Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Finally - I hope some of that 700 billion goes towards throwing a few hundred senior executives into Federal Prison.

This hit the AP about 4:15 pm Arizona time.

WASHINGTON - The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration.

Two law enforcement officials said the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, Lehman Brothers Holdings Inc., and insurer American International Group Inc.

A senior law enforcement official says the inquiries, still in preliminary stages, will focus on the financial institutions and the individuals that ran them.

Officials say the new inquiries brings the number of corporate lenders under investigation over the last year to 26.

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Some were started as long as three years ago!  And still no arrests.  The announcement now by the FBI appears to be more "Political" to give the appearance that they are looking into the problem now.  Sorry, don't expect anything much at all, if they could not find a problem with LITTON LOAN, AND LARRY SR, AND LARRY JR. by now, I'm doubting they could not find their way out of a paper bag after more than three years!
Or what they were looking into was ignored. In other words, covered up!   As I have personally talked to them, and have given them evidence as well as many others!

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4 justice now
If they're unable to find fraud after looking into organizations such as Ocwen and Litton for any period of time beyond two minutes they simply don't have a clue what fraud is.

My Opinion
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