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Government's Mortgage Fraud Crackdown

By Admin on June 20, 2008 9:46 AM

The Federal Bureau of Investigation (FBI) announced Thursday that more than 400 individuals have been indicted on charges stemming from mortgage fraud schemes, and investigation of corporate wrongdoers is ramping up.

According to an FBI Press Release, the agency launched "Operation Malicious Mortgage" in March 2008, in response to the threat that mortgage fraud poses to consumers, the U.S. housing market, and the credit industry. The operation is focused on three types of mortgage fraud schemes:  lending fraud, foreclosure rescue scams and mortgage-related bankruptcy schemes. CNNMoney.com reports that "Some 19 companies, including mortgage lenders, investment banks, hedge funds, credit-rating agencies and accounting firms, are being looked at."

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