Word: bustingly
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...Department of Justice unveiled Operation Malicious Mortgage last week, a nationwide bust that produced more than 400 arrests over the past three months for fraudulent home-loan schemes. In South Florida alone, more than 100 people have been arrested since last September, including 19 just last week. In a study released in March by the Mortgage Asset Research Institute, Florida ranked first in the country in 2006 and 2007 for the amount of loans that were misrepresented...
...units involved in the case are part of a 67-townhome development that was already an example of the South Florida property boom gone bust - a stagnant pool waiting for fraud to fester. The Residences at Rookery Park was initially marketed in 2004 as three- and four-bedroom townhomes for under $250,000 in west Fort Lauderdale, within earshot of a busy executive airport, on a busy corridor and miles from the beach. As the market boomed, the townhomes' starting prices soared to $349,000. A former broker said the units sold quickly, but then closings languished and buyers sought...
...would-be Anglican rebels gathered with storm clouds brewing around them. But now, even though the conservative Global Anglican Future Conference (GAFcon) has not concluded its meeting in Jerusalem, the secession it threatened to bring to the 78 million-member Anglican Communion looks like a confused bust...
...Some luxury brands jumped on the e-commerce bandwagon during the dotcom boom in the late 1990s, only to bust with the bubble in the early part of the current decade. So they're reluctant to try again. There's also an older wariness dating back to the 1980s, when too many designer brands went on licensing sprees that cheapened their pedigree. "Since then, the mantra has all been about control of brand. And to some, the net looks like the Wild West," explains Guy Salter, deputy chairman of Walpole, the British luxury brands trade association that collaborated...
...housing bust has been, the falloff in sales has been cushioned by foreign buyers in such places as New York City and Florida. Anne Marie Moriarty, a vice president of Corcoran realtors, says residential real estate sales to foreigners have doubled in the past 15 months. The uptick in foreign interest helps explain why New York City real estate prices are up 11% over last year in an otherwise tanking marketplace. "It's bucking the trend," says Moriarty of the Manhattan market. Foreigners "see it as a long-term investment. Part of it for them is owning a piece...