Fraudster Allegedly Bilks Three Churches With Bad Loans

Making our mortgage fraud blotter Monday, news outlets reported stories involving a Wisconsin man and his wife who allegedly raked in $10 million and another man from Chicago purportedly responsible for hundreds of thousands in advanced fees he bilked from churches.

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MReport divulged the latest in mortgage fraud news by sourcing stories to ""_The Chicago Tribune_"":http://articles.chicagotribune.com/2012-01-05/news/chi-3-chicago-churches-among-victims-of-mortgage-fraud-20120105_1_victims-of-mortgage-fraud-fraud-scheme-mortgage-scam and ""_Pierce County Herald_"":http://www.piercecountyherald.com/event/article/id/42007/group/News/.

First up, the _Herald_ offered the story fronted sham buyers to illegally obtain and benefit from loans that lenders

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wanted to cover the costs of buying foreclosed homes.

The news outlet said that James Ober received charges for his alleged role in rounding up the buyers, receiving proceeds illicitly obtained from loans, and walking away with about $10 million ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô until his arrest.

He and wife Wendy stand accused of their parts in the scheme, an allegation to which Ober pled guilty Saturday, according to the _Herald_.

The outlet said a court appointment is scheduled for later January.

In the second account, the _Tribune_ fielded news of a man, Jamal Lawson, who allegedly obtained advanced fees from three churches, more than a dozen businesses, and others in exchange for $500 million in funds for mortgage loans.

Indictments allege that he obtained $308,000 in fees upfront, and that he defrauded church leaders with bad loans worth millions of dollars, the news outlet said.

If convicted, according to the _Tribune_, Lawson could see as much as 20 years in prison, plus $250,000 in fines and restitution for victims.