New term: "Naperville Fire"

Fire hits another house as it's under construction

Published February 13, 2007

NAPERVILLE -- Naperville firefighters are investigating the cause of an early Monday blaze that damaged a home under construction.

The fire was the third of a home under construction or rehabilitation in the Naperville area in about a month.

For some, foreclosure is not an option. They are not the first to go to arson to solve their problems. However, if they were dumb enough to get caught in this housing ponzi scheme, they will get caught in the criminal investigation. That will have a higher toll on their finances and credit scores.

This Effects All of Us

Very well done!

Guilty plea in mortgage scam

February 13, 2007

BY MARY WISNIEWSKI Business Reporter

Mohammad "Mike" Taghie Kakvand, the ringleader in a mortgage scheme that resulted in abandoned Chicago apartment buildings, pleaded guilty in federal court Monday.

Kakvand bought 33 apartment buildings in Rogers Park and on Chicago's South Side, but didn't renovate them, according to the indictment. Units were sold as rehabbed condos at inflated prices, using straw buyers who defaulted on $29 million in loans. The plot displaced renters and left decaying, crime-plagued buildings, according to community leaders.

"There is no punishment too severe for Michael Kakvand," said Ald. Joe A. Moore (49th). "He preyed on our neighborhood, he took advantage of people, and the damage he did took years to unravel."