Chris Keller at the Northwest Indiana Times reports that 25 Chicago area residents have been charged by in a mortgage fraud scheme.

Twenty-five Chicago area residents face federal charges in connection with what authorities said is one of the largest mortgage fraud schemes prosecuted in the Northern District of Illinois.

In all, three indictments returned Tuesday by a federal grand jury allege that more than 150 properties were involved in fraudulent transactions, according to a FBI news release. About half of the properties are in foreclosure, and the potential loss from the fraudulent mortgages is more than $25 million.

Technorati Tags: Chicago, indictments, mortgage fraud, Northern District of Illinois

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