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." 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 4.26% | 4.48% | |
| 15 yr fixed | 3.30% | 3.31% | |
| 5/1 ARM | 3.30% | 3.35% | |
| 30 yr refi | 4.25% | 4.45% | |
| 15 yr refi | 3.29% | 3.34% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 16,349.13 | 86.57 | 0.53% |
| Nasdaq | 4,051.74 | 17.58 | 0.44% |
| S&P 500 | 1,851.77 | 8.79 | 0.48% |
| Treasuries | 2.65 | 0.02 | 0.91% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 15.94 | -0.45 | -2.75% |
| Yahoo! Inc | 35.90 | 1.69 | 4.94% |
| Facebook Inc | 58.16 | -0.93 | -1.57% |
| Intel Corp | 26.65 | -0.12 | -0.45% |
| Citigroup Inc | 47.66 | -0.65 | -1.35% |
|
Bank of America still feeling fallout of mortgage crisis. It shares down 3% after quarterly loss. More |
Observers are warning that risks of a blow up in China's property market are rising, threatening a slowdown that could hurt global growth. More |
Yahoo is still in the midst of its turnaround, but investors liked what they saw in the company's first-quarter results. More |
Schwinn, Trek and Cannondale are all iconic American bicycle brands. But none of them are made in the United States. More |
It starts with an awkward moment. More |
.
