2/28/13 - Following news Wednesday that the FBI executed two search warrants at Elias Realty locations in Brighton and Livonia, the company is sharing its side of the story. The FBI Field Office in Detroit would only confirm that agents carried out search warrants at the two locations. The company was established by Broker/Owner Will Elias and asserts that it has been the market leader in short sales for 2011 and 2012. An issued statement says Elias Realty drew scrutiny from lenders and Freddie Mac because of its success and volume of short sale business. It says discussions had been ongoing with Freddie Mac since October of 2012 about complaints filed by Freddie Mac against Will Elias, Elias Realty and related companies. In November of 2012, the statement says Freddie Mac wrongfully placed Will Elias on its exclusionary list, essentially halting his ability to run his business. Elias Realty claims discussions eventually broke down and it filed a formal complaint against Freddie Mac on January 31st for tortuous interference with contracts and unfair competition among others. Freddie Mac officially declined comment to WHMI and a spokesman would not confirm or deny that the company was placed on the exclusionary list, saying that information is not released to the general public. Elias Realty says it is currently reviewing details of the investigation and plans to cooperate fully with federal investigators. The full statement can be viewed below. (JM)
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