You have to give credit where credit is due, and the FBI and the Department of Justice deserve to be recognized for their effort to crack down on mortgage fraud schemes. From March 1 to June 18, 2008, more than 400 defendants were charged for roles in mortgage fraud schemes as part of operation "Malicious Mortgage." The FBI estimates that approximately $1 billion in losses were inflicted by the mortgage fraud schemes employed in these cases.
Most recently, two senior managers of failed Bear Stearns Hedge Funds were indicted yesterday in separate mortgage-related security fraud cases.
Since July 2002, the DOJ has made almost 1,300 corporate fraud convictions, including the convictions of more than 200 chief executive offices and corporate presidents, more than 12 corporate vice presidents, and more than 50 chief financial officers.
These efforts are crucial for the benefit of American homeowners and taxpayers and the housing market. All the agencies involved deserve a great deal of respect for their efforts.
On Wednesday, I appeared on the O'Reilly Factor to discuss the Countrywide Mortgage Scandal involving “VIPs” Senator Chris Dodd (D-CT) and Senator Kent Conrad (D-ND). Take a look.
Operation Malicious Mortgage
