John Davis, a Des Moises real estate investor has been banned from making real estate businesses in Iowa. The Polk Country District Court banned Davis from selling, renting, lease or invest on the states real estate market.
The court order was the end of a consumer fraud lawsuit filled in 2006. Davis committed consumer fraud in the sale of homes in the Des Moines area. All homes that he sold ended up in foreclosure.
Davis sold homes at highly-inflated prices to first time buyers and people with low credit scores. According to the Attorney General Tom Miller, Davis used phantom down payments so the mortgage companies could grant the loans to these buyers that ended up not managing to finish their payments and consequently losing their homes. Apart from contributing to the current real estate crisis, the irresponsible actions of Davis led hundreds of people into foreclosures and a bad credit history.
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