Federal agents in the United States have busted 485 fraud arrests in a mortgage sting that involved 21 agencies.
The Justice Department announced its latest crackdown on mortgage fraud, saying it launched an interagency plan to detect costly scams. The mortgage bust was announced as "Operation Stolen Dreams".
"Mortgage fraud ruins lives, destroys families and devastates whole communities, so attacking the problem from every possible direction is vital," Attorney General Eric Holder said in a statement.
"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." The sting operation took three months.
Mortgage fraud results in losses of about $2.3 billion U.S.
"It presents a significant risk to economic stability," Holder added.
FBI Director Robert Mueller claimed the its agency remains in pursuit of more than 3,000 fraud cases and more arrests are expected. The operation involved 21 agencies who are members of the Financial Fraud Enforcement Task Force.
Launched in November by the Obama administration, the task force is charged with uncovering illegal financial schemes nationwide. The administration has been under pressure to root out mortgage fraud and improve oversight of the housing market. The recent bubble touched off a global economic slide and led to a cascade of home foreclosures in the United States.
