Facts, Just Facts

Peppertree Apartments:

A court foreclosure judgment had been ruled in the amount of $2,588,268.23.

Santander Bank acquired the Peppertree Apartments with the high bid of $860,100.00 and title bypasses Fannie Mae and was transferred to PBE Companies, LLC, a subsidiary of Sovereign/Santander Bank.

Three months later, PBE Companies, LLC transfers title to a South American investor for the amount of $2,300,000.

Santander Bank makes a profit of $1,439,900 (sale to investor high bid, $2,300,000.00 minus $860,100.00).

Fannie Mae gets the amount of the high bid of $860,100.00. Due to the taxpayer bailout, Fannie Mae also gets the amount of the difference between the foreclosure court judgment and the foreclosure sale high bid ($2,588,268.23 minus $860,100.00) in the amount of $1,728,168.23.