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NATION: Over 400 mortgage fraud arrests made nationwide
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June 19, 2008
Over 400 mortgage fraud arrests made nationwide


(NECN: Washington) - FBI Director Robert Mueller discussed "Operation Malicious Mortgage" on Thursday. More than 400 real estate industry players have been indicted since March, including dozens over the last two days, in a Justice Dept. crackdown on incidents of mortgage fraud nationwide.

"Operation Malicious Mortgage" focused on lending, foreclosure rescue schemes and mortgage-related bankruptcy schemes.

The fraud has contributed to the country's housing crisis.

In a separate sweep, two former Bear Stearns managers in New York were indicted Thursday, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market.

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