US Attorney's Office indicts 11 for mortgage fraud in Chicago

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The U.S. Attorney’s Office has indicted 11 people, five of them licensed loan originators, suspected of doctoring 52 residential home loans worth at least $14.5 million on homes mostly found in south and west Chicago. The defendants allegedly made off with $8 million by inflating home prices and finding “straw” buyers to facilitate the fraud.

Source: American Banker