Federal prosecutors on Monday announced indictments in a mortgage scheme that siphoned off nearly $13 million in home equity and victimized more than 100 homeowners who had been seeking to avoid foreclosure. Dozens of people in California and elsewhere lost their homes in the scam, which prosecutors say was led by Charles Head of La Habra. He and 18 others face allegations that they preyed on homeowners who were struggling to make payments on adjustable-rate and other mortgages. Under the scam, homeowners facing foreclosure were promised lower house payments and even cash upfront to help pay bills if they agreed to add another name to their home's title.

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