DETROIT (WWJ) – Dozens of names are on a list of people who have been indicted on mortgage fraud in the Metro Detroit area. Michigan U.S. Attorney Barbara McQuade announced on Tuesday the results of the federal mortgage fraud program called “Operation Broken Dreams.”
“Michigan is one of five states that together make up half of all foreclosures in the country,” said McQuade.
The results of the program also showed that thirty people in the area have either pleaded guilty or were found guilty of mortgage fraud. Twenty-two indictments are to follow.
“Sometimes the victims in our mortgage fraud cases are financial institutions,” said McQuade. “Some may say ‘who cares about the financial institutions?’ But when financial institutions are victimized, it makes it harder for the rest of us to get home loans.”
Among the cases being tried, a Detroit police officer accused of getting mortgages on nearly a dozen apartment buildings, valued at more than a million dollars. The officer allegedly falsified income records. His case is pending.