Big mortgage fraud bust to be announced Thursday afternoon

CNN is reporting this morning that an investigation by the FBI and Justice Department has netted arrests of more than 300 alleged perps tied to various mortgage fraud rings across the country, totaling more than $1 billion in the aggregate.

Citing an unnamed government source, CNN said most of the arrests were made yesterday in Miami, Houston, San Antonio, Baltimore, Chicago and other cities.

Deputy Attorney General Mark R. Filip and FBI Director Robert S. Mueller will participate in a press conference scheduled for later today that is expected to announce details of the fraud bust; HW will cover the news when it becomes available.