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Hundreds Arrested in US Crackdown on Mortgage Fraud

The U.S. Justice Department says authorities have arrested 485 people in a major crackdown on mortgage fraud.

Attorney General Eric Holder said Thursday the suspects in "Operation Stolen Dreams" were responsible for $2.3 billion in losses.

He noted one scheme that targeted the Haitian-American community. He said the defendants would claim to offer immigration and housing assistance, and then use the victims' personal information to obtain mortgage loans.

Holder said these schemes ruin people's lives and are dangerous to the economy.

The operation was organized after huge losses from home loans in the United States triggered a broader economic crisis.

Some information for this report was provided by AP.