Operation Stolen Dreams Nearly 500 Arrested

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    Nearly 500 Arrested in Mortgage Fraud Crackdown 6/17/2010
    Federal agents have arrested nearly 500 suspects as part of a crackdown on mortgage fraud, the Justice Department announced Thursday, the same day the FBI reported a dramatic rise in the number of mortgage fraud cases.

    Operation Stolen Dreams, organized by President Barack Obama’s Financial Fraud Enforcement Task Force, is the largest ever effort brought to bear in confronting mortgage fraud, Justice Department officials said. The operation started on March 1 and involved 1,215 criminal defendants across the country, with 485 suspects arrested and as much as $2.3 billion in losses. Civil actions have resulted in the recovery of more than $147 million, the department said.

    Unlike prior efforts aimed at mortgage fraud, Justice Department officials said Operation Stolen Dreams focused on civil enforcement in conjunction with federal criminal cases. Civil actions would allow the government to recover money for victims and increase cooperation with state and local partners, DOJ officials said.

    Read full story Nearly 500 Arrested in Mortgage Fraud Crackdown – Main Justice
     

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