WASHINGTON, June 18 (UPI) -- The U.S. Justice Department has charged more than 1,200 people with mortgage fraud in a national effort dubbed Operation Stolen Dreams, officials say.
Attorney General Eric Holder and FBI Director Robert Mueller III said at a news conference Thursday a task force has charged those allegedly responsible for $2.3 billion in losses.
"Mortgage fraud ruins lives, destroys families and devastates whole communities, so attacking the problem from every possible direction is vital," Holder said. "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."
Federal officials said the sweep, which began March 1, focused on litigation to seize assets as much as on criminal prosecution. So far, $147 million has been recovered through civil action.
The Financial Fraud Enforcement Task Force combines the resources of many federal agencies and works with state and local law enforcement, officials said.
