MBA chairman Quinn applauds FBI's mortgage fraud operationMortgagePress.comKirean Quinn, MBA, FBI, mortgage fraud, Operation Malicious Mortgage
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers
Association (MBA) applauded federal authorities for their crackdown
on perpetrators of fraud against mortgage lenders. The FBI
announced today that more than 400 people have been charged in a
national crackdown, dubbed "Operation Malicious Mortgage."
Mr. Quinn issued the following statement.
"Mortgage fraud, while primarily a crime against lenders,
results not only in losses for banks, but also higher costs for all
potential borrowers and has an adverse impact on home prices, thus
hurting innocent homeowners in those communities where it is most
"MBA has been working closely with federal authorities for a
number of years to help bring to light the impact that mortgage
fraud has on lenders, borrowers and communities. Today's
announcement shows that the authorities are taking this issue
seriously and we applaud them for their efforts today that have
taken some major criminal outfits off the street.
"We will continue to work with the FBI to help them target these
types of crimes and we are again asking Congress to provide the
Department of Justice with additional resources to help investigate
and prosecute mortgage fraud cases."
For more information, visit www.mortgagebankers.org.