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Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.

Because too many people had an interest in not noticing it. Just remember how it was two years later, when the hard data on the bubble coming to an end was already available: denial was still unanimous.


In 2007, the number of agents pursuing mortgage fraud shrank to around 100. By comparison, the FBI had about 1,000 agents deployed on banking fraud during the S&L bust of the 1980s and '90s, said Anthony Adamski, who oversaw financial crime investigations for the FBI at the time.

Neo-liberalism in action. Money rules. If you have more it means you're a better person. The onlyexception is if you get caught getting rich illegally - thus the easy solution to eliminate those that could catch you.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Mon Aug 25th, 2008 at 05:11:00 AM EST
[ Parent ]
And of course, as is the argument over sportsmen and drugs, not having been caught is then taken as proof that there was no wrongdoing.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Mon Aug 25th, 2008 at 08:13:41 AM EST
[ Parent ]

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