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"None of the home buyers were from the Grand Strand and all of the properties were purchased as second-home investment opportunities, according to court documents. It is not clear how all of the buyers were recruited.
Banks foreclosed on all of the properties, usually within about a year, and four of the buyers have since filed for bankruptcy protection, citing the home loans as a major contributor to their financial woes.
Those bankruptcy filings raise questions about how some buyers qualified for large mortgage loans in the first place."
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