The Justice Department, the Department of Housing and Urban Development and the Financial Crimes Enforcement Network on Thursday touted the success of their mortgage fraud task force, saying it has led to 485 arrests of those allegedly responsible for more than $2.3 billion of losses.
The criminal cases have resulted in $10.7 million seized and 336 convictions, the agencies said. The task force, which started in March, also helped spur 191 civil enforcement actions and led to more than $147 million in recoveries. The actions are the largest ever enforcement action for mortgage fraud, the agencies said.
"From homebuyers to lenders, mortgage fraud has had a resounding impact on the nation's economy," FBI Director Robert S. Mueller said. "Those who prey on the housing market should know that hundreds of FBI agents on task forces and their law enforcement partners are tracking down your schemes and you will be brought to justice."