The Daily Post quotes Judge Rhys Rowlands, at Caernarfon Crown Court, who said that whilst the two couples had not devised the scheme they had been involved in “serious, repeated dishonesty born out of greed”.
The case is linked to that of five people who were jailed last year following their involvement in the scam.
The lengthy trial heard how the defendants had bought properties and used exaggerated valuations provided by a surveyor and solicitor to get more than £20m from mortgage companies.
The court heard how the four built up vast portfolio of proprieties whilst exploiting weaknesses on the part of the lenders.
Judge Rowlands said the four were seeking to make “easy money”.
Two Scottish mortgage packagers, David McMeekin and Linda Campbell, 43 from Glasgow, have to both been ordered to do 50 hours unpaid work after admitting fraud.
Patrick Harrington QC, prosecuting, said from at least 2003 to 2008 the fraud involved a large number of mortgage applicants lied about their incomes.
He said: “The loss to the mortgage companies is an impossible figure. There was a fire sale of the majority of the properties.”
After sentencing, DCI Iestyn Davies, said: "The scale of the fraud was staggering.
"It involved bogus mortgage applications made to a number of mortgage lenders, thereby generating millions of pounds of money granted by way of mortgage loans which would never have been made, had the truth been told about what was going on."
A further trial connected to the investigation is currently pending.
