Industry NewsMortgage

1,000 duped by ‘Dream Homes’ program

Five charged in $70 million mortgage fraud scheme
Published on Apr 28, 2009

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by CareyBot

More than 1,000 people in Maryland and other states were allegedly duped by a "Dream Homes Program" that promised to take over their mortgage payments in exchange for a half ownership interest in their home and a $50,000 investment in side businesses.

The program was actually a massive mortgage fraud scheme that attracted about $70 million in investments, according to a federal grand jury indictment of four defendants unsealed Monday.

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