U.S. Charges 530 in Mortgage Probe With $1 Billion in Losses [View all]

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Source: Bloomberg

The U.S. charged 530 people with targeting homeowners in mortgage schemes that cost the victims more than $1 billion, Attorney General Eric Holder said today.

More than 73,000 homeowners around the country were affected, the Justice Department said in a statement. The cases, brought over the past year, included “foreclosure rescue schemes” that take advantage of those who have fallen behind on payments, according to the statement.

“These comprehensive efforts represent an historic, government-wide commitment to eradicating mortgage fraud and related offenses across the country,” Holder said at a news conference in Washington.

Frauds involving mortgages expanded after the 2008 housing collapse, prompting federal and state law enforcement officials to increasingly focus on the crimes.

Read more: http://www.bloomberg.com/news/2012-10-09/u-s-charges-530-in-mortgage-fraud-probe-with-1-billion-losses.html