Updated from 2:46 p.m. to include additional details in third and fourth paragraphs.
NEW YORK ( TheStreet) -- A working group of federal and state authorities responsible for extracting a $13 billion settlement from JPMorgan Chase late last year over abuses tied to mortgage bonds still has "more than a dozen ongoing investigations," which will lead to billions of dollars in additional costs to financial companies, according to Michael P. Stephens, Acting Inspector General of the Federal Housing Finance Authority.
Mortgage-related investigations stemming from the financial crisis are "in the fifth inning," Stephens said Wednesday at a Mortgage Bankers Association conference in New York.
Stephens expressed some surprise about complaints in the press that there have not been convictions of executives tied to the mortgage crisis. Between the 10 years he spent as inspector general of the U.S. Department of Housing and Urban Development and his current tenure at FHFA, "hundreds and hundreds of people have been indicted and convicted of some form of mortgage fraud," he said.
"In the last six months my organization has indicted 82 people," he said. "Three of those people committed suicide recently. Why do I bring that up? Most of the people that we deal with are not hardened criminals. They're white collar. They're highly educated. They belong to churches. They have no prior arrest records. They're pillars of society. They're all making tremendous amounts of money and when they do get caught it's a little bit more difficult for them to take it than a street criminal."