HUD announced yesterday the indictments of more than 400 people in mortgage-related fraud schemes. Operation “Malicious Mortgage” set out to combat the threat mortgage fraud poses to US and global markets.
I am thrilled to see Uncle Sam jumping in feet first and cleaning up the slime still hanging around our industry. I’ve written about this often here at tcurranmortgage.com of the low-quality slimebags polluting the mortgage industry and preying on innocent consumers. With all that happened in the Boom-Bust-Meltdown years, there needs to be more “Mr. Clean” action in the mortgage industry. Here then, is the announcement by HUD of a substantial cleanup of our business.
Here in New York, the United States Attorney for New York and the FBI were busy alongside HUD throughout the New York Metro region doing their part in the huge cleanup. As part of Operation “Stolen Dreams” 55 defendants were charged in the Southern District of New York, involving over $45 million in fraudulent loans. Phony mortgage modification scams were uncovered, too, as part of the sweeping undercover investigations.
YAY! Uncle Sam! Good news for consumers; good news for ethical mortgage professionals!