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View Diary: Our Economy: MASSIVE FRAUD By Mortgage Industry. (269 comments)

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  •  FBI: 80:20% Lenders:Borrowers (0+ / 0-)

    According to the FBI, 80% of the frauds were lenders. 20% of the frauds were borrowers.

    "When the going gets weird, the weird turn pro." - HST

    by DocGonzo on Thu Feb 26, 2009 at 10:24:47 AM PST

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    •  I'm lumping frauds, fools and the greedy (0+ / 0-)

      into one overall group of home purchasers who, whether they were doing so knowingly or not, were part of the problem, and that's a number that I don't have. But even if it's bigger than 20%, it's still clear that the overwhelming impetus for this con came from crooked bankers, traders, regulators and politicians.

      Plus, considering that most of the former are now paying for their poor behavior, in many cases dearly, I'm even less inclined to blame them. But the latter are not really paying for it yet, and need to be made to, both legally and financially.

      He who tills his land shall have plenty of bread, but he who chases fantasies is void of understanding. (Proverbs 12:11)

      by kovie on Thu Feb 26, 2009 at 04:29:05 PM PST

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