Thaindian News

By Ranjan Bhaduri
Washington, June 18, (THAINDIAN NEWS) On Thursday, the Department Of Justice declared the launch of an interagency plan to track down all costly mortgage scams all over the nation.

Eric Holder, who happens to be the Attorney General along with FBI Director Robert Mueller and Housing and Urban Development Inspector General Kenneth Donohue introduced ‘Operation Stolen Dreams’ in a news conference. Reportedly ‘Operation Stolen Dreams’ have already busted a total of 485 fraud artists. Along with them 21 other agencies have been found involved in the case. Eric Holder told the media that the mortgage fraud has resulted in a total loss of $2.3 billion which, according to him, is a severe blow to the economic stability.

‘Operation Stolen Dreams’ have filed a total of 1,215 criminal charges. In its annual report on mortgage fraud, the FBI said that mortgage fraud has witnessed a steady rise by 13 percent in a span of six months which is alarming. In total, there are 3,029 mortgage fraud cases which are still pending. While launching ‘Operation Stolen Dreams,’ FBI declared that the besides dealing with federal criminal cases, it shall also look into civil enforcement affairs and shall function to recover money and help to increase the level of cooperation between all its local partners.

Till date ‘Operation Stolen Dreams’ have gone ahead with 191 civil enforcement cases which have helped to recover a total sum of $147 million. FBI declared in its annual mortgage fraud report that an estimated amount of $14 billion involving fraudulent loans originated way back in the year of 2009. Out of this, a sum of $7.5 billion formed FHA loans while $6.5 billion formed conforming loans that were readily guaranteed by Freddie Mac and Fannie Mae.