Housing developers.Mortgage lenders.
Brokers.
Lawyers.
Real Estate Agents.
Appraisers.
(Hmm, no notaries?)
In a widespread crackdown on mortgage fraud, federal authorities indicted hundreds of individuals spanning a multitude of occupations in an attempt to allay fears and protect home buyers from predatory lenders. In addition, two former Bear Sterns fund managers who sold mortgage-backed investments were also arrested on conspiracy and securities fraud charges. The indictments come in the wake of allegations regarding democratic Senators Christopher Dodd and Kent Conrad, who received cut-rate home loans from Countrywide. The indictments also follow high profile arrests in Chicago, Atlanta, Houston, & Miami as part of Operation Malicious Mortgage.
“It makes clearer that the causes of the credit problems are very broad-based and can’t be put at the feet of one player,” said Mark Zandi, senior economist at Moody’s Economy.com.
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