06-17-2010, 04:25 PM
Join Date: Mar 2008
Location: The far mid west.
Thanked 7,187 Times in 5,663 Posts
500 arrests in mortgage fraud probe
I have said there was more to it than people dreming and wanting...
DOJ: Nearly 500 arrests in mortgage fraud probe - Yahoo! News
DOJ: Nearly 500 arrests in mortgage fraud probe
By PETE YOST, Associated Press Writer Pete Yost, Associated Press Writer – Thu Jun 17, 12:54 pm ET
WASHINGTON – The Justice Department announced Thursday that investigators have made nearly 500 arrests since March in a major crackdown on mortgage fraud.
The nationwide initiative called Operation Stolen Dreams is the largest collective enforcement effort aimed at confronting the problem of mortgage fraud, Attorney General Eric Holder told a news conference. It involves 1,215 criminal defendants in cases that uncovered more than $2.3 billion in losses.
The Justice Department also has engaged in civil enforcement actions to recover more than $147 million in the operation.
Two Countrywide companies will pay $108 million to settle allegations that they inflated the fees that homeowners paid.
Thats why I dumped CountryWide, right after they went to BofA.
Hundreds of FBI agents are working on task forces with other law enforcement agencies to combat a type of crime that poses "a risk to our economic stability" as a nation, FBI Director Robert Mueller told the news conference.
The Justice Department said the probe has resulted in significant criminal cases in Chico, Calif.; Miami; Detroit; Duluth, Minn.; New Jersey, and Atlanta.
In Detroit, investigators broke up a "ghost loan" mortgage scheme in which the conspirators allegedly posed as mortgage brokers, appraisers, real estate and title agents. They recruited over 108 straw buyers and obtained some 500 mortgages totaling more than $100 million.
MrLiberty is right this town is filled with greed.
The alleged mortgage fraud scheme in Miami targeted the Haitian-American community. One of the defendants advertised herself as someone who could assist with immigration issues. The defendant also said she could provide assistance with the manager of a government-sponsored housing program. The defendants in the case used the personal information they gathered to fraudulently buy various properties without the permission of Haitian residents.
All LINKs at the site.
Related Searches:mortgage brokers, mortgage fraud, fannie mae, justice department and 338 public comments.
More on Real Estate
Freddie Mac: Mortgage rates up from yearly low AP
Firm: NorCal median home price rises in month AP
Authorities reveal mortgage fraud crackdown, 485 arrests Reuters
Video: EU: Commission backs members' austerity measures AFP
Video: Volcker & Isaac On Fin Reg CNBC
Video: Samsung's $3.6 billion is historic investment in Austin and big economic boost KVUE-TV Austin