WASHINGTON (June 19) - The FBI says it has arrested about 300 real
estate brokers since March - including dozens over the last two
days - in its crackdown on incidents of mortgage fraud that have
contributed to America's housing crisis.
One law enforcement official put the losses to homeowners and
other borrowers who were victims in the schemes at over $1 billion.
The Justice Department and FBI plan to announce the recent
arrests - including apprehensions in Chicago, Atlanta, Miami, and
suburban Maryland - at a news conference set for Thursday afternoon
Two former Bear Stearns managers in New York were also included
in the sweep, becoming the first executives to face criminal
charges related to the collapse of the subprime mortgage market.