The U.S. government has charged 530 people for scheming homeowners in mortgage charges that cost victims more than $1 billion.
More than 73,000 homeowners nationwide were taken advantage of, the Justice Department said in a statement, according to Bloomberg.
These cases that surfaced over the past year included "foreclosure rescue schemes" that took advantage of homeowners who were behind in payments, the statement said.
"These comprehensive efforts represent an historic, government-wide commitment to eradicating mortgage fraud and related offenses across the country, "Eric Holder, attorney general said in Washington at a news conference, Tuesday.
These mortgage scams became popular after the housing market's downfall, causing federal and state law officials to take action.
Secretary of Housing and Urban Department, Shaun Donavan said many homeowners looking to get aid from the foreclosure relief programs created by the Obama administration, fell in the trap.
"The increase in the efforts that we have, unfortunately, mean that you have more scam artists that are trying to take advantage of families," Donovan said.
Some of the schemes promised homeowners that they could avoid foreclosures by paying a fee. Home owners lost their property due to these scams.
This investigation was led by the Federal Bureau of Investigation (FBI), the Justice Department, HUD, and the Federal Trade Commission, Bloomberg reported.
