New York, NY – The FBI is fanning out across New York City to arrest dozens of people linked to mortgage fraud scams.
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Numerous mortgage brokers, real estate agents and lawyers are believed to be among those being taken into custody.
The investigation — dubbed “Operation Stolen Dreams” – coincides with a recent nationwide crackdown on mortgage fraud suspects with results expected to be announced by U.S. Attorney Eric Holder in Washington later Thursday.
U.S. attorney Preet Bharara and other New York law enforcement officials are also expected to announce the dozens of city arrests at a news conference.
These arrests come one day after FBI agents in New Jersey arrested dozens of people there on similar mortgage-fraud related charges.
In New York, many of the arrests and FBI searches are taking place in numerous Queens neighborhoods that were hit hard by the mortgage meltdown.
Secret Service agents and postal inspectors are also assisting in the investigation.
The suspects are expected to appear in federal court in Manhattan Thursday afternoon.
You wanted Obama and change. Here it is.
USSR and USA sounds the same to me
When are the attorney generals going to investigate the members of congress who are really responsible for the mortgage fraud? Congress was perfectly happy when the credit standards were relaxed and people were buying houses all over the country. They did not care if those people were able to pay the mortgage back because it was a happy political time for the politicians. The housing bubble didn’t burst it it exploded like a nuclear bomb and now all the politicians have forgotten what they allowed to happen and we are arresting mortgage brokers for fraud. The greatest fraud in this country is the government in Washington
I don’t know who is being prosecuted. I assume all G-d fearing individuals have all conducted business with emunah. For the rest, its nice to see gov’t cracking down on those that committed real crimes instead of just blaming bankers that were overly optimistic in making loans, but otherwise did not commit any crimes (obvioulsy those that did need to be prosecuted as well). A very large part of the financial meltdown is due to fraud. This is the role of gov’t instead of regulating private industry..
Anyone who thinks this is not good news is probably a crook, or a friend of crooks. B”H that we have a government that seeks to punish evildoers.
I wonder when the liability will hit Mr. Carter who initially required and Mr. Clinton who subsequently increased the percentage of Fannie and Freddie Mac’s lending portfolio required to service sub prime mortgages?
When will Mr. Clinton additionally be held responsible for the disaster that the abolishing the Glass-Stegal Act wrought?
Both of these narrow minded decisions are what led to the undermining of the U.S.’s sound S&L system which ultimately led to enabling fraud that was perpetrated by both independent and corporate mortgage brokers and ultimately the housing market and banking system collapse…
These brokers while guilty are not the root cause of the problem!
I have just one question. From just reading this news news posting, where does one get the idea that this is in any way connected to any Yidden-‘Frum’ or otherwise??