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I've got a friend who was offered this deal, but was convinced that it was not so much fraud, but more of a grey area of the law. The way it was pitched to her was along the lines of 'you put up your name, we use your credit rating to buy a house for this other person over here that can afford it, but has no credit'. The compensation was a few grand, and there were promises left and right about how they'd rent the place out if the 'buyer' defaulted. She was totally convinced that these people had her credit as their top priority, and that it would be protected.
When she asked me my opinion on it, I just about choked on my lunch, but I had to keep in mind that not all people have reasonable understanding of how real estate and mortgages work. I mean, it may not be rocket science to most people, but to others, it's a completely different language. In her mind, doing this deal was no different than buying a car for someone else who was going to make the payments, and getting a few grand for the trouble.

Edit* I should probably change 'grey area of the law' to 'favour'.