Federal charges filed against mortgage defrauders - KWWL - Eastern Iowa Breaking News, Weather, Closings

Federal charges filed against mortgage defrauders

Posted:
WASHINGTON, D.C. (KWWL) -

Federal investigators have charged 530 people for allegedly defrauding more than 73,000 desperate homeowners around the country who fell behind on mortgage payments, leaving them vulnerable to con artists offering to help them avoid foreclosure.

At a news conference discussing the results of a year-long probe, US Attorney General Eric Holder and Housing and Urban Development Secretary Shaun Donovan estimated the homeowners lost more than $1 billion in the fraud schemes.

According to court records in the 285 criminal cases brought in the investigation, the struggling homeowners would pay substantial fees with promises that so-called investors would purchase the victims' mortgages.  Other homeowners paid hefty fees in exchange for what turned out to be false promises that more favorable mortgage terms would be negotiated on their behalf.

  • NEWSNEWSMore>>

  • UPDATE: Missing Waterloo man located

    UPDATE: Missing Waterloo man located

    Tuesday, July 29 2014 10:29 AM EDT2014-07-29 14:29:43 GMT
    Richard Taylor, 79, of Waterloo went missing Saturday morning.Richard Taylor, 79, of Waterloo went missing Saturday morning.
    Family and friends are worried they haven't seen or heard from a 79-year-old Waterloo man who uses a pacemaker since this weekend.More >>
    Family and friends are worried they haven't seen or heard from a 79-year-old Waterloo man who uses a pacemaker since this weekend.More >>
  • Tax-free holiday this weekend in Iowa

    Tax-free holiday this weekend in Iowa

    Tuesday, July 29 2014 9:40 AM EDT2014-07-29 13:40:17 GMT
    Mark your calendars for this coming weekend ?and head out to stock your closets with back to school clothes. Iowa retailers anticipate another big turnout for this year's sales tax holiday, Friday, Aug. 1, and Saturday, Aug. 2.During the two-day period, retailers waive sales tax on most clothing and shoes priced below $100. This applies at big-box retailers as well as local stores.State lawmakers approved the annual tax holiday in 1999 to give families a break as they buy back-to-school cloth...More >>
    Mark your calendars for this coming weekend ?and head out to stock your closets with back to school clothes. Iowa retailers anticipate another big turnout for this year's sales tax holiday, Friday, Aug. 1, and Saturday, Aug. 2.During the two-day period, retailers waive sales tax on most clothing and shoes priced below $100. This applies at big-box retailers as well as local stores.State lawmakers approved the annual tax holiday in 1999 to give families a break as they buy back-to-school cloth...More >>
  • Caught on radar: Beer-loving bugs swarm in Midwest

    Caught on radar: Beer-loving bugs swarm in Midwest

    Tuesday, July 29 2014 9:10 AM EDT2014-07-29 13:10:16 GMT
    Mayflies have begun hatching in the Mississippi River, emerging from the water in swarms that show up on radar like thunderstorms, coat roads and other surfaces and leave behind a slimy mess.More >>
    Mayflies have begun emerging from the Mississippi River in swarms that show up on radar like thunderstorms, coat roads and leave behind slimy messes. They've already been blamed for at least one car crash this week in...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KWWL. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Sandy Youngblut at 319-291-1259. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.