US Authorities reveal mortgage fraud crackdown, 485 arrests

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Authorities reveal mortgage fraud crackdown, 485 arrests

(Reuters) - U.S. authorities have charged 1,215 people in hundreds of mortgage fraud cases that resulted in estimated losses of $2.3 billion, top Obama administration officials said on Thursday, unveiling a crackdown after the housing market collapse.

U.S. | HOUSING MARKET

The administration has been under pressure to root out mortgage fraud and improve oversight of the housing market after the housing bubble touched off a global economic slide and led to a cascade of home foreclosures in the United States.

Over the last three-and-a-half months, authorities have made 485 arrests in the fraud cases, obtained 336 individual convictions and recovered more than $147 million, the Justice Department said.

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