http://curiouscapitalist.blogs.time.com/2010/10/19/will-bankers-go-to-jail-for-foreclosure-gate/
There is no doubt that the perpetuation of fraud went all the way to the top seats of the banking industry.
They made MERS, they knew it didn't retain documentation for all of those loans. It was designed not to for easier fraud practice.
You can't resell a mortgage 4 or 5 times if there was easy investor access for a loan look up.
More and more, Foreclosure-gate is looking like the housing bust's Enron.
One of the amazing developments of the unraveling of the financial crisis has been the fact that there have been so few people we can actually point to and say without a doubt that guy or gal is a crook. Yes, Bernie Madoff and his fellow ponziers, but they were only flushed out by the financial crisis. They didn't really cause it. The Bear Stearns hedgies beat their case. The mastermind of AIG's demise Joe Cassano looks to have made a clean getaway. Lehman's Dick Fuld is still in the clear. Goldman and just last week Countrywide's executives had to pay out large fines. But none of them are headed to jail. John Paulson and other hedge funds that help construct CDO debt bombs and bet against them, haven't even been forced to give some of their winnings back. I can't think of anyone of any real consequence who is facing hard time.
Thanks to foreclosure-gate that may soon change.
Read more: http://curiouscapitalist.blogs.time.com/2010/10/19/will-bankers-go-to-jail-for-foreclosure-gate/#ixzz12uaSn9k6
