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Joined: 03 Oct 2007, 16:08
|Posted: Wed 03 Oct 2007 22:28 Post subject: Mortgage payoff scam - Metro Dream Homes
|A company in the Washington, D.C. area has been taking money from people under what appears to be a Ponzi scheme. They work by having you take out a home equity loan or mortgage when you buy a home and give them up to 15% of the home value. In return they make you think they will pay your mortgage for the next 5 to 7 years and pay it off fully. They then split the value of your home with you.
In reality they are paying the mortgages of existing customers mostly with the investment money from new customers. They are under investigation for securities violations and have not been able to show that there is any significant income from their investments, just the money coming in from new investors (the victims). If you just look at the numbers you can see that the return on the investment that would be required to pay off the mortgage or even just make the mortgage payments would be much higher than any real investment can possibly make without horrendous risk.
They operate under several names with many affiliated businesses; Metropolitan Grapevine, Metro Dream Homes, POS Dream Home, Global Pacific Investment, YTB, HelloWorld, 5Linx, Dream Rides, Communities in Partnership, DeVine Foundation, CIP, and Billboards 4 ATMs and possibly others we have not discovered.
This has been discussed thoroughly in forum threads at scam dot com and city-data dot com. But the scam dot com web site has been taken down repeatedly by hacker attacks and the city-data site has decided this discussion does not match their purpose. So I am starting a new thread here to see if others will find it and the discussion can resume.
I hope that Rey19, sagegriot, scamme and the others find this and continue to post.
I don't PONZI!