Federal authorities charged 41 people in connection with what they call multimillion-dollar mortgage fraud conspiracies in New York.
The Federal Bureau of Investigation arrested 24 people in a case that had losses of about $60 million, Jim Margolin, an agency spokesman, said Thursday. U.S. Attorney Preet Bharara in New York was scheduled to hold an afternoon press conference to announce charges against the 41 individuals.
Prosecutors have been cracking down on mortgage fraud since the crash of the housing market two years ago. On Oct. 8, federal authorities in New York arrested 12 people, including lawyers and loan officers, in connection with an alleged mortgage fraud ring that authorities said got $9 million in loans for phantom buyers.
