Mortgage fraud ring busted in Illinois nets 37
June 30th, 2009 joshua
Thirty-seven people have been charged with operating a mortgage fraud ring in Illinois worth at least $48 million.
According to Associated Press, the latest in a nationwide series of mortgage fraud rings involved five different cases with houses in several different Chicago neighborhoods.
Among those charged in this particular bust are mortgage brokers, loan officers, real estate investors, appraisers and an attorney. Together, the group obtained at least $48 million in fraudulent mortgages.
In many of the instances, the buyers in this scheme had no intention on making payments on the houses. Some buyers used fake names, and in some cases, actual buyers were shown photos of homes much nicer than they actually were in order to obtain higher mortgages.
