NYC Feds Bag 41 Suspects In Eight Separate Fraud Cases Involving Home Flipping, Short Sales, Foreclosure Rescue, Equity Stripping

From the Office of the U.S. Attorney (New York City):

• PREET BHARARA, the United States Attorney for the Southern District of New York [and other Federal, state, and local law enforcement officials] announced [last week] the unsealing of charges against 41 defendants, in eight separate cases, for allegedly engaging in various mortgage fraud scams that collectively defrauded lenders out of more than $64 million in home mortgage loans on more than 100 properties across New York State. Among those charged are six lawyers, seven loan officers, three mortgage brokers, an accountant, and a residential property appraiser.

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• The mortgage fraud scams alleged in the cases announced [last week] included, among other things, property flips, equity stripping, and appraisal and loan fraud. In one case, defendants operated a foreclosure rescue scheme, targeting individuals who were on the verge of losing their homes by tricking them into giving up the equity in the properties with false promises that their homes would be saved.

For the U.S. Attorney press release, including a summary of allegations in each case, see Manhattan U.S. Attorney Charges 41 Defendants In Coordinated Mortgage Fraud Takedown Across New York State (Defendants Charged With Fraudulently Obtaining More Than $64 Million In Residential Mortgages On More Than 100 Properties; Lawyers, Mortgage Brokers, And Loan Officers Among Those Arrested In "Operation Bad Deeds").

Go here for links to the "OPERATION BAD DEEDS" Charging Documents for each of the eight cases.