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FBI Raids Brighton, Livonia Offices Of Elias Realty

BRIGHTON (WWJ/AP) - The FBI has raided the offices of a real estate and financial services business in Brighton and Livonia.

The government, though, isn't saying what they were looking for during Wednesday's searches at the offices of William Elias.

The FBI executed search warrants at both Livonia and Brighton locations of Elias Realty and Elias Financial, seizing paperwork and computers. No arrests were made.

In a recent interview with the Detroit Free Press, 38-year-old Elias said agents sought files on 23 properties that his firm helped sell in short sales.

"The warrant says that it's sealed so I don't really know what they're investigating," he said, adding that the company is currently reviewing details of the investigation and plans to cooperate fully with federal investigators.

In a statement, Elias Realty said it may have drawn scrutiny from lenders and mortgage buyer Freddie Mac because of its success and volume of short sale business.

Elias filed a lawsuit against Freddie Mac last month, alleging the mortgage company put Elias Realty on an "exclusionary list" to ruin his reputation and destroy his business. According to the lawsuit, the exclusionary list is Freddie Mac's way of saying a company "presents an undue risk to Freddie Mac" and prohibits the business from participating directly or indirectly in any Freddie Mac transaction.

As a result of being put on the list, Elias said financial institutions have refused to do business with him.

TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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