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Tag: loans

Authorities Charge 1,215 People in Nationwide Mortgage Fraud Sweep

Atty. Gen. Holder (left) and FBI Director Mueller announce results/fbi photo

Atty. Gen. Holder (left) and FBI Director Mueller announce results/fbi photo

By Allan Lengel
For AOL News
WASHINGTON –The Justice Department today announced the “broadest mortgage fraud sweep” in U.S. history, with criminal charges filed against 1,215 people. Almost 500 have already been arrested in a 3 1/2-month crackdown dubbed “Operation Stolen Dreams.”

Authorities said the operation uncovered $2.3 billion in mortgage fraud losses and recovered $147 million through 191 civil enforcement actions.

Despite the multistate crackdown, FBI Director Robert Mueller said there is still room for concern. He noted that his agency is pursuing more than 3,000 mortgage fraud cases, almost double the number from the last fiscal year.

“Those who prey on the housing market should know that hundreds of FBI agents on task forces and their law enforcement partners are tracking down your schemes, and you will be brought to justice,” Mueller said in a statement.

Attorney General Eric Holder added: “The staggering totals from this sweep highlight the mortgage fraud trends we are seeing around the country. We have seen mortgage fraud take on all shapes and sizes — from schemes that ensnared the elderly to fraudsters who targeted immigrant communities.”

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