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(Image from article: "Subprime Swindlers Work A New Angle: Rescue Scams")

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41 people in 4 states charged in mortgage fraud

A mortgage fraud crackdown announced Thursday resulted in the arrests of dozens of people, including six lawyers, seven loan officers and three mortgage brokers in four states.

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Subprime Swindlers Work A New Angle: Rescue Scams

In early 2008, Cheryl Ann Montero, a California mortgage broker, held a series of free seminars in the clubhouse of the Lone Tree Golf Course in Contra Costa County, a suburban area near San Francisco. The attendees, homeowners facing foreclosure, were desperate for a rescue from their woes. Using a PowerPoint presentation, Montero delivered one.

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