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Cracking Down on Mortgage Fraud

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eric holder 1 Cracking Down on Mortgage Fraud

Attorney General Eric Holder announced that nearly 500 people have been arrested since March in a nationwide effort called Operation Stolen Dreams. Some of those folks are right here in Atlanta.

Holder says investigators uncovered more than $2.3 billion in losses in cases involving more than 1,200 criminal defendants.

Meanwhile, Justice Department civil actions have recovered more than $147 million. Two Countrywide companies will pay $108 million to settle allegations that they inflated the fees that homeowners paid. FBI Director Robert Mueller (MUHL’-ur) told reporters mortgage fraud threatens the nation’s economic stability. The Justice Department says the probe has resulted in significant criminal cases in Chico, Calif.; Miami; Detroit; Duluth, Minn.; New Jersey, and Atlanta.

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