justice department

The Justice Department announced that it has been quietly conducting a nationwide sweep of the real estate industry for the past three and a half months, dubbed “Operation Malicious Mortgage.” So far it has charged 406 defendants with mortgage fraud in 144 cases, Deputy Attorney General Mark R. Filip said at a news conference this afternoon, and the fight against white-collar crime is far from over.

Yesterday alone, 60 people were charged in Chicago, Miami, Houston; and arrests continue today.

“Operation Malicious Mortgage and the Bear Stearns case demonstrate that the Department of Justice is determined to detect and to punish mortgage fraud and help restore stability and confidence in our housing market,” Mr.  read more »

The Observer tends to profile brokers that not only have offices, but work with fountain pens on antique oak desks (which is why Edward Lee Cave’s grandfatherly firm is pictured above).

But today there was a huge victory for Internet-based agents--and don't sneer at that phrase, because "more consumers use the Web when house hunting than rely on 'For Sale' yard signs." In a settlement today, the Justice Department said that the National Association of Realtors could no longer restrict Web-focused, discount brokers from the group's database of real estate on the market, known as an MLS.

Luckily for the realtor group, they don't have to pay a fine, or even admit wrongdoing.  read more »