Mortgage fraud crackdown goes public
Federal prosecutors have charged 1,215 people in hundreds of mortgage fraud cases that resulted in estimated losses of $2.3 billion, said administration officials unveiling a crackdown after the housing market collapse…
In the last three-and-a-half months, authorities have made 485 arrests in the fraud cases, obtained 336 individual convictions and recovered more than $147 million, the Justice Department said.
“We have seen cases that have resulted in dozens of foreclosures and millions in losses, as well as fraudsters who have bankrupted entire companies and national lenders who were not playing by the rules,” Attorney General Eric H. Holder said.
The announcement came a day after prosecutors accused the former head of a defunct mortgage lender, Lee Farkas, of a scheme that led to multibillion-dollar losses.
Robert S. Mueller III, the F.B.I. director, said that authorities were pursuing more than 3,000 mortgage fraud cases, a number that has nearly doubled since 2008.
You didn’t seriously think the politicians who removed oversight and regulation were going to be prosecuting the fraudsters they unleashed, did you? That required – ready for the word? – CHANGE.
Throw away the key!