William Black: The FBI's 2010 Mortgage Fraud Report Reveals Why the Banksters Love Holder


William Black: The FBI’s 2010 Mortgage Fraud Report Reveals Why the Banksters Love Holder

William Black: The FBI’s 2010 Mortgage Fraud Report Reveals Why the Banksters Love Holder

New Economic Perspectives-

The Obama administration’s continuation of the Bush administration’s refusal to prosecute the elite banksters (or even the vastly lower status CEOs of the fraudulent mortgage bank) that drove the crisis has made it clear that the rule of law no longer applies to wide ranges of life and that crony capitalism will continue to reign.

One of the difficulties we have is that because the last two administrations have fanatical devotees of the cult of the Virgin Crisis – the myth that the ongoing crisis was the first in modern times conceived without sin (control fraud) – that it is exceptionally difficult to know what their creed is. DOJ has refused to prosecute any elite banker for mortgage loan origination fraud. The rare prosecutions it has brought against senior officials of fraudulent loan originator (a large, but obscure regional mortgage bank: Taylor Bean) did not prosecute the officials for their fraudulent origination (or sale) of loans. The Taylor Bean officials were only prosecuted for their fraud against the TARP program – and only because Neil Barofsky (SIGTARP) made the criminal referral about that fraud and pushed relentlessly to force the Department of Justice to prosecute. With zero prosecutions of the massively fraudulent home lenders that drove the crisis to we are left with no information on why committing hundreds of thousands of frauds via the twin epidemics of loan origination fraud (inflating appraisals and making endemically fraudulent “liar’s” loans) is no longer a crime that the FBI investigates and DOJ prosecutes. No senior DOJ or FBI official, of course, is stupid enough to state openly why we no longer prosecute even the CEOs of long-bankrupt mortgage banks that led these accounting control frauds. The U.S. Attorney for Sacramento, one of the epicenters of accounting control fraud, was foolish enough to attempt to explain why he did not investigate or prosecute the banksters:

Benjamin Wagner, a U.S. Attorney who is actively prosecuting mortgage fraud cases in Sacramento, Calif., points out that banks lose money when a loan turns out to be fraudulent. “It doesn’t make any sense to me that they would be deliberately defrauding themselves,” Wagner said.


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CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

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5 Responses to “William Black: The FBI’s 2010 Mortgage Fraud Report Reveals Why the Banksters Love Holder”

  1. This crime is as old as civilization Not a modern day crime. Just modernized http://www.youtube.com/watch?v=swkq2E8mswI

  2. The AG statement the banks don’t make money on fraudulent loans is an understatement or a flat out LIE! The banks profited by every default they could make then go in for the kill to steal the house for free. What a crock of blatant lies. The profits were so enormous it is unthinkable and unimaginable to most how much profiteering these criminal minds stole. He obviously did not read the Wall Street and the Financial Crisis; Anatomy of a Financial Collaspe” report. This man appears to be either mis-informed or manipulating the public to believe there is no reason for the banks to create fraudulent loans. The reason has been obvious since the the report and possibly sooner. Lynn Szymoniaks case proves the AG’s and OCC and all our agencies in charge of the 25 billion dollar settlement knew the crime. The HAMP program was used as a carrot stick to cause millions more fraud defaults due to the foreclosures created billions of profit to the banks, they would never have made unless the defaults occurred. Then steal the houses on top of it. Moratoriums on foreclosures should have been made permanent at least in 2010.

  3. Sarah says:

    One can hardly believe Benjamin is this dense, perhaps he’s being politically correct as the job requires. We could guess that he must be prosecuting borrowers since Bankers “wouldn’t defraud themselves”. Good grief!

  4. Charles Reed says:

    The good ole Professor need to simply come out with it and stop holding back that without the Federal Reserve Bank stopping prosecution because the Fed is the one buying these securities that don’t have any collateral and are worthless like the Ginnie Mae MBS.

    HUD it is only a matter of time until your Ponzi unit is exposed by me, and you have a hard time explaining how only BOA is paying back False Claims, when Wells Fargo is raping the Washington Mutual Bank’s government insured loans borrowers.

    50,000 Military Households foreclosed by a few good men of President Obama. People giving their lives and limbs, only to have an arm of the President in Ginnie Mae stop any modifications when actual the veterans because of an invalid contracts are owner free and clear of the loans, because there is no debt.

    However the Obama team over at Ginnie Mae illegally order the Notes due and then illegally foreclosed and filed fraudulent insurance claims to the Federal Government! Me and Michelle love the Troop and their homes we are stealing!


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