Mortgage fraud is a virus that continues to plague the mortgage industry and has gone on to infect the rest of our economy.
Palm Coast, FL – June 19, 2010 – Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation, Miami Field Office, Michael K. Fithen, Special Agent in Charge, U.S. Secret Service, Daniel W. Auer, Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, Henry Gutierrez, Postal Inspector in Charge, U.S. Postal Inspection Service, Jon T. Rymer, Inspector General, Federal Deposit Insurance Corporation, Office of Inspector General (FDIC-OIG), Kenneth M. Donohue, Inspector General, U.S. Department of Housing and Urban Development, Office of Investigations (HUD-OIG), Amos Rojas, Jr., Special Agent in Charge of the Florida Department of Law Enforcement’s (FDLE) Miami Regional Operations Center, J. Thomas Cardwell, Commissioner, State of Florida’s Office of Financial Regulation, Alex Sink, Chief Financial Officer, State of Florida’s Office of Financial Services, and James K. Loftus, Director, Miami-Dade Police Department, announce the results of Operation Stolen Dreams. From March 1, 2010 to the present date, Operation Stolen Dreams resulted in the indictments of 86 individuals in South Florida for their participation in a series of mortgage fraud schemes that resulted in more than $76 million in fraudulent loans.
Source: United States Attorney’s Office for the Southern District of Florida
Toby’s Commentary: This is just the tip of the iceburg. Take note the variety of participants; developers, lawyers, title companies, appraisers, real estate agents, loan officers, etc.