FBI Arrests More Than 400 for Mortgage Fraud

The FBI has arrested more than 400 property market professionals suspected of playing a major role in the mortgage fraud crisis that has cost victims more than $1 billion.

Of the 406 arrested most were charged with mortgage fraud or related securities fraud linked to misstatement of assets tied to borrowers.

Deputy Attorney General Mark Filip commented on the arrests noting, “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 to millions of Americans.”

Earlier on Thursday two managers at Bear Sterns, Ralp Cioffi and Matthew Tannin, were arrested for their handling of hedge funds tied closely to the sub-prime mortgage market.

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