400 Arrests In "Operation Malicious Mortgage" Only The Beginning, Says FBI Official Overseeing Probe

In Washington, D.C., the British Broadcasting Company (BBC News) reports:

• A senior FBI officer has told the BBC that more arrests will be made as part of its probe into mortgage fraud and the credit crunch. Section chief for Financial Crimes, Sharon Ormsby, said hundreds of arrests already made were just a "good start". [...] "It's a good start for us in our push to begin further investigations into corporate and mortgage related fraud" said Ms Ormsby, who is overseeing the FBI's Operation Malicious Mortgage.

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• She refused to say how many more arrests the FBI expects to make in one of its biggest financial investigations, involving 200 full-time agents and more than 30 task forces across the US. But she confirmed that the Bureau was looking at every aspect of mortgage fraud, from the granting of individual loans to their bundling up and sale on Wall Street as investments.

For more, see FBI promises more fraud arrests.