"Thirty-six people suspected of being responsible for $100 million in illegal home loans have been indicted in the biggest crackdown on mortgage fraud in Arizona.
Most of the defendants were involved in the Valley's real-estate and mortgage industries. All were part of six mortgage-fraud rings in metropolitan Phoenix, some of which have been under investigation since early 2007, according to the indictment.
Federal, state and local agencies busted the rings through Operation Cash Back, part of a national mortgage-fraud investigation that involved 406 indictments and 144 cases. The FBI estimated the schemes resulted in more than $1 billion in losses to lenders, homeowners and borrowers."
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Big Arizona mortgage-fraud bust
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