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View Diary: BREAKING: Justice Dept Misled Public on Mortgage Fraud Probes, Eviscerated By Inspector General (248 comments)

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  •  You can quickly recover from your shock (2+ / 0-)
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    6412093, MichaelNY

    If you read the report and discover the fact that it has nothing to do with big bankster conspiracies. It has to do with con artists, loan officers, house flippers, and others who lie on individual mortgage applications. In fact, it seems some cases lagged because investigators had to wait until enough fraudulent actions had accumulated by a specific target to rack up high enough monetary damages to prosecute them.

    “Texas is a so-called red state, but you’ve got 10 million Democrats here in Texas. And …, there are a whole lot of people here in Texas who need us, and who need us to fight for them.” President Obama

    by Catte Nappe on Fri Mar 14, 2014 at 09:00:31 AM PDT

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    •  I misread that? (1+ / 0-)
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      Catte Nappe

      I guess that info was not in the Executive Summary, or did I miss it there, too?

      Formerly Pan on Swing State Project

      by MichaelNY on Fri Mar 14, 2014 at 12:01:10 PM PDT

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      •  Not evident from the Exec Summary (1+ / 0-)
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        MichaelNY

        You've got to get into the intro pages of the full report.  Iexcerpted a substantial chunk of the pertinent section in this comment:
        http://www.dailykos.com/...

        It includes this paragraph, as well

        Some observers use the term “mortgage fraud” to include mortgage-backed securities fraud, which involves wrongdoing related to the packaging, selling, and
        valuing of residential and commercial mortgage-backed securities. However, the FBI considers this type of misconduct to be a form of securities fraud and not
        mortgage fraud; therefore, we did not include as part of the scope of this audit

        “Texas is a so-called red state, but you’ve got 10 million Democrats here in Texas. And …, there are a whole lot of people here in Texas who need us, and who need us to fight for them.” President Obama

        by Catte Nappe on Fri Mar 14, 2014 at 12:26:56 PM PDT

        [ Parent ]

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