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Vendaval -> FBI mortgage fraud arrests (6/19/2008 12:17:29 PM)

"Charges at Bear Stearns linked to subprime debacle"
 
 
By TOM HAYS, Associated Press Writer
2 hours, 35 minutes ago

"The FBI announced Thursday that it had arrested about 300 real estate industry players since March — including dozens over the last two days — in its crackdown on incidents of mortgage fraud that have contributed to the country's housing crisis.

One law enforcement official put the losses to homeowners and other borrowers who were victims in the schemes at more than $1 billion.

The Justice Department and FBI plan to announce the recent arrests — including apprehensions in Chicago, Atlanta, Miami, and suburban Maryland — at a news conference set for Thursday afternoon in Washington."

http://news.yahoo.com/s/ap/20080619/ap_on_bi_ge/bear_stearns_investigation

This sub-prime economic disaster reminds me of the Savings and Loan bailouts of several years ago.  Anyone else having that creepy deja-vu uh-oh feeling?  Are we going to need new prisons to hold more white collar criminals?  [&:]



Alumbrado -> RE: FBI mortgage fraud arrests (6/19/2008 4:26:08 PM)

Either that or more bedrooms in the White House...[:D]



slvemike4u -> RE: FBI mortgage fraud arrests (6/19/2008 4:41:20 PM)

Everything leads to the White House?



kittinSol -> RE: FBI mortgage fraud arrests (6/19/2008 4:43:54 PM)

Once you open a can of worms, it's impossible to seal it again. (Brand new motto.)



Alumbrado -> RE: FBI mortgage fraud arrests (6/19/2008 5:18:02 PM)

quote:

ORIGINAL: slvemike4u

Everything leads to the White House?


Fine, you want the white collar crooks staying in your spare bedrooms, that's up to you.

I'd rather they stick to DC, their native habitat...   [:D]



Leatherist -> RE: FBI mortgage fraud arrests (6/19/2008 5:22:43 PM)

There any chance of recovering some of the losses by liquidating the assets of the guilty parties? That sahould incite more fear into these yuppie crooks than anything else. Especially if they come up with ways to get the stashed funds back from cayman island and swiss bank accounts.



mefisto69 -> RE: FBI mortgage fraud arrests (6/19/2008 5:30:33 PM)

... just another dog and pony show for the masses



thornhappy -> RE: FBI mortgage fraud arrests (6/19/2008 5:37:11 PM)

quote:

ORIGINAL: Alumbrado

quote:

ORIGINAL: slvemike4u

Everything leads to the White House?


Fine, you want the white collar crooks staying in your spare bedrooms, that's up to you.

I'd rather they stick to DC, their native habitat...   [:D]

Hell, a whole lot of the bad lenders were right in good ol' Orange County.

thornhappy



Alumbrado -> RE: FBI mortgage fraud arrests (6/19/2008 5:41:21 PM)

I've actually been wondering when this shoe was going to drop for a while, ever since I learned that some of these 'community' lenders who were targeting elderly and otherwise unsophisticated people were in fact funded by big firms...it looked like churning to me.

Now if they will just raid a few universities over the misuse of  grant money, I'll feel much better.[:D]



slvemike4u -> RE: FBI mortgage fraud arrests (6/19/2008 5:44:01 PM)

quote:

ORIGINAL: Alumbrado

quote:

ORIGINAL: slvemike4u

Everything leads to the White House?


Fine, you want the white collar crooks staying in your spare bedrooms, that's up to you.

I'd rather they stick to DC, their native habitat...   [:D]
The term one trick pony comes to mind



Vendaval -> RE: FBI mortgage fraud arrests (6/19/2008 5:52:36 PM)

Say it isn't so!  Oh the horror!  [sm=whoa.gif]


quote:

ORIGINAL: thornhappy
Hell, a whole lot of the bad lenders were right in good ol' Orange County.

thornhappy



popeye1250 -> RE: FBI mortgage fraud arrests (6/19/2008 5:58:07 PM)

quote:

ORIGINAL: mefisto69

... just another dog and pony show for the masses


I agree!
Three hundred?
How about 30,000?



UtopianRanger -> RE: FBI mortgage fraud arrests (6/19/2008 6:01:46 PM)


quote:


This sub-prime economic disaster reminds me of the Savings and Loan bailouts of several years ago.  Anyone else having that creepy deja-vu uh-oh feeling?  Are we going to need new prisons to hold more white collar criminals?  



Not really a really a '' creepy deja-vu uh-oh feeling '' - But rather, lets get a burlap sack and shortened piece of discarded rubber garden hose, and go find the real ''creep'', Alan Greenspan, and deal with him....{ That kind of feeling[;)] }

Honestly....punishing a few low-level mortgage brokers/low-level lending houses for what we believe to be their transgressions, will not deter or stop a future crisis.

As I mentioned in a previous thread : You have to get to the very root of why these bubbles---housing, credit, lending, etc---are crafted in the first place. Until till you do that, the hemorrhaging will continue....


These bubbles are purposely manufactured for a reason - They're not a function of mere happenstance.








- R







pahunkboy -> RE: FBI mortgage fraud arrests (6/19/2008 6:33:16 PM)

I thought there had to be more to the mess - so here we are.



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