Articles Tagged with ''Federal Bureau of Investigation''

Feds Charge More than 400 with Mortgage Fraud

The Department of Justice and Federal Bureau of Investigation said at a press conference today that more than 400 people have been charged across 144 mortgage fraud cases spanning March 1 to June 18, in a sting operation dubbed "Operation Malicious Mortgage." Yesterday alone, 60 cooridinated arrests were made in mortgage fraud-related cases spanning 15 different districts.
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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.
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Prosecutors Step up Mortgage Investigations

Federal prosecutors have intensified their investigation into Wall Street and the mortgage trade, forming a new task force led by assistant U.S. attorney Jonathan Green. Inquiries will range from fraud by brokers, to securities fraud and insider trading allegations, according to a report Monday in the Wall Street Journal. The group includes officials and agents from the FBI, Secret Service, the FDIC, and the New York State Banking Department.
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Mortgage Fraud Detection Improving, Treasury Unit Says

The Financial Crimes Enforcement Network, otherwise known as FinCEN, said Friday that an analysis of suspicious activity reports -- SARs to most of us in the industry -- found that reporting financial institutions were becoming more adept at identifying fraud. The study looked at SAR filings from March 2007 to 2007, and compared the data with ten previous years of SAR reporting. Institutions posted a 50 percent increase in the number of SARs that reported intercepting the suspected fraud prior to funding a mortgage, FinCEN said.
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DOJ Busts Large California Mortgage Fraud Ring

Officials from the U.S. Department of Justice, the Federal Bureau of Investigation and the Internal Revenue Service said Monday that they'd busted a California-based mortgage fraud ring responsible for a large equity stripping and foreclosure rescue scam that had impacted more than 100 properties throughout the state.
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Countrywide the Focus of FBI Investigation: Report

The Federal Bureau of Investigation is conducting a probe of Countrywide Financial Corp., exploring whether or not the firm engaged in securities fraud, the Wall Street Journal reported over the weekend. Investigations are at an early stage, according to sources interviewed by the WSJ, and center on whether the company misrepresented its financial position and/or the quality of the loans it originated in filings with the Securities and Exchange Commission.
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Mortgage Market Roundup, Weekend Edition

Next week, I'll be in Las Vegas for ASF 2008 -- which ought to be a very interesting show to report on. There's been plenty of discussion lately around what the future of securitization in the mortgage market will look like, and I'd expect to hear plenty more from the experts next week.
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