Hundreds Swept Up In Mortgage Fraud Arrests

By: Associated Press Email
By: Associated Press Email

Washington (AP) The FBI says it has arrested about 300 real estate brokers since March including dozens over the last two days in its crackdown on incidents of mortgage fraud that have contributed to the country's housing crisis.

One law enforcement official put the losses to homeowners and other borrowers who were victims in the schemes at over a billion dollars.

The Justice Department and FBI plan to announce the recent arrests including apprehensions in Chicago, Atlanta, Miami, and suburban Maryland at a news conference set for this afternoon in Washington.

Two former Bear Stearns managers in New York were also included in the sweep, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market.

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