Feds charge 17 in Texas with mortgage fraud

HOUSTON (AP) - The Department of Justice has charged 17 people
with mortgage fraud in the southern district of Texas as part of a
nationwide sweep against related financial crimes.

U.S. Attorney Jose Angel Moreno announced Thursday that four defendants have pleaded guilty and two have been sentenced to prison and must pay $4.1 million in restitution in this three-month
investigation. The remaining 11 have been indicted and are awaiting
trial. The alleged crimes include investment schemes and equity
skimming, and the defendants include settlement attorneys, loan
processors and real estate agents.

Earlier in the day, Attorney General Eric Holder announced the arrests of 485 people of 1,215 indentified defedants in connection with this initiative.

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