Submitted by Ronald Tennant with Metrocities Mortgage:
Washington Post (05/23/08) P. D8; Gordon, Marcy
Federal agents took on 1,204 mortgage fraud cases in the 2007 fiscal year that ended on Sept. 30, winning 206 convictions and recovering close to $22 million, according to a new FBI report. The mortgage fraud cases led to 321 indictments and court orders for $595.9 million in restitution. During the previous fiscal year, the agency took action against 818 mortgage fraud cases--which resulted in 263 indictments, 204 convictions, court orders for $388.9 million in restitution and $1.4 million recovered. The FBI continues to work with the Securities and Exchange Commission on more than 1,300 investigations into mortgage fraud and 19 corporate investigations involving the subprime lending crisis.
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