I wish someone had listened to the FBI in 2004

[Truthmatters]

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.

 

[RetiredGySgt]

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.

 

[occupied]

Never mind the man behind the curtain, it was the government's fault.

 

[CrusaderFrank]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D - Domestic financial terrorist)

 

[PredFan]

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.

 

[PredFan]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D - Domestic financial terrorist)

That was in like 2005 or 2006 wasn't it?

 

[Avatar4321]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D - Domestic financial terrorist)

That was in like 2005 or 2006 wasn't it?

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.

 

[Truthmatters]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D - Domestic financial terrorist)

That was in like 2005 or 2006 wasn't it?

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.

 

[The Infidel]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D - Domestic financial terrorist)

That was in like 2005 or 2006 wasn't it?

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.

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

 

[Truthmatters]

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

 

[PredFan]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D - Domestic financial terrorist)

That was in like 2005 or 2006 wasn't it?

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.

George Bush saw the problem and Frank and the Dems continued to block all efforts to investigate or regulate. Are you implying that GWB was psychic?

 

[occupied]

They think Franks should have been able to forsee the crimes of the Banks in the future.

========

They also think he had control of a republican controlled committee.

 

[The Infidel]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D - Domestic financial terrorist)

That was in like 2005 or 2006 wasn't it?

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.

I did.... he should have been able to as well.


If you cant put money or property down as collateral, you have NO BUSINESS trying to buy a house.

 

[The Infidel]

They think Franks should have been able to forsee the crimes of the Banks in the future.

========

They also think he had control of a republican controlled committee.

what about the idiots who had no skin in the game being able to get a loan they didnt deserve????

Oh wait.... you idiots cant think that far ahead. Nevermind...

 

[California Girl]

They think Franks should have been able to forsee the crimes of the Banks in the future.

========

They also think he had control of a republican controlled committee.

Do your research, and I don't mean 'google' then come back and tell us how Franks & Dodds were not hugely responsible for that particular clusterfuck.

 

[Truthmatters]

FBI investigating 14 companies for mortgage fraud - CNN.com


Power and other senior officials said the number of suspicious activity reports they review for potential investigation skyrocketed from 3,000 in fiscal year 2003 to about 35,000 in 2006, to 48,000 in 2007. And in the first quarter of fiscal year 2008, Power said, officials have already received 15,000 such reports, putting them on pace to receive 60,000 complaints this year.

 

[Truthmatters]

Franks said that in 2003 folks before the problem was rampant.

Then the mortgage cos went full bore fraud for a couple of years.


What laws did the republicans put in place or change to stop the problem after it built?

 

[freetime]

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.

The collapse of the housing market was a lot bigger than Frank and Dodd. Why ignore the fraud and abuse going on by Wall Street?

Frank and Dodd didn't prevent the President and Congress from enacting oversight and regulation.

 

[Truthmatters]

That was in like 2005 or 2006 wasn't it?

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.

George Bush saw the problem and Frank and the Dems continued to block all efforts to investigate or regulate. Are you implying that GWB was psychic?

Prove it

 

[Douger]

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.

Your wish came true.I did.