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

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