Posted on 06/20/2008 6:40:05 AM PDT by MplsSteve
The FBI has identified the Twin Cities as one of the 10 worst areas of the United States for mortgage fraud and said it has literally dozens of criminal investigations underway here as part of a national crackdown on the problem.
Deputy U.S. Attorney General Mark Filip and FBI Director Robert Mueller called a news conference Thursday afternoon in Washington to announce a special enforcement effort targeting mortgage fraud and mortgage-related securities fraud.
The multi-agency initiative is called Operation Malicious Mortgage. From March 1 through June 18, the government charged 406 defendants in 144 mortgage fraud cases around the country. The FBI estimates the total losses from these cases at about $1 billion. Six of every 10 cases had losses of at least $1 million.
In Minnesota, it's even worse, said Rick Thornton, assistant special-agent-in-charge of the criminal division in Minneapolis.
(Excerpt) Read more at startribune.com ...
From other news accounts, I had read that the Mpls-St Paul had some problems but I didn't realize the extent 'til I read the article.
Comments or opinions - anyone?
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It’s your fault, isn’t it?
The local rogers discussion boards are abuzz gossip. Seems than not only did they bilk the banks, they bilked a good portion of their close friends (give us your money and signature and well give you 5K, to which no money was ever returned to the investor). And the even bilked a whole bunch of Moms with a dance school fraud. Talk about ruthless.
The complete lack of morality by these men(and wives for that matter) is stunning.
I hope they get to spend a decade or two in club fed.
Gee. People who vote for Jessie Ventura for governor, some muslim dip-wad for Congress, and probably Al Franken for Senate, are also suckers for easy-money con men? What a shocker. Knock me over with a dirty sock.
Just another blue-city cultural event. Nothing to see here folks; move along, now.
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