2 years ago
GREENBELT, Md. (WUSA) -- Federal prosecutors have charged eight persons with a mortgage re-financing scheme that they say resulted in more than 100 area homeowners losing their property and in a $35 million windfall for the conspirators.
The multi-count indictment describes a scheme that preys on homeowners who are in financial trouble and who want to repair their credit and prevent foreclosure on their homes.
The defendants in the case are accused of misleading those homeowners by lying to secure new financing that allowed the con artists to raid the home's equity, leaving the homeowners in worse shape than they were before.
Victims fell for the scheme in DC, Virginia, and Maryland, where officials said this is the largest mortgage fraud case in the state's history.
Written by 9NEWS NOW
