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Mortgage

Four indicted in $158M mortgage scheme

The victims acquired manufactured, modular homes

According to Modular Home Builder, a man and three accomplices from Burlington, N.C., face federal charges of mortgage fraud and a federal investigation for a scheme involving modular and manufactured homes. The publication describes the scenario that led the defendants into hot water:

Four managers with Phoenix Housing Group, headquartered in Greensboro, N.C were indicted Aug. 6 on accusations that they conspired to defraud buyers of manufactured and modular housing and originated $158 million in fraudulent federally secured loans for their purchase.

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