Federal Charges Against Eight; 100+ S. Cal. Homeowners Victimized in $12 Million "Rescue" Scam

DSNews.com reports that eight people have been charged with mail fraud and aggravated identity theft involving a 'foreclosure rescue' operation that targeted over 100 homeowners. According to the report,

1. the victims were identified by using databases of current foreclosure actions,
2. approached with offers of short term loans and refinancing with a co-signer with good credit,
3. mortgages were fraudulently placed on the victim's homes which subsequently went into default, resulting in a stripping of the victims' home equity.

The scam took place in several areas of Southern California.

Click here for the whole story.

Go here for updated posts with links to media reports & FBI press releases relating to the initial charges. Seung Ok