Federal officials in Miami announced charges Monday against 31 people accused of participating in a scheme to illegally obtain mortgage loans worth roughly $14 million.

Prosecutors said the group's leaders secured inflated loans for the purchase of at least 28 properties and then pocketed the difference between the loan and the actual purchase price.


The alleged conspiracy involved people working in all aspects of the real estate business, including a bank employee, a title agent and an appraiser.

That's how it went down in so many instances, isn't it? And this kind of cr*p inflated the entire market, because no one was asking questions (well, no one who had any power to do anything about it).

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