Bushonomics: The Hangover 0
Once again, it wasn’t the persons taking out the mortgages. It was the banks and mortgage companies issuing them.
And they didn’t get busted because there were not enough government bureaucrats FBI agents to investigate the crimes.
Now we are all busted.
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.
“We knew that the mortgage-brokerage industry was corrupt,” the first of the retired FBI officials told the Seattle P-I. “Where we would have gotten a sense of what was really going on was the point where the mortgage was sold knowing that it was a piece of dung and it would be turned into a security. But the agents with the expertise had been diverted to counterterrorism.”
Via Raw Story.
