New to Houston at age 21 and eager to help others while making some money, Marisela Alaniz was approached about what sounded like a great investment opportunity.

Now, at 24, she is beset with financial problems after learning a hard lesson.

Alaniz is one of at least 20 people who the Harris County District Attorney's Office says were victimized by a mortgage fraud scam that obtained more than $16 million in bad loans.

Two Houston women were arrested Tuesday and their homes and offices were searched in connection with the scam, which involved the sale of at least 41 homes in the Houston area, said Bryan Vaclavik, an investigator with the district attorney's Major Fraud Unit.

"There are financial predators out there, waiting to take advantage of your good name and good credit," Vaclavik said.

Onesha Rene Meek, 30, and Arlisa Marza McGowen, 31, are charged with theft, money laundering, forgery, making false statements to obtain property or credit, and engaging in organized criminal activity. Bail was set at $32 million, twice the amount of the loans.

The two are accused of participating in the fraudulent purchase of 41 homes from September 2004 to April 2006, ranging in price from $190,000 to $759,000, court records show.

Prosecutors said Meek and McGowen recruited people with low incomes but good credit, duping them into signing off on purchases as investors. The loan applications misrepresented the investors' income level, however, and the contracts asserted that the buyers intended to live in the houses, not just invest in them, investigators said.

This made the investors "straw buyers," who were purchasing houses far more expensive than what they could afford, prosecutors said. Meek and McGowen are accused of paying investors to sign the contracts and telling them that renters would move into the houses, make the mortgage payments and take over the loans in about six months.

There were no renters, however, and the banks soon began asking investors why they were not making loan payments, investigators said.

As the banks began foreclosing, victims came forward or were contacted by the district attorney.

Vaclavik said Meek and McGowen are accused of pocketing fees of up to 10 percent of each purchase, reaping a total of about $1.6 million.

Alaniz, who got friends involved in the purchases, took responsibility for being fooled. She said she bought a house for almost $400,000, leaving her credit in shambles after it was foreclosed upon.

"This was our own fault," Alaniz said. "But (Meek) did wrong by a lot of people, and she needs to be held accountable for her actions."

She said she was seeking a lawyer to help with her predicament when investigators contacted her.

Vaclavik said Alaniz cooperated fully and gave names of friends who were involved. She won't face charges, he said.

However, at least three real estate agents and two straw buyers who became recruiters are named in court documents as suspects in the scam and are expected to be charged.

Vaclavik said he also expects more victims of this scam, and similar ones, to come forward.

"There's no telling how many groups are out there doing this," he said.

Prosecutor Lester Blizzard said he suspects this type of mortgage fraud is rampant in Houston.

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