37 Arrested in Mortgage Fraud Charges
Feds uncover five fraudulent mortgage schemes
The 37 people and four businesses cost victim mortgage lenders $5.8 million, prosecutors allege.
Okay, we get it. Mortgage fraud is all the rage this season.
And we’ve heard of risqué trends, but mortgage frauds? Those are just plain risky. Oh yeah, and illegal.
But legalities are apparently a non-issue for 37 people and four businesses accused of fraudulently obtaining $48 million in mortgages on homes.
They've been charged in five separate schemes that include fraudulently boosting the prices of inner city homes and deals in expensive Chicago high-rises and suburban homes, prosecutors told the Chicago Breaking News Center.
Other schemes involve the use of stolen or fictitious identities and allegedly using straw buyers to obtain loan proceeds.
The schemes have resulted in defaulted loans and property foreclosures, costing the victim mortgage lenders close to $6 million.
Unless handcuffs are the new black, looks like these suckers have officially fallen out of trend.
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