Since 2009, the FBI lists 758 Mortgage Fraud Indictments and Convictions are few (See below).
We HAVE to share this information with Independent Voters, etc. The Criminals ARE being brought to justice. The FBI and the Department of Justice are on the Mortgage Fraud case, finally.
I found this picture on the FBI's webpage:
Well, that's quite clever, although I wonder how the straw buyer was able to get a 100% mortgage? A banker's cooperation in the scam, perhaps? As I look as this particular scam, if the fraudster did get $30,000 cash, then that cash could be used to buy up another property and so on.
Speaking of banks, the straw man would have had to eek out the $30,000 to the fraudster in small amounts as the banks have to report transactions in excess of $10,000 if memory serves me.
Looking at this, we have to wonder how many of these have taken place. It seems so easy. Actually, I watched my neighbor's home get purchased by a speculator and resold within a month. I wonder if that was one of these deals, as it sat on the market for 14 months prior.
But this is just the top of the Housing Fraud iceberg. Actually, just a molecule of the tip.
More from the FBI's website.
First, it must be mentioned that the Bush Administration gutted the White Collar Crime Division after 911.
The bureau slashed its criminal investigative work force to expand its national security role after the Sept. 11 attacks, shifting more than 1,800 agents, or nearly one-third of all agents in criminal programs, to terrorism and intelligence duties.
Prosecutions of frauds against financial institutions dropped 48 percent from 2000 to 2007, insurance fraud cases plummeted 75 percent, and securities fraud cases dropped 17 percent.
This is what less government can look like. So, mention this to your Ron Paul supporter friends, k? Without the help of FBI Whitecollar Investigagors, the fraudsters are free to rampage.
More from the NYtimes:
During these years, the bureau asked for an increase of $800 million, but received only $50 million more.
In the 2007 budget cycle, the F.B.I. obtained money for a total of one new agent for criminal investigations.
In 2004, one senior F.B.I. official, Chris Swecker, warned publicly that a flood of fraudulent mortgage deals had the potential to become “an epidemic.”
Yet the next year, as public warnings about fraud in the subprime lending markets began to approach their height, the F.B.I. had the equivalent of only 15 full-time agents devoted to mortgage fraud out of a total of some 13,000 agents in the bureau.
That number has grown to 177 agents, who have opened 1,522 cases. But the staffing level is still hundreds of agents below the levels seen in the 1980s during the savings and loan crisis.
Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:
Financial Crimes Report to the Public 2005
The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.
This helps explain why many of the FBI and DOJ cases now being addressed are for crimes committed WHEN THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.
NOW THE PROSECUTIONS ARE BEGINNING TO ROLL OUT! Slowly. And the CEOs of the TBTFs appear to be teflon, but we can still hope.
Check the FBI and DOJ Websites from time to time and use their robust search engines to search for "Mortgage Fraud".
So, what is the FBI up do? I searched "Mortgage Fraud" at their website and found:
Operation Stolen Dreams
Hundreds Arrested in Mortgage Fraud Sweep
From industry insiders to straw buyers, nearly 500 people have been arrested in a nationwide mortgage fraud takedown that reflects the coordinated efforts of law enforcement to address the growing problem of crime in the housing industry.
I then searched
"bank of america"
Good Grief! Lots of Bank of America banks are being robbed.
But, one of the bankers got caught, but not for mortgage fraud. NO JAIL TIME!
OAKLAND, CA—A former Bank of America Employee was sentenced today to 27 months in prison and ordered to pay $579,652.21 in restitution for bank fraud,
Judge Wilken also sentenced the defendant to a five-year period of supervised release
And Jean Val Jean only stole a loaf of bread.
Back to MORTGAGE FRAUD CONVICTIONS:
Until the receipt sweet and arrest of 500 fraudsters, there haven't been a large number of convictions reported by the FBI.
United States v. Eric L. Levine, et al.
To date, 11 defendants in this case have been convicted of conspiring to commit fraud in the sale of 21 properties, primarily in the Dorchester area of Boston.
Feb 18, 2011 ... Three Conspirators Convicted in $78 Million “Dream Home” Mortgage Fraud Scheme
Jun 11, 2009 ... The appeal by defendant LUCAS, the ring leader of the mortgage fraud scheme, was dismissed in October 2008,
Let's check the Department of Justice for Mortgage Fraud Convictions.
A disappointing result. I'll just copy paste, link here to view DOJ online.
USDOJ: US Attorney's Office - District of Massachusetts
... Home » News » Press Release. “OPERATION STOLEN DREAMS” NETS
LOCAL MORTGAGE FRAUD CONVICTIONS AND CHARGES. ...
www.justice.gov/usao/ma/news/2010/June/OperationStolenDreams.html-27k- Cached
USDOJ: US Attorney's Office - District of Massachusetts
... Worcester Man Sentenced for Unemployment Benefit Scam. “Operation Stolen
Dreams” Nets Local Mortgage Fraud Convictions and Charges. ...
www.justice.gov/usao/ma/news/2010/-84k- Cached
[More results from www.justice.gov/usao/ma/news]
Southern District of Mississippi - Press Releases
... IN A BANKRUPTCY CASE. June 11, MORTGAGE FRAUD CONVICTIONS
UPHELD ON APPEAL. June 9, BILOXI MAN SENTENCED ...
www.justice.gov/usao/mss/press/-63k- Cached
[PDF] US Department of Justice United States Attorney Southern ...
... 4480 FOR IMMEDIATE RELEASE June 11, 2009 MORTGAGE FRAUD
CONVICTIONS UPHELD ON APPEAL Jackson ...
www.justice.gov/usao/mss/press/June2009/CastleandStalnaker.pdf-2009-06-12- Text Version
[More results from www.justice.gov/usao/mss/press]
[PDF] OperationStolenDreams
... was sentenced to 69 months in prison and ordered to pay over $3.6
million in restitution for his mortgage fraud convictions. ...
www.justice.gov/usao/gas/pr/2010/35OperationStolenDreams.pdf-2010-06-17- Text Version
[PDF] Department of Justice
... yesterday by United States District Judge J. Randal Hall to 69 months in prison
and 5 years of supervised release for his mortgage fraud convictions ...
www.justice.gov/usao/gas/pr/2010/31Marshall.pdf-2010-06-16- Text Version
[More results from www.justice.gov/usao/gas/pr]
If you Google Search "convicted of mortgage fraud" you will find many other convictions.
I found this Department of Justice case that didn't show up above.
Accountant Convicted of Mortgage Fraud, Conspiracy, Identity Theft and Obstructing a Grand Jury Investigation This fraudster worked for the Department of Commerce at the time.
Ok, you get the gist.
THE POINT I AM MAKING IS
LET'S GIVE THIS ADMINISTRATION SOME CREDIT.
Some fraudsters are being caught and convicted. That's more than we can say for the record during the Bush Administration by far!
Search the FBI and DOJ sites for indictments and convictions in your state. Share them with voters that you know.
The media and bloggers are saying all too often that there have been no indictments or convictions.
We need to counter the disinformation.