The FBI says it has arrested 406 property market players as part of its crackdown on mortgage fraud.
The arrests include estate agents and loan originators, who help homebuyers to take out loans.
Reported mortgage fraud has soared in the past year, with the most common type being mis-statement of assets.
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They are the first executives facing criminal charges following the crisis.
Billion dollar losses
The Justice Department said it was pursuing 144 cases against the 406 defendants.
Sixty of them were arrested on Wednesday alone.
The department estimated that the losses to homeowners and other borrowers from the mortgage frauds amounted to about $1bn (Ј500m).
"Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation's housing market and to the peace of mind to millions of Americans," said Deputy Attorney General Mark Filip.
(BBC)
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