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- 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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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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