Operation ‘Malicious Mortgage’ Nabs Hundreds Across Country

Since March, more than 400 people have been arrested in a Justice Department initiative to crackdown on mortgage fraud. And just yesterday, an additional 60 arrests were completed all across the country.

According to the FBI, 144 mortgage fraud cases have caused over $1B worth of damage, which is what has led to so many recent arrests.

“Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation’s housing market and to the peace of mind of millions of American homeowners,” said Deputy Attorney General Mark R. Filip. “Operation Malicious Mortgage and our other mortgage-related enforcement actions demonstrate the Justice Department’s commitment and determination to combat these criminal schemes, hold their perpetrators accountable and help restore stability and confidence in our housing and credit markets.”

“Operation Malicious Mortgage is a concerted, joint law enforcement and prosecutorial effort aimed at disrupting individuals and groups engaged in mortgage fraud,” said FBI Director Robert S. Mueller, III. “This operation is an example of our unified commitment to address this significant crime problem. The FBI will continue to direct investigative and analytic resources towards mortgage fraud and corporate securities fraud that threaten our nation’s economy.”

– Source: The US Department of Justice

At one time, South Carolina was considered one of the worst state’s in terms of number of mortgage fraud cases, but a spokeswoman for the Consumer Affairs Department said Tuesday the conditions improved following the formation of a mortgage fraud task force that includes the U.S. attorney’s office and the FBI.

It’s definitely unfortunate that so many people have suffered as a result of the greed and dishonesty of a few. And even though 400+ arrests seems like a lot, when you take into context of the entire nation, not just the Fort Mill, Rock Hill SC area, you realize that not all mortgage brokers are bad.

It just reiterates the importance of finding trustworthy, reputable professionals to work with. Ask your friends and associate for referrals and be sure to ask lots of questions yourself. And as always, if something seems fishy or ‘too good to be true’, chance are they probably.

If you’re looking for a reputable, trustworthy mortgage professional for your new Fort Mill or Rock Hill home purchase, be sure to Contact Me and I’d be happy to make a few recommendations.