[Dreamtwister]

Hundreds swept up in mortgage fraud arrests

Excerpt:

Two former Bear Stearns managers in New York were also included in the sweep, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market.

More than 400 people are being charged in the sting that began March 1 and ended this week, authorities said. They include industry borrowers, loan originators and real estate agents. An estimated 50 people were arrested in the last two days alone.

[Ache]

Two former Bear fund managers are indicted in separate probe

Video Link

More than 400 real estate industry players have been indicted since March — including dozens over the last two days — in a Justice Department crackdown on incidents of mortgage fraud nationwide that have contributed to the country’s housing crisis.

The FBI put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.

“Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation’s housing market and to the peace of mind to millions of Americans,” Deputy Attorney General Mark Filip said in a statement Thursday. The Justice Department and FBI planned to announce the cases at an afternoon news conference in Washington, D.C.

[Ache]

Please people don't miss the video.

"Nobody knew it would ever get this bad from 2007."

LOL

Shouldn't "PeakOil" be taught in High School ?

[RedStateGreen]

Is the video link right? All it was about was two Bear Stearns guys.

[Dreamtwister]

I started a similar thread in open discussion:

Gentlemen, start your indictments!

But I have no ego about it. This thread has more replies, so if the mods would be so kind as to merge?