By Vicki Needham - 06/17/10 11:15 PM EDT
More than $155 million has been recovered by a federal mortgage fraud task force, officials announced Thursday.
The Financial Fraud Enforcement Task Force has recovered $10.7 million from criminal cases and $147 million in civil cases since starting March 1, Attorney General Eric Holder, FBI Director Robert Mueller and Housing and Urban Development Inspector General Kenneth Donohue announced today.
"Operation Stolen Dreams" has involved 1,215 criminal defendants nationwide, with 485 arrests of people who are allegedly responsible for more than $2.3 billion in losses. Additionally, to date the operation has resulted in 191 civil enforcement actions, which have resulted in the recovery of more than $147 million.
The nationwide program "Operation Stolen Dreams," targeted those involved in mortgage fraud and focused on federal criminal cases, civil enforcement, recovering money for victims and increasing cooperation with state and local partners, according to a release.
"Mortgage fraud ruins lives, destroys families and devastates whole communities, so attacking the problem from every possible direction is vital," Holder said today. "We will use every tool available to investigate, prosecute and prevent mortgage fraud, and we will not rest until anyone preying on vulnerable American homeowners is brought to justice."