Ten people who allegedly preyed on homeowners' fears due to the housing market crisis were arrested by federal agents yesterday morning after they were linked to a loan modification scam that authorities say bilked thousands of distressed homeowners out of at least $7 million, the Contra Costa Times reported today. The alleged scam, which investigators said made false promises and guarantees of the group's ability to provide homeowners loan modifications, was run out of 21st Century Real Estate Investment Corp. More than 4,000 were victimized by the scammers, and a number of people not only lost their homes as a result of the alleged scam, but also lost thousands of dollars each, authorities said.
