Operation Malicious Mortgage
“Operation Malicious Mortgage” is in full swing. Who comes up with these names? There is probably a government department somewhere for catchy operation names.
6 in Seattle area indicted in “Malicious Mortgage” crackdown - by Mike Carter; Seattle Times
Six Seattle-area people have been indicted by a federal grand jury in connection with “Operation Malicious Mortgage,” a national takedown on mortgage fraud schemes that has resulted in more than 400 arrests nationwide and losses estimated at more than $1 billion — nearly $8.4 million in the Seattle case alone.
Those indicted included a disbarred lawyer, a former bank loan officer and a mortgage broker, according to the U.S. attorney’s office. Others include the owner of several shell corporations who “flipped” houses as part of a scheme using unqualified “straw” buyers who allowed inflated loans to be made in their names, only to default on the mortgages, the indictment alleges.
The case is among 144 prosecutions involving 406 people nationally. More than 60 arrests were made Wednesday, the Department of Justice announced.
[FULL STORY]