FBI saw mortgage fraud early: "The FBI was aware for years of 'pervasive and growing' fraud in the mortgage industry that eventually contributed to America's financial meltdown, but did not take definitive action to stop it.
'It is clear that we had good intelligence on the mortgage-fraud schemes, the corrupt attorneys, the corrupt appraisers, the insider schemes,' said a recently retired, high FBI official. Another retired top FBI official confirmed that such intelligence went back to 2002.
The problem, according to the two FBI retirees and several other current and former bureau colleagues, is that the bureau was stretched so thin that no one noticed when those lenders began packaging bad mortgages into bad securities."
Wednesday, May 27, 2009
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