Feds in the U.S. and Canada are seizing the assets of mortgage loan officers and a large number of other high-level players.
The asset seizure includes at least $200 million in assets from a variety of banks and brokers, as well as assets from companies and individual investors.
The seizure follows a U.K. indictment in which a group of more than 150 people were charged in May.
According to a criminal complaint, a group called the Mortgage Officers Association (MOA) was allegedly involved in mortgage fraud.
The group allegedly sold a portion of the loans to buyers who then used them to launder money.
Mortgage loan officers were charged with helping to facilitate the laundering of money for drug trafficking.
The federal government alleges the agents used “deceptive practices and deception” to help facilitate the transactions.
“The mortgage loan industry is plagued with fraud and corruption, and the vast majority of those involved are accountable for their crimes,” Attorney General Jeff Sessions said in a statement.
“These crimes, like the recent fraud perpetrated by the Mafia, must end.”
The group is one of the largest lenders in the country, with over 300,000 mortgage loans and a total of $5.4 trillion in mortgages.
The MOA has said it was “devastated” by the charges, and is continuing to fight for its rights.