Industry NewsMortgage

Dozens indicted in Chicago mortgage schemes

Five cases involve straw borrowers, inflated appraisals
Published on Jun 25, 2009

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by CareyBot

Federal prosecutors have filed charges against 37 people and four businesses in the Chicago area in five seperate mortgage fraud cases involving "scores of homes" and more than $48 million in allegedly fraudulent loans.

Defendants include a vice president of the title company, mortgage brokers, loan officers, real estate investors, appraisers and an attorney, the U.S. Attorney for the Northern District of Illinois said in a press release.

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