More Alleged Mortgage Fraud Scams: Today, 41 Defendants Are Charged

The federal government today charged 41 defendants in eight separate cases with allegedly engaging in various mortgage fraud scams that collectively defrauded lenders out of more than $64 million in home mortgage loans on more than 100 properties across New York State. Among those charged were six lawyers, seven loan officers, three mortgage brokers, an accountant, and a residential property appraiser.

The mortgage fraud scams alleged in the cases announced today included, among other things, property flips, equity stripping, and appraisal and loan fraud. In one case, defendants allegedly operated a foreclosure rescue scheme, targeting individuals who were on the verge of losing their homes by tricking them into giving up the equity in the properties with false promises that their homes would be saved.