not have shown up. I also suspect he falsified his income.

Total loss to lenders due to activities: <$967,300>

Here's the beauty of it... Both husband and wife are licensees! I suspect he wrote the loans for himself, probably with cash back as a yield spread premium, and collected a commission on the sale, using the proceeds to pay-- for a short while. In the meantime, it appears he was delinquent on taxes and HOA dues. One brought down my property values, and the other was in my parent's community, bringing down their property values... All these homes were bought off the builder/developer as well, so they were the first owner.

Can you imagine the commission he collected on both the sales and the loans??? Probably around $90,000!
To add icing on the cake, the address that shows up in the Department of Real Estate database as their mailing address has gone into default twice...

It appears has been able to maintain his primary residence despite Notice of Defaults being recorded against it on 01/09/2008 and 04/07/2009. The loan they were defaulting on was a cash-out refinance loan, recorded 02/28/2006.

I can find these fraudsters... Why can't the FBI financial fraud unit or the Santa Clara County District Attorney?
By the way, their licenses are both in good standing and current. Amazing. They are still dealing with the public. Their Broker's license who they worked under (and who I am sure made some money on these transactions) is also current and in good standing...