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U.S. to unveil results of coordinated mortgage probe

WASHINGTON
Thu Jun 19, 2008 11:09am EDT
Row homes valued at $400,000 each, which are offered for free in a ''buy one, get one free'' deal, are seen in Escondido June 3, 2008. REUTERS/Mike Blake

WASHINGTON (Reuters) - U.S. Justice Department officials are expected to announce the results of a national mortgage fraud enforcement operation at their news conference scheduled for 1:15 p.m. EDT , a department official said on Thursday.

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The official described the effort as a "national coordinated operation to combat mortgage fraud," that dealt with individual rather than corporate fraud cases.

The announcement comes as two former Bear Stearns fund managers were indicted on fraud charges in connection with the $1.4 billion collapse of two funds related to the subprime lending crisis. The official said the department is aware of the indictments, but declined further comment.

(Reporting by Randall Mikkelsen, editing by Vicki Allen)
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