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Jay L. Zagorsky, Associate Professor Questrom School of Business, Boston University

Does anyone go to prison for federal mortgage fraud? Not many, the numbers suggest

Prison Donald Trump Lisa Cook Department of Justice US Federal Reserve United States
Go directly to jail? Not quite. Sergey Chayko/Getty Images Plus

Mortgage fraud is back in the news. Lisa Cook, a Federal Reserve governor, is being investigated by the Department of Justice for allegedly making false statements when applying for a mortgage. Members of Donald Trump’s Cabinet are accused of similar wrongdoings. Could any of these people go to prison?

Mortgage fraud is not a new problem. Subprime mortgage fraud fueled the 2008 financial meltdown, when large numbers of very risky mortgages defaulted. Mortgage fraud was also a key feature of the savings and loan crisis in the 1980s.

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