Criminal Fraud Case Load Doubles in Two Years

The Justice Department is now investigating 3,000 cases of reported mortgage fraud nationwide, more than double its caseload of two years ago. At a press conference Thursday, Attorney General Eric Holder gave a tally of "Operation Stolen Dreams," a 100-day-old task force whose work has resulted in 1,215 criminal indictments and 191 civil enforcement actions. "The breadth of the fraud is truly astonishing, which is why we launched an unmatched effort to fight it," said Holder. "The staggering totals from this sweep highlight the mortgage fraud trends we are seeing around the country. We have seen mortgage fraud take on all shapes and sizes-from schemes that ensnared the elderly to fraudsters who targeted immigrant communities. We have seen cases that have resulted in dozens of foreclosures and millions in losses, as well as fraudsters who have bankrupted entire companies and national lenders who were not playing by the rules." DOJ has requested $178 million in its fiscal-year 2011 budget to fight mortgage fraud, an increase of more than $18.4 million.