I wish someone had listened to the FBI in 2004

Discussion in 'Politics' started by Truthmatters, Nov 14, 2011.

  1. Truthmatters
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    CNN.com - FBI warns of mortgage fraud 'epidemic' - Sep 17, 2004


    Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.

    "It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.

    In the 1980s, many Savings and Loans failed because of poor management, risky loans and investments, and in some cases, fraud. Taxpayers were left with a $132 billion tab to cover federal guarantees to S&L customers.

    The FBI has dispatched undercover teams across the country in an urgent investigation into dealings by suspect mortgage brokers, appraisers, short-term investors, and loan officers, Swecker, flanked by FBI executives and Justice Department prosecutors, revealed.

    In one operation, six individuals were arrested Thursday in Charlotte, charged with bank fraud for their roles in a multimillion-dollar mortgage fraud, officials said. The two-year investigation found fraudulent loans that exposed financial institutions and mortgage companies to $130 million in potential losses, they said.
     
  2. RetiredGySgt
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    RetiredGySgt Platinum Member

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    You mean like Barney Franks and Chris Dodd? The two members of Congress directly responsible for defeating every attempt by Bush to create more regulation? The two responsible for defeating McCain's attempt at more regulation?

    Those two went before the American people repeatedly from 2004 to 2008 insisting that the Housing market was save secure and would be hurt by more regulation of Fanny and Freddy. In fact Barney was on National TV just a month or so before the crash telling the American electorate that the Housing market was save, booming and in no danger of anything EXCEPT more regulation.
     
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  3. occupied
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    occupied Gold Member

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    Never mind the man behind the curtain, it was the government's fault.
     
  4. CrusaderFrank
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    CrusaderFrank Diamond Member

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    "These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D - Domestic financial terrorist)
     
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  5. PredFan
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    No one listened because the government fought every attempt to limit or even regulate loans and loan companies. They said it would unfairly limit home ownership by minorities.
     
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    That was in like 2005 or 2006 wasn't it?
     
  7. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    I believe so.

    Unfortunately, TM has a habit of not acknowledging facts when it makes her party look bad and Republicans look good. That's probably why she has yet to acknowledge that Republicans tried to fix this problem during the Bush administration. Which is why Barney Frank said that quote.

    I really wish she would. It's good to acknowledge when people do good and when people screw up regardless of party. It would certainly help the dialogue.
     
  8. Truthmatters
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    Nope franks said that in 2003 before the FBI did this study.

    At the time Franks said that the problem had not yet developed.


    They think Franks should have been able to forsee the crimes of the Banks in the future.
     
  9. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    Believe it or not... I have pos rep'd her when she deserved it.... I have yet to ever get one from her.

    Guess I should be glad... I would be worried about my opinions if she had.
    But then again, "truth" has never "mattered" to her/him/it :eusa_whistle:
     
  10. Truthmatters
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    The number of open FBI mortgage fraud investigations has increased more than five-fold in the past three years, from 102 probes in 2001 to 533 as of June 30 this year, the FBI said. The potential losses are staggering, and many financial institutions are cooperating with investigators.

    Officials noted mortgage industry sources have reported more than 12,000 cases of suspicious activity in the past nine months, three times the number reported in all of 2001.

    from the article
     

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