Homepage / DeKalb County Headlines

12 Indicted On Mortgage Fraud Charges

POSTED: 4:43 pm EDT September 15, 2008
UPDATED: 6:48 am EDT September 16, 2008

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.

Links We Like
Sponsored Content
Before you splurge on that pricey remodeling project, beware. It may not pay you back when it's time to sell. More

Acupuncture, massage, or other complementary therapies could manage your type-2 diabetes. Find out whether they can help you. More

Having a tough time selling you home? Check out the five reasons why you may be having trouble and find professionals who can help. More

The first step in reducing debt is recognizing how much you have. Let us help you with the rest and get out from under your debt in 12 months. More

Sponsored Links

Consumer Info



Sponsored Content Provided by ARA