Breaking News Bar
updated: 9/27/2013 7:48 AM

Feds: Illinois mortgage fraud led to $8 million in losses

hello
Success - Article sent! close
  • Ten Chicago-area suspects have been indicted in an alleged scheme to fraudulently secure around 50 residential mortgage loans worth more than $14 million.

      Ten Chicago-area suspects have been indicted in an alleged scheme to fraudulently secure around 50 residential mortgage loans worth more than $14 million.
    thinkstockphotos.com

 
Associated Press

Ten Chicago-area suspects have been indicted in an alleged scheme to fraudulently secure around 50 residential mortgage loans worth more than $14 million.

The U.S. Attorney's Office said Wednesday the mortgages were used to buy properties -- mainly on the south and west sides of Chicago.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The mortgages weren't fully recovered through later sales or foreclosures. As a result of the alleged scheme, prosecutors say lenders lost at least $8 million in all.

The defendants face different sets of charges. If convicted, some charged with fraud face maximum sentences of 30 years in prison and fines of up to $1 million.

Since 2008, more than 200 people have been accused in federal court in Chicago and Rockford of mortgage fraud. The alleged losses total some $300 million.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here