Chicago’s Most Wanted: Hakeem Rashid - Fox 2 News Headlines

Chicago’s Most Wanted: Hakeem Rashid

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CHICAGO (FOX 32 News) -

The battle against mortgage fraud is not new and neither are the ways alleged schemers try to beat the system to pad their wallets. But the Feds are going after these people with renewed vigor.

Hakeem Rashid is a mortgage loan originator who worked for two companies, including Regent Mortgage Funding on 87th Street just off the Dan Ryan Expressway. He was one of four people recently indicted for allegedly taking part in a $16 million lending scheme.

According the federal indictment, between 2005 and 2008, Rashid and his three co-conspirators falsified mortgage loan documents concerning the income, employment and financial qualifications of people they helped obtain loans.

Rashid helped recruit people to purchase a total of 35 properties in or around Chicago, paying them to buy those properties knowing that those people would have to be fraudulently qualified in order to get the mortgage loans.

By processing these loans, they received payments from the banks; their fees for bringing in the business. They also bought some of the properties themselves, or refinanced the loans, again getting paid.

Hakeem Rashid's last known address was in Miami, but he also had significant connections to business associates and others here in the Chicago area. The FBI is asking for the public's help in locating Rashid's current whereabouts.

Here is the FBI's description of Hakeem Rashid.

  • He is a black male.
  • He is 39 years old.
  • He is five feet, eight inches tall.
  • He has brown eyes.
  • He has black hair.
  • When last seen, he wore his hair in dreadlocks.
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