Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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 fixed3.89%3.88%
15 yr fixed2.88%2.84%
5/1 ARM3.11%3.24%
30 yr refi3.99%3.92%
15 yr refi2.98%2.94%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 17,084.49 33.74 0.20%
Nasdaq 4,830.47 19.68 0.41%
S&P 500 2,014.89 1.46 0.07%
Treasuries 2.10 -0.01 -0.43%
Data as of 4:34pm ET
Company Price Change % Change
Alcoa Inc 10.26 -0.75 -6.81%
Bank of America Corp... 15.58 -0.17 -1.08%
Apple Inc 112.12 2.62 2.39%
EMC Corp 27.86 0.68 2.50%
Freeport-McMoRan Inc... 13.49 0.03 0.22%
Data as of Oct 9


Michael Dell is on the verge of the biggest tech deal ever. But he needs to raise a ton of debt before the market's next freakout. More

Federal Reserve Vice Chairman Stanley Fischer told CNN International anchor Richard Quest that concern's about China's slowdown is pushing back the Fed's decision to raise rates. More

Elon Musk recently called Apple a "Tesla graveyard" that hires all the employees he's fired. But now he says he doesn't hate Apple. More

Yes, the new chip-enabled credit cards are more safe than what used to be in our wallets. But they aren't bullet-proof against fraud. More