Under the heading what in the world were they thinking reading this this morning I was struck by how absolutely outrageous this is and that it included appraisers and mortgage brokers. Hard to believe, but there it is.
"The cases announced today include a 51-count indictment in Dallas where 11 people were accused of using phony buyers to obtain inflated loans. The alleged fraud ring, which included appraisers and mortgage brokers, would then deliberately default on the loans and keep most of the money"
FBI Director Robert Mueller and Deputy Attorney General Mark Filip said the campaign, called Operation Malicious Mortgage, was designed to send a message that housing crime is a national problem. Almost 300 people have been arrested since March in such major cities as Chicago, Dallas and Miami.
From Bloomberg News 400 people arrested by the Justice Department in crimes related to Mortgage Fraud, here.
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