The FBI Presents: Everything You Wanted To Know About Mortgage Fraud But Were Afraid To Ask
This is excellent....not many people are aware that the FBI as slide 19 proves was warning that Mortgage fraud if not stopped would cause a financial meltdown but what did Congress do..nothing! What did the Fed as chief regulator do..NOTHING! What did the administration at the time do..nothing in fact they cut the number of FBI investigators working that unit! It's a fact look it up ..I recall it vividly and if you are too effin lazy or partisan here is the proof.
Finally, what is being done about jailing the perps...NOTHING. Not one single person has gone to jail even though as William Black the Chief Regulator during the S&L scandal pointed out thousands were indicted and jailed as a result of that scandal. In fact, the fraud is being covered up and allowed to fester thanks to the bought off Congress via the FASB allowing the big banks to fudge their books and thanks to the Fed continuing to turn a blind eye and in fact enabling the perps by paying off their bad bets and making them whole all at the taxpayer and broader economy's expense.
This current administration is an accessory to crime and is wholly bought off by the economic rulers who have co-opted the Gov't and now do the bank's bidding.....Welcome to Obama's and Banana Ben's Banana Republic where white collar crime is Gov't sanctioned!
Besides crushing owner's equity and hitting home prices nationwide, the housing bubble saw an unbelievable amount of mortgage related crime than ever seen before.
The FBI has been warning of a mortgage fraud uptick since 2004, and have outlined the various ways that fraud can be committed in a presentation (via Public Intelligence).
From former Wall Street executives, to the low level house flipper, the FBI has it out for all of the potential criminals in the subprime crisis.
While this presentation was made in November 2008, it provides a look into the FBI's thinking in terms of the mortgage fraud issue and was somewhat prescient in the days before subprime became national nomenclature.
Read more: The FBI Presents: Everything You Wanted To Know About Mortgage Fraud But Were Afraid To Ask
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