The Phaserl


30,000 Criminal Referrals Led to 1,000+ Felony Convictions During the S&L Crisis

Not Even a SINGLE Prosecution Today, Even Though the 2008 Crisis Was 70 Times Bigger

from Washington’s Blog:

The top regulator and prosecutor during the S&L crisis – professor of law and economics, Bill Black – explained at a recent TED talk that 90% of all no-document loans were fraudulent and 90% of appraisals were fraudulently inflated at the insistence of the banks.

Government officials were informed about these fraudulent practices decades ago … and yet did nothing:

In 2000 … the honest appraisers got together a formal petition, begging the government to act, and begging the industry to act, stop stop the epidemic of appraisal fraud [where the banks blacklisted honest appraisers who refused to fraudulently inflate the value of their appraisals.].

What about liar’s loans? That warning actually comes earlier …. in 1990 ….

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