Eleven residents of Chicago and its suburbs have been indicted in a $14.5 million mortgage fraud scheme that involved homes on the city’s south and west sides.

The Justice Department said the alleged wrongdoing involved 10 properties, 52 home loans and straw buyers who were fraudulently qualified for the mortgages between August 2004 and October 2012. As a result of the alleged fraud, authorities said lenders lost $8 million.

Among the defendants who were charged with offenses that include wire fraud, bank fraud  were five licensed mortgage loan originators.

Most of the 10 properties involved fell into foreclosure and were repossessed by lenders.
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