News sources are reporting that twenty people have been charged in five separate mortgae fraud schemes in the Detroit, Michigan area.

According to press sources, FBI agents raided Source One Mortgage in Shelby Township, Michigan as part of a mortgage fraud investigation involving five companies in metro Detroit. The groups -- operating independently -- were responsible for bilking financial institutions out of $10 million, John Gillies, assistant special agent in charge of the FBI's Detroit division, said at a news conference Tuesday, according to ClickonDetroit.com.

One of the indicments alleges that Myron L. Hooker Jr., 39, Southfield, Michigan and Peter Garland, 36, Southfield, Michigan recruited phony home buyers along with loan officers from several companies to take part in the fraud. Many of the loans defaulted and the properties were not worth the loan amounts, according to the indicment. Hooker and Garland were charged with conspiracy, wire fraud and mail fraud. The involved properties were locatated in Detroit (5) and West Bloomfield Township (2).