Government official says losses in the fraud cases total about $1 billion.
Last Updated: June 19, 2008: 10:20 AM EDT
WASHINGTON (CNN) -- Hundreds of people have been arrested for alleged mortgage fraud as part of an investigation by the FBI and Justice Department that began March 1, government officials told CNN Thursday.
Losses in the fraud cases total about $1 billion, one official said, adding that at least 300 were arrested.
The official refused to be named because the results of the investigation have not been announced publicly.
Most of the arrests came Wednesday, federal law enforcement officials said, in cities including Miami, Houston, San Antonio, Baltimore, Chicago and others.
The suspects are thought to have been involved mostly in small-scale schemes.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment