ATLANTA -- Lehman Brothers isn't the only bank in trouble.

An alleged mortgage fraud scheme in Atlanta is taking its toll on the industry too.

After a yearlong investigation, police said they busted a major ring.

Twelve men have been indicted by the district attorney's office.

The men are accused of buying and selling nine homes using false appraisals more than double actual value, including seven in the historic West End.

Atlanta is one of the top 10 cities in the country for mortgage fraud.

The scheme has been going on in West End since 2003.

Brent Brewer moved into West End Atlanta five years ago. Little did he know back then he'd become more than a nosy neighbor, but rather an investigator.

Brewer and his neighbors started researching and said they found out that houses purchased in the $100,000 to $150,000 range were then sold again for $200,000 or more.

Neighbors contacted police and they discovered Zip code 30310 had become loan flip central.

Police have seized more than $200,000 in assets. Five of the men, all charged with residential mortgage fraud and conspiracy, are in custody.