June 20, 2008

Mortgage fraud arrests in the US

In a clamp down mortgage in the US, the FBI has arrested hundreds of people as they investigate the growing problem of mortgage fraud. The people arrested include mortgage brokers, estate agents and other people involved in the industry.

It is believed that around four hundred people have been charged with offences and around three hundred of them had been arrested prior to being charged.

Mortgage fraud costs the US and more to point consumers around $1 billion and because of the amount of money involved the people who have been charged and subsequently found guilty may be spending time in jail as a consequence.

Source [CNN]