I WISH THERE WERE A WEBSITE FOR ALL THESE CREEPS

It wouldn't stop most of the Baggers from blaming the CRA, Fannie & Freddie for the Housing Bubble but it would certainly diminish their claim.

Scottsdale man, son indicted for mortgage fraud
Associated Press
Posted on September 23, 2011 at 6:03 PM
Updated today at 6:03 PM

PHOENIX (AP) — A Scottsdale man and his son have been indicted by a federal grand jury in a mortgage fraud case.

Prosecutors said Friday that 61-year-old Jerry E. Craig Sr. and 42-year-old Jerry E. Craig Jr. have been charged with 16 counts of wire fraud and three counts of false statements to a federally insured lending institution.

Authorities say the elder Craig was the owner and president of Spectrum Financial Group and his son was vice president. The mortgage brokerage firm had offices throughout Maricopa County.

The indictment alleges that Spectrum Financial Group brokered and financed hundreds of millions of dollars of mortgage loans in Arizona and knowingly approved buyers who didn't qualify.

This is NOT a rare example in Arizona:

Arizona rounds up 38 for mortgage fraud over the past month
Wed, 2010-06-23 11:37 — NationalMortgag...
United States Attorney Dennis K. Burke recently joined members of the Arizona Financial Fraud Task Force to announce multiple indictments charging 38 people—among them loan officers, escrow officers, real estate appraisers and agents, and straw buyers—in various mortgage fraud schemes, including “cash back” and loan origination scams.

The announcement of the indictments in Arizona followed a press conference in Washington, D.C., where Attorney General Eric Holder announced the results of a nationwide coordinated takedown of mortgage fraudsters, the largest collective enforcement effort ever brought to bear in confronting mortgage fraud. The sweep was organized by President Obama’s interagency Financial Fraud Enforcement Task Force, which was established to lead an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.

Starting on March 1, to date Operation Stolen Dreams has involved 1,215 criminal defendants nationwide, including 485 arrests, who are allegedly responsible for more than $2.3 billion in losses. Additionally, to date the operation has resulted in 191 civil enforcement actions which have resulted in the recovery of more than $147 million.

UPDATE: The FBI site for mortgage fraud.