FBI Accuses 10 In Mortgage Fraud

Law360, New York (April 26, 2007, 12:00 AM EDT) -- The Federal Bureau of Investigation has issued an arrest warrant for 10 men accused of defrauding several major mortgage lenders with a scheme involving the use of false identities.

The arrest warrant, filed on Tuesday in the U.S. District Court for the Eastern District of New York, names 10 executives of Queens-based New Generation Funding, who allegedly used “straw buyers” to secure loans from lenders including Lehman Brothers Holdings Inc., HSBC Holdings and Fremont General Corp., among others.

The defendants allegedly fabricated names and credit ratings...
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