"Operation Malicious Mortgage" Arrests 406 in Mortgage Fraud Scandal

"Operation Malicious Mortgage", a sting by the Justice Department, arrested and charged more than 400 people, including 50 the previous day, for mortgage fraud on Thursday.

The operation initiative involves 144 cases and 406 defendants across the country, according to the Department of Justice report Thursday.

"Operation Malicious Mortgage", a three-month sting operation relating to cases of mortgage fraud, helped to arrest 406 people who collectively cost victims an estimated $1 billion.

"Operation Malicious Mortgage addresses primarily three types of mortgage fraud schemes:  lending fraud, foreclosure rescue scams and mortgage-related bankruptcy schemes,” according to the Department of Justice report.

“Lending fraud frequently involves multiple loan transactions in which industry professionals construct mortgage transactions based on gross fraudulent misrepresentations about the borrower’s financial status, such as overstating the borrower’s income or assets, using false or fictitious employment records or inflating property values," continued the Justice Department report.

The “Operation Malicious Mortgage” announcement came just hours after the FBI arrested Matthew Tannin and Ralph Cioffi, two former hedge fund managers at Bear Stearns, for conspiracy and fraud involving the sub-prime mortgage industry.

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