Friday, June 20, 2008

Operation Malicious Mortgage

U.S. Attorney's Offices throughout the United States are going to be busy prosecuting mortgage fraud cases in the next few months as Operation Malicious Mortgage brought numerous arrests this past week. An FBI Press Release noted that:

"Operation Malicious Mortgage resulted in 144 mortgage fraud cases in which 406 defendants were charged. Yesterday, 60 arrests were made in mortgage fraud-related cases in 15 districts. Charges in Operation Malicious Mortgage cases were brought in every region of the United States and in more than 50 judicial districts by U.S. Attorneys’ Offices based upon the law enforcement and investigative efforts of participating law enforcement agencies. The FBI estimates that approximately $1 billion in losses were inflicted by the mortgage fraud schemes employed in these cases."

AG Mukasey has not provided for a separate task force to investigate and prosecute mortgage fraud cases, (see NYTimes here) although some individual U.S. Attorneys Offices have created such a task force. (see here) The FBI Press Release does note that "The President’s Corporate Fraud Task Force, chaired by Deputy Attorney General Filip, is also responding to issues raised by mortgage fraud in the corporate sector."

(esp)

Addendum - Remarks of Deputy Attorney General Mark R. Filip at Press Conference Announcing the Results of Operation Malicious Mortgage here

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