Thaindian News

Washington DC, Jun 18 (THAINDIAN NEWS) The United States Justice Department has reiterated its efforts to clamp down on mortgage fraud practices in the United States. The Justice Department has announced that it has launched a plan to detect scams, that have proven to be costly to Americans.

The plan, which includes other United States agencies like the FBI, and the Urban Development, has already arrested about 485 mortgage fraud artists from 21 mortgage agencies. The plan was announced by Eric Holder, who is the United States Attorney General, Robert Mueller, FBI Director and Kenneth Donohue, Inspector General of Urban Development during a press conference in Washington. The plan is dubbed “Operation Stolen Dreams”.

Operation Stolen Dreams is a three-month long investigation into mortgage frauds throughout the United States of America. “Mortgage fraud ruins lives, destroys families and devastates whole communities, so attacking the problem from every possible direction is vital. We will use every tool available to investigate, prosecute and prevent mortgage fraud, and we will not rest until anyone preying on vulnerable American homeowners is brought to justice,” according to Attorney General Eric Holder.

During the press conference, they said mortgage fraud has resulted in the loss of about $2.3 billion to the United States economy, which they said could harm the American economy gravely. The FBI has hinted that they are investigating more than 3000 cases of mortgage fraud, which would result in the arrest of more scammers.