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- Investigation called: "Operation Malicious Mortgage"
- Over 400 people charged with fraud
- By June 19, 2008, 300 people had been arrested
- Investigation began on March 1, 2008
- Former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin arrested in a separate sweep
- FBI says the schemes caused a financial loss of over $1 billionAP: Hundreds swept up in mortgage fraud arrests (June 19, 2008)
- 53,000 cases of suspected mortgage fraud in 2007AP: Hundreds swept up in mortgage fraud arrests (June 19, 2008)
- June 18, 2008: 60 people arrested in over a dozen regions including Chicago, Miami and HoustonAP: Hundreds swept up in mortgage fraud arrests (June 19, 2008)
- Schemes included: fraudulent bankruptcy claims, forged documents, misstatement of income and inflated appraisals
- Fraud is factor in the housing crisis
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Between March 1 and June 18 of 2008, the U.S. Department of Justice and the FBI arrested over 300 people on charges of mortgage fraud in an investigation known as "Operation Malicious Mortgage."
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FBI Statement on Arrests
"Through this operation more than 400 defendants have been charged. We have obtained 173 convictions in crimes that accounted for more than $1 billion in estimated losses." — FBI Director Robert MuellerNECN.com Video: Over 400 mortgage fraud arrests made nationwide (June 19, 2008)
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Mortgage Fraud Arrests Questions
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