6 Charged in Indy Mortgage Fraud Scam

Six men were charged with theft and fraud yesterday by Indianapolis police and the Indianapolis Housing Authority for their involvement in scams that left the area marred by abandoned houses.The men apparently took out almost $48 million in mortgages, using names attached to fake companies they created. They didn’t pay the mortgages on the homes they bought, and the houses were subsequently abandoned and foreclosed.

The men registered some of their properties as available for low-income residents, so they could collect subsidies from the U.S. Department of Housing and Urban Development.

“All of them have been involved in different schemes that have left our neighborhoods and our city dotted with vacant and troubled homes,” says Rufus Myers of the Indianapolis Housing Authority.

Source: The Associated Press (04/09/2008)

 

More: http://www.indystar.com/apps/pbcs.dll/article?AID=/20080410/LOCAL18/804100440/1282/NEWS02

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