Real Estate Journal Online

Yesterday federal prosecutors announced indictments for a dozen Arizona individuals involved in cash-back mortgage schemes that “contributed to the meltdown of the state’s real estate market.” Among those charged were a couple running a Tempe-based international Christian ministry, the Clint Rogers Ministry[1]. Clint and Angela Rogers are accused of diverting more than $2.5 million to themselves and co-conspirators by falsifying loan applications to allow them to buy homes at “artificially inflated prices” after buying the homes at lower values through an intermediary.

The couple face 13 counts of conspiracy, money laundering and wire fraud, and are accused of using their ministry simply as a vehicle to accept the money.

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[1] http://www.businessweek.com/ap/financialnews/D9LS0U8G1.htm