Three Indicted In Alleged Cleveland Mortgage Scam Involving 78 Homes; Nearly All Ended Up In Foreclosure

In Cleveland, Ohio, WKYC-TV Channel 3 reports:

• Indictments have been filed against three people accused of being responsible for $5.8 million in fraudulent loans on 78 properties. The Cuyahoga County Mortgage Fraud Task Force annnounced the indictments against Beverly Cody, and Antoinece Boyd, and licensed mortgage loan officer Mark Kellogg, called "the poster child for mortgage fraud in America" by Cuyahoga County Prosecutor Bill Mason.

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• Charges in the 73 count indictment include theft, forgery, receiving stolen property, telecommunications fraud, tampering with records, money laundering, theft by deception, securing writings by deception, and falsification. The three are also charged with engaging in a pattern of corrupt activity, a first degree felony.

• Nearly all 78 homes in the Slavic Village area eventually ended up in foreclosure as a result of the activity of those indicted, according to the charges. [...] Prosecutor Mason accused Kellogg of "causing the demise of this once proud community," and creating "carnage" in Slavic Village.

For the story, see Prosecutor: Three indicted for Slavic Village mortgage fraud.

See also, The Cleveland Plain Dealer: 3 charged in mortgage fraud that involved Slavic Village homes (Councilman helped unravel scheme involving 78 homes).

Go here for more on the decimation of Cleveland's Slavic Village from mortgage fraud scams.