A mortgage fraud ring of professionals operating in Syracuse allegedly obtained more than $1 million from lenders while preying on first-time homebuyers and taxpayers.

New York Attorney General Eric Schneiderman filed a lawsuit against five defendants accused of running a rent-to-own housing scam that targeted first-time buyers with low credit offering them fraudulent no downpayment, no closing cost purchase loan options they would use to convince lenders they were paying off underlying mortgages—then pocketing the money.

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