The FBI's changing priorities
So today the FBI launched an investigation into Fannie, Freddie, AIG and Lehman Brothers to get to the bottom of the financial meltdown we find ourselves in... which to me is pretty ironic.
What's so ironic about this, you might ask? Well,as reported in the LA Times, an FBI agent was saying back in 2004 that if mortgage fraud crackdown didn't happen soon, we could be looking at a multi-billion dollar problem... turns out it's more like a trillion dollar problem but back in 2004, multi-billion was pretty close. You see, the FBI knew that mortgage fraud was happening but the Bush DOJ wasn't making it a priority... all those lier loans and fudged/forged/WRONG appraisals are now catching their attention, as evidence by the announcement today of their investigation. Too little too late, I'd say.
What's so ironic about this, you might ask? Well,as reported in the LA Times, an FBI agent was saying back in 2004 that if mortgage fraud crackdown didn't happen soon, we could be looking at a multi-billion dollar problem... turns out it's more like a trillion dollar problem but back in 2004, multi-billion was pretty close. You see, the FBI knew that mortgage fraud was happening but the Bush DOJ wasn't making it a priority... all those lier loans and fudged/forged/WRONG appraisals are now catching their attention, as evidence by the announcement today of their investigation. Too little too late, I'd say.
Comments