Feds bust 485 mortgage fraudsters

By Les Christie, staff writer

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." To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.33%4.32%
15 yr fixed3.75%3.73%
5/1 ARM4.11%4.23%
30 yr refi4.30%4.31%
15 yr refi3.71%3.70%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 24,706.76 95.85 0.39%
Nasdaq 7,338.26 -5.99 -0.08%
S&P 500 2,712.19 -0.73 -0.03%
Treasuries 2.88 0.04 1.34%
Data as of 11:58am ET
Company Price Change % Change
Facebook Inc 163.26 -9.30 -5.39%
General Electric Co 13.72 -0.35 -2.45%
Oracle Corp 46.89 -5.06 -9.74%
Advanced Micro Devic... 11.11 -0.32 -2.80%
Micron Technology In... 60.48 0.34 0.57%
Data as of 11:43am ET


A self-driving Uber SUV struck and killed a pedestrian in Arizona on Sunday. Here's what you need to know. More

Despite President Trump saying the economy is "raging" and at an "all-time high," growth forecasts have been plunging for the first quarter of 2018. More

"It's like competing in an Olympic race wearing lead shoes," Elon Musk, referring to trade rules with China, tweeted to President Donald Trump. More