Mortgage Fraud One of the Largest in US History

Twisting the prevalence of mortgage fraud in the US, those who wish to fleece people of their money now have to look closer to home. A tight knit community in Virginia was host to what may be the largest case of mortgage fraud in American history. Two women, one a minister of her local church, her daughter a hairdresser in town, as well as a third party from Indiana, took around $40 million or more from their neighbors and friends.

The fraud began as an appeal to residents in the area that had good credit scores and offered a deal. The two women told the residents that they would be investors in a real estate deal having to do with hundreds of properties in Indiana, but that no one would be financially responsible for the properties – their credit scores would be the only item needed. In the end, the investors are responsible for millions of dollars in mortgages, while the two women walked away with the money. Most residents are now eyeing bankruptcy as a means out of the situation.\r\n