Several people have been arrested in the Chicago area in connection with a mortgage fraud scheme.
A lawyer, a tax-preparer and the owner of a mortgage brokerage are among more than a dozen people rounded up in what federal officials describe as a major crackdown on mortgage fraud in the Chicago area.
Nine indictments were unsealed Wednesday while federal agents fanned out across the Chicago area to arrest those charged.
They're accused of swindling lenders out of thousands of dollars by obtaining mortgages under false pretenses, often through the use of bogus documents.
U.S. Attorney Patrick Fitzgerald announced that 24 defendants, most of whom are professionals in the mortgage loan industry, were named in 10 indictments. The undercover sting used people who posed as buyers seeking financial aid.
The nine loans involved in the undercover project totaled $1.4 million. In the 10th case, the defendents allegedly obtained $4.2 million in loans, causing losses in excess of $1.1 million.
The houses involved were government owned. Essentially the victims in these cases are financial institutions.
Some of the properties involved were: