10 arrested in $60 million mortgage fraud bust

August 5, 2011 4:14:15 AM PDT
Real estate attorneys and loan officers were among 10 people arrested Thursday after police busted a $60 million mortgage fraud case in New York and Florida.

The suspects are charged with conspiracy to commit bank fraud and wire fraud.

Federal investigators believe one of the suspects created fake mortgage brokerages.

Loans were then made for up to 120 properties.

More arrests are expected.