North Texas Feds Sack NFL Defensive Line Coach, 39 Others In Alleged Mortgage Fraud Scam; Losses Close To $19M Involving 114 Homes: Authorities

In North Texas, CBS-TV Channel 11 reports:

• A federal task force has uncovered a massive mortgage fraud conspiracy operating in North Texas. And an NFL coach is among the 40 people who have been indicted. [...] In this case, officials say some of those indicted collected a large volume of fees, while others took kickbacks to participate in the scheme. Law enforcement officers held a news conference in an affluent McKinney neighborhood to talk about the indictments.

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• So, what happened to the houses? "The purchasers end up in foreclosure. The lenders end up with bad loans and the neighborhoods end up with abandoned properties," explained Erick Martinez with the Internal Revenue Service. [...] Law enforcement officials say the fraud accounts for nearly $19 million in losses and 114 properties were involved. Federal officials say in the grand scheme of the case, [the c]oach [] played a relatively minor role as a buyer.

For the story, see Dozens Indicted In N. Texas Mortgage Fraud Scheme.

See also: The Times Picayune: New Orleans Saints assistant indicted by U.S. attorney in Texas a victim, attorney says (Claims to be unwitting straw buyer).