Eight arraigned in $16.3M mortgage fraud

A ring of Sacramento residents alleged to be part of a $16.3 million mortgage fraud was arraigned in federal court in Sacramento Tuesday. The U.S. Attorney’s office announced eight defendants have been indicted in the ring, which caused losses in excess of $9 million when 14 homes went into foreclosure. The ring allegedly originated more than $16.3 million in mortgages with false documentation and created bogus work orders.