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Feds indict 67 for mortgage fraud in Chicago area

Feds indict 67 for mortgage fraud in Chicago area

This is a discussion on Feds indict 67 for mortgage fraud in Chicago area within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; A major national crackdown on mortgage fraud includes charges against 67 people in Chicago-area real estate businesses who allegedly engaged ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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06-20-2008, 10:21 AM

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Feds indict 67 for mortgage fraud in Chicago area

A major national crackdown on mortgage fraud includes charges against 67 people in Chicago-area real estate businesses who allegedly engaged in elaborate schemes that drained $40 million from area banks and lending institutions.

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(Source: Google Blog Search)

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area, chicago, feds, fraud, indict, mortgage

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