Feds bust 485 mortgage fraudsters
NEW YORK (CNNMoney.com) -- The Justice Department on Thursday trumpeted its efforts to crack down on mortgage fraud, saying it launched an interagency plan to detect costly scams.
Attorney General Eric Holder, FBI Director Robert Mueller and Housing and Urban Development Inspector General Kenneth Donohue held a news conference in Washington to introduce "Operation Stolen Dreams," a three-month-long "takedown" of mortgage fraud schemes throughout the nation.
The operation has already netted the arrests of 485 fraud artists. There are 21 agencies involved in the efforts.
They said mortgage fraud has already resulted in losses of about $2.3 billion. "It presents a significant risk to economic stability," Holder said.
Mueller claimed the FBI remains in pursuit of more than 3,000 mortgage fraud cases and more arrests are expected.
"Mortgage fraud ruins lives, destroys families and devastates whole communities, so attacking the problem from every possible direction is vital," said Holder. "We will use every tool available to investigate, prosecute and prevent mortgage fraud, and we will not rest until anyone preying on vulnerable American homeowners is brought to justice." 
Right Now
- The most recalled vehicle of the year
- Grieving parents now face student loan bill
- Herbalife stock tumbles on earnings miss
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 4.19% | 4.26% | |
| 15 yr fixed | 3.23% | 3.27% | |
| 5/1 ARM | 3.34% | 3.45% | |
| 30 yr refi | 4.17% | 4.23% | |
| 15 yr refi | 3.21% | 3.25% |
Rate data provided
by Bankrate.com
by Bankrate.com
View rates in your area
Find personalized rates:
Today's featured rates:
- 30 yr fixed mtg, 0 points, Los Angeles, CA, APR 4.625%
- 30 yr fixed mtg, 0 points, Los Angeles, CA, APR 4.625%
- 30 yr fixed, 0 points refi, Elizabeth, NJ, APR 4.625%
- 30 yr fixed, 0 points refi, Elizabeth, NJ, APR 4.750%
- 15 yr fixed mtg, 0 points, Orlando, FL, APR 3.875%
- 15 yr fixed mtg, 0 points, Orlando, FL, APR 4.000%
- 5/1 ARM, 0 points, Houston, TX, APR 3.125%
- 5/1 ARM, 0 points, Houston, TX, APR 3.250%
- 30 yr jumbo, 0 points, Cleveland, OH, APR 5.500%
*Rates subject to change
NBA Commissioner David Stern says the basketball league is looking to expand its use of technology to improve gameplay and increase its audience. Play
With 67 acres of land and room for 150 horses, the former ranch of the 'King of the Cowboys' sold at auction for $640,000. Play
Find out how TireRack tests and reviews tires and why choosing the right ones for your car is so important. Play
- Ask the Expert
- Best Advice
- Bing!
- Business of Green
- The Buzz
- CNNMoney NOW
- CNNMoney Reports
- Conscious Capitalism
- Corner Office
- Leadership
- Disruptors
- Energy Fix
- Help Desk
- Home Work
- How We Got Started
- Innovation Nation
- My Biz Playbook
- Kids & Money
- Life at the Top
- Look Ahead
- Money Tips
- My Biz Playbook
- New Money
- Rules of Retirement
- Road Warriors
- The Score
- Small & Global
- Small Business Tips
- Street Life
- Strategy Sessions
- Small Biz Makeover
- The Stream
- Tech Transformation
- Techmate
- The Turnaround
- Visionaries
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 16,982.59 | 22.02 | 0.13% |
| Nasdaq | 4,444.91 | 0.00 | 0.00% |
| S&P 500 | 1,978.91 | 0.57 | 0.03% |
| Treasuries | 2.49 | 0.02 | 0.89% |
Data as of 3:11am ET
| Company | Price | Change | % Change |
|---|---|---|---|
| Apple Inc | 99.02 | 1.35 | 1.38% |
| Facebook Inc | 74.92 | -0.27 | -0.36% |
| Bank of America Corp... | 15.50 | -0.09 | -0.58% |
| Dollar Tree Inc | 54.87 | 0.65 | 1.20% |
| Family Dollar Stores... | 75.74 | 15.08 | 24.86% |
Data as of Jul 28
Sections
|
Herbalife shares tumble after the maker of nutritional supplements reports earnings that fall short of analysts' estimates. More |
New annual report from U.S. government shows the long-term prognosis for Medicare has improved thanks to slower health spending, while the outlook for Social Security remains unchanged. More |
Online dating site OkCupid found its users were more likely to have conversations when it told them they were more compatible than in reality. More |
Actor-founded This Bar Saves Lives had Hollywood connections, but learned Start-Up 101 the hard way. More |
Steve Mason, a pastor from California, inherited more than $100,000 in student loan debt when his 27-year-old daughter died suddenly in 2009. With interest and late penalties, the debt has since ballooned to $200,000. More |
.
