WASHINGTON: More than 400 real estate industry players have been indicted since March — including dozens over the last two days — in a Justice Department crackdown on incidents of mortgage fraud nationwide that have contributed to the country's housing crisis.
The FBI put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.
"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," Deputy Attorney General Mark Filip said in a statement Thursday. The Justice Department and FBI planed to announce the cases at an afternoon news conference in Washington.
http://www.iht.com/articles/ap/2008/06/19/america/Mortgage-Fraud.php
... just means there are several hundred thousand to go. Mortgage fraud was RAMPANT. I can only believe that it's still going on. Lying on mortgage applications became the standard move, particularly in California and Florida. Literally, hundreds of thousands are involved.
And I say ARREST them all. They can be housed and processed in various stadiums throughout the nation. Mortgage fraud is just stealing money from a bank without using a gun. These people are crooks and must be treated as such before their crookery becomes so acculturated that it truly crashes banking for good.