The Department of Justice and Federal Bureau of Investigation (FBI) have performed a national takedown of mortgage fraud schemes, the culmination of substantial coordinated efforts during the last three and a half months to identify, arrest and prosecute mortgage fraud violators through the U.S.
Operation Malicious Mortgage highlights the strong enforcement response undertaken by the Department of Justice and its law enforcement partners to combat the threat mortgage fraud poses to the U.S. housing industry and worldwide credit markets, the FBI says.
From March 1 to June 18, Operation Malicious Mortgage resulted in 144 mortgage fraud cases in which 406 defendants were charged. Last week, 60 arrests were made in mortgage fraud-related cases in 15 districts. The FBI estimates that approximately $1 billion in losses were inflicted by the mortgage fraud schemes employed in these cases.
‘Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation's housing market and to the peace of mind of millions of American homeowners,’ says Deputy Attorney General Mark R. Filip.
‘Operation Malicious Mortgage and our other mortgage-related enforcement actions demonstrate the Justice Department's commitment and determination to combat these criminal schemes, hold their perpetrators accountable and help restore stability and confidence in our housing and credit markets,’ he adds.
Source: Federal Bureau of Investigation