Posted on 19-06-2008
Operation Malicious Mortgage
Filed Under (Business, Financial) by mike

Operation Malicious Mortgage is the name given to a task force project by the US Justice Department. Operation Malicious Mortgage investigated mortgage fraud across the country and netted over 400 people indicting them with mortgage fraud and securities fraud.

There were 144 cases filed against alleged perpetrators of mortgage related deals than may have bilked about 1 billion dollars from targets in criminal schemes in the housing and credit markets.

 

The Justice Department and FBI took over 3 months in the investigation.

The announcement came at the same time that Bear Stearns hedge fund managers were arrested on criminal charges related to the sub prime mortgage market collapse.

The operation looked into lending, foreclosure and mortgage practices that misled borrowers and investors.

Predatory lending methods and concealing true details has led to a large increase in reports of mortgage fraud and corporate securities fraud charges by the Justice Department.

This was their first high profile public announcement of the results of their Operation Malicious Mortgage investigations.

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Comments

bloggingzoom.com on 19 June, 2008 at 4:26 pm #

Operation Malicious Mortgage…

Finally some action on over-zealous loan managers fueling the housing bubble. The Feds are getting active with the rising claims of mortgage fraud cases being revealed.
And why should Bear Stearns get let off with a buy out offer? The free market work…


foreclosure on 20 June, 2008 at 1:43 am #

Hey!

Your post is nice. Thanks for sharing.


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