Fairfax County Charges 20 Individuals In Mortgage Fraud Ring | WAMU 88.5 - American University Radio

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Fairfax County Charges 20 Individuals In Mortgage Fraud Ring

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Fairfax County police and FBI agents have arrested 20 people in connection with the largest fraud investigation in the county's history.

Police say the mortgage-fraud ring involved more than 200 properties valued at more than $100 million. They say real-estate agents and mortgage brokers used straw buyers with good credit ratings and low income to fraudulently obtain loans. Properties were sold and resold within the ring.

Lee District Supervisor Jeff McKay says the investigation started when neighborhood residents noticed excessive trash and construction activity.

Those charged include real-estate agents, mortgage brokers, home contractors, home inspectors. Police say they are still looking for four more individuals who are described as at large.

Michael Pope reports...

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