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Over 400 people have been arrested as part of a major government crackdown on mortgage fraud. The arrests follow an investigation by the Federal Bureau of Investigation (FBI) and the Justice Department known as "Operation Malicious Mortgage."
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Fast Facts
- June 19, 2008: Operation Malicious Mortgage announced
- FBI Director Robert Mueller and Deputy Attorney General Mark Filip announced details of the mortgage fraud arrests
- Investigation began on March 1, 2008The Associated Press: Hundreds Swept Up in Mortgage Fraud Arrests (June 19, 2008)
- Number of fraud cases: 144CNNMoney.com: Mortgage Fraud Inquiry Nets Hundreds (June 19, 2008)
- More than 400 people chargedReuters: More than 400 People Charged in U.S. Mortgage Fraud (June 19, 2008)
- More than 60 people taken into custody on June 18, 2008, in several cities, including Houston, Baltimore, San Antonio and MiamiCNNMoney.com: Mortgage Fraud Inquiry Nets Hundreds (June 19, 2008)
- 67 defendants charged in Chicago, Illinois, areaCBS2Chicago.com: 67 Charged In Federal Mortgage Fraud Probe (June 19, 2008)
- Fraud schemes included: filing bogus bankruptcy claims, inflating appraisals and cheating lendersReuters: More than 400 People Charged in U.S. Mortgage Fraud (June 19, 2008)
- 173 convictions
- Losses to victims estimated at more than $1 billionThe Associated Press: Hundreds Swept Up in Mortgage Fraud Arrests (June 19, 2008)
- Former Bear Sterns hedge fund managers Matthew Tannin and Ralph Cioffi among those arrested
- 2007: Nearly 53,000 cases of suspected mortgage fraud reported by banks nationwideThe Associated Press: Hundreds Swept Up in Mortgage Fraud Arrests (June 19, 2008)
- Focused on lending fraud, foreclosure and bankruptcy schemesFBI.gov: "Malicious Mortgage" Fraud: More Than 400 Charged Nationwide
- Mortgage fraud cases fueled, in part, by subprime mortgage crisisAFP: Bear Stearns Execs Among 400 Charged in US Mortgage Fraud (June 19, 2008)
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The Associated Press: Hundreds Swept Up in Mortgage Fraud Arrests
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Federal Bureau of Investigation: Press Release: More Than 400...
fbi.gov (June 19, 2008) -
Reuters: More than 400 People Charged in U.S. Mortgage Fraud
reuters.com (June 19, 2008) -
Bloomberg.com: U.S. Charges 400 in Mortgage Frauds, Justice...
bloomberg.com (June 19, 2008) -
CNNMoney.com: Mortgage Fraud Inquiry Nets Hundreds
money.cnn.com (June 19, 2008) -
Online NewsHour (PBS): More than 400 Arrested in Mortgage Fraud...
pbs.org (June 19, 2008) -
YouTube: Justice Department Press Conference, July 19, 2008 (Time: 1:56)
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The Associated Press: Hundreds Swept Up in Mortgage Fraud Arrests
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View All Operation Malicious Mortgage Questions (387) | Ask a QuestionWhat are some of the details of the Mortgage relief plan? (3 Answers)The Associated Press released a brief article on some of the plan's highlights this morning (see link below). Some of these include: -"$2 billion in competitive grants to communities experimenting ... read moreWhich Banks are starting to offer Mortgage modification loans plans? (1 Answer)Although I'm not currently looking at loan modification, I am trying to refinance and take advantage of a lower interest rate. I've done a bit of research on this so ... read moreWho qualifies for a mortgage modification? (2 Answers)Mortgage modification is not very likely if foreclosure proceedings have started. However, there are several options for help at that time, and it is not too late to talk with ... read moreHow does the purchase of a Mortgage backed security increase liquidity for a Bank, in the mortgage market? (1 Answer)Most banks and virtually all mortgage companies originate mortgage loans for sale into the secondary market. Some of the larger banks originate mortgage loans for their own accounts. When a ... read more
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