Industry NewsMortgage

Feds indict 20 in foreclosure rescue schemes

More than 100 victims alleged in California-based scams
Published on Mar 25, 2008

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by CareyBot

Federal officials announced the indictments of 20 people Thursday in two California-based foreclosure rescue and equity-stripping schemes that allegedly netted more than $12 million from more than 100 victims who were left without their homes.

A 33-year-old Los Angeles resident, Charles Head, is accused of orchestrating both schemes, which allegedly used straw buyers to obtain title to the homes of troubled borrowers.

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