10 face mortgage fraud charges totaling $8M in Chicago - WREX.com – Rockford’s News Leader

10 face mortgage fraud charges totaling $8M in Chicago

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CHICAGO (WREX) -

Ten Chicago-area suspects face multiple charges for allegedly trying to fraudulently secure about 50 mortgage loans worth over $14 million.

The loans were used to buy residential properties mostly on the south and west sides of Chicago. Because the mortgages were not completely recovered by later sales or foreclosures, lenders lost at least $8 million in all.

The defendants face different charges, and some who have been charged with fraud could get a maximum of 30 years in prison and fines up to $1 million.

Over 200 people have been accused of mortgage fraud in Chicago and Rockford since 2008. Those losses total around $300 million.

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