Transparency in the structured finance market; risks, fallout from non-traditional mortgages are focus of FDIC's Supervisory Insights

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 prevalent. "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.