U.S. Attorney General Charges 530 in Mortgage Probe With $1 Billion in Fraud Losses
Posted by Warm Southern Breeze on Tuesday, October 9, 2012
U.S. Charges 530 in Mortgage Probe With $1 Billion in Losses
More than 73,000 homeowners were victims of various frauds for which charges were filed during a year-long crackdown, including “foreclosure rescue schemes” that take advantage of those who have fallen behind on payments, the Justice Department said in a statement.
Typical schemes involved promises to homeowners that foreclosures could be prevented by payment of a fee, according to the statement. As part of the schemes, “investors” purchase the mortgage or the titles of homes are transferred to those taking part in the fraud, resulting in homeowners losing their property, the department said.
To contact the reporter on this story: Phil Mattingly in Washington at pmattingly
To contact the editor responsible for this story: Steven Komarow at skomarow1
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