Feds Slam 400+ In "Operation Malicious Mortgage" National Takedown Of Alleged Mortgage Fraud Scams; Losses Estimated At $1B+

CBS News and The Associated Press reports:

• More than 400 real estate industry players have been indicted since March - including dozens over the last two days - in a Justice Department crackdown on incidents of mortgage fraud nationwide that stem from the country's housing crisis. The FBI put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.

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• Sixty people were arrested Wednesday as part of the three-month sting, dubbed "Operation Malicious Mortgage," [...]. People arrested include buyers, sellers and others across the wide-ranging mortgage industry. The take down focused primarily on lending fraud, foreclosure rescue scams and mortgage-related bankruptcy schemes. [...] Officials have identified 10 "mortgage fraud hotspots" nationwide in California, Colorado, Texas, Minnesota, Michigan, Illinois, Ohio, New York, Georgia and Florida.

For more, see FBI Cracks Down On Mortgage Fraud (400 Real Estate Industry Players Indicted; Victims Lost More Than $1 Billion In Various Schemes).

See also, FBI Press Release: More Than 400 Defendants Charged for Roles in Mortgage FraudSchemes as Part of Operation "Malicious Mortgage" (Two Senior Managers of Failed Bear Stearns Hedge Funds IndictedToday in Separate Mortgage-Related Securities Fraud Case).

For a sampling of local stories throughout the country involving Operation "Malicious Mortgage", see:

• Arizona (Phoenix and Tucson): 36 Arizonans Swept Up In Mortgage Fraud Arrests;
• California (Sacramento): National mortgage-fraud crackdown nets five from Sacramento;
• California (San Francisco Bay Area): 13 locals charged in mortgage fraud sweep;
• California (San Diego): More than 400 indicted in nationwide crackdown (Six from San Diego real estate firm among 400+ real estate insiders swept up in nationwide crackdown);
• Florida (South Florida): Mortgage fraud initiative nets 102 arrests;
• Florida (Fort Myers): SW Florida real estate agent indicted; or go here to read the four-count indictment against SamirCabrera;
• Georgia (Atlanta): Feds indict seven in metro Atlanta mortgage fraud ring;
• Hawaii (Honolulu): Mortgage scammers caught in federal sweep ("Operation Malicious Mortgage" led to hundreds of arrests across the nation -- including several indictments in Hawaii, with more to come.);
• Illinois (Chicago): 67 from Chicago area charged in U.S. mortgage fraud probe;
• Indiana: 2 women face federal mortgage charges;
• Maryland (Greenbelt): Prince George's Woman Arrested in 'Massive' Mortgage Fraud;
• Maryland (Greenbelt): Businessman Indicted On Mortgage Fraud Charges (I-Team Investigation Uncovered Lewis's Alleged Scheme);
• Michigan (Detroit and Flint): Massive Mortgage Fraud Case Hits Home;
• Mississippi (Jackson): 11 nabbed for mortgage fraud;
• Nevada (Las Vegas): 8 Las Vegas Residents Indicted on Mortgage Fraud;
• New York (NYC): 2 former Bear Stearns execs indicted, arrested and also Q&A: Inside the Bear Stearns Indictments (two former hedge fund managers indicted on charges that they concealed problems that eventually led to the collapse of the funds.);
• Pennsylvania (Eastern PA): 4 from eastern Pa. are part of US crackdown on alleged mortage fraud;
• Texas (Dallas-Fort Worth): Eight arrested, three others indicted in North Texas mortgage fraud; or go here to read the indictment (4.97 MB);
• Texas (Houston): Mortgage fraud scheme lands 6 in jail;
• Utah (Salt Lake City): Two Utahns accused in mortgage fraud schemes;
• Washington State (Seattle): 6 from Seattle-area indicted in crackdown on mortgage fraud.

Go here for links to other local stories around the country on Operation Malicious Mortgage.