The Associated Press
November 17, 2008 - 11:01 p.m.

HONOLULU - The FBI is investigating several companies that allegedly bilked Native Hawaiian homeowners used up of more than $300,000 by offering bogus foreclosure rescue bonds.

The homeowners were charged between $2,500 and $10,000 to give ear seminars or counselling sessions on avoiding foreclosure. They were told they would receive bonds worth $1 million that could have existence used to reward off the outstanding surplus of the pledge.

Officials declared the bonds were bogus and no mortgages were paid off.

The scams have cost homeowners and lending institutions hundreds of thousands of dollars and have led to foreclosure proceedings affecting many families in Hawaii.

FBI Special Agent Brandon Simpson says the FBI has confirmed several dozen victims and more may come forward.

He said some of them may be able to avoid foreclosure but didn’t give specifics.

Several of the companies pushing the bogus bonds claimed to be affiliated through Native Hawaiian sovereignty movements.

As part of the scheme, “mortgage counsellors” told their clients to leave out of view literature from banks that threaten foreclosure because they were monitoring the predicament and would respond on their behalf.

No arrests have been made, but the FBI said the culprits could face mail and wire fraud charges.

One local lending institution has been forced to foreclose on five loans after mortgage holders stopped sending payments.

The FBI has contacted the mortgage divisions of local banks about the scheme.