State's Attorney Anita Alvarez announced a new unit to target those crimes. She says many people are trying to illegally purchase loans to take over foreclosed houses.
The new unit helped secure charges against Jimmy Pililimis, Anthony Palermo and two other men who have not been named. They are accused of using phony W2 forms and bank statements to get hundreds of thousands of dollars in loans.
"These indictments are the first in what we expect -- moving forward," said Anita Alvarez, Illinois State's Attorney.
Alvarez says the federal stimulus program provided 2-million dollars to get the new unit off the ground.