National mortgage fraud investigation leads to 485 arrests, feds say

crackdown on mortgage fraud
crackdown on mortgage fraud

Top Obama administration officials have revealed a massive law enforcement sweep on mortgage fraud after the housing market collapse that has lead to almost 485 arrests and a score of lawsuits nationwide.

Dubbed "Operation Stolen Dreams," the multi-agency action started March 1 and has resulted in 1,215 being charged, 336 convictions and nearly $11 million recovered to date. Losses from mortgage schemes are estimated at more than $2.3 billion. Another 191 civil enforcement actions have netted almost $197 million in recovered funds.