Cox doesn’t expect charges against Elias Realty

Short-sale customers caught in quagmire

Karen Smith, Hometown Life

Former state Attorney General Mike Cox, who represents the owner of the Livonia-based realty raided Wednesday by the FBI, said he expects no charges will be filed against his client because he hasn’t broken any laws.

“I think it will turn into a whole bunch of nothing,” he said. “I haven’t seen one thing that would lead to a charge.”

Cox said the FBI raided William Elias’s Livonia and Brighton offices because the Federal Home Loan Mortgage Corp. (Freddie Mac) told law enforcement officials he was committing fraud by hiding the fact some of his short-sale customers had bought second homes. Cox said Freddie Mac is going after Elias and his businesses, including Elias Realty, because he does more short sales than anyone else in Michigan.

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