Two women are facing charges after they were indicted for a mortgage scam involving $1.5 million, it has been reported.

Yi Feng Reid, 48, and Yu Jane Chen, 42, are reportedly having plenty of bills to offset for food, toys, jewellery and ponies, as well as paying the fees of spiritual adviser.

They made all of the money from the mortgage scam which entails stealing identities to be used for fraudulent loans and credit cards, it was claimed by investigators.

The women were named in a 17-count indictment that includes charges of theft, identity theft, money laundering and conspiracy.

The indictment was issued last weekend and two other persons, George Liu, 33, and Ji Gang Chen, 53, were also named as their alleged accomplices.

Reid and Chen were said to be working as mortgage brokers in Bergen County, a spokesman was quoted saying.

They operated the scam by stealing the personal and financial details of customers that called to enquire about loans.