June 19, 2008 Over 400 mortgage fraud arrests made nationwide Play video

(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.