Government Finally Arrests Bankers for Mortgage Meltdown
Posted on June 01, 2012 at 15:00 PM EDT
MINYANVILLE ORIGINAL A 184-count indictment handed down yesterday marks the first -- and as yet only -- criminal charges filed against a group of bankers for falsifying mortgage documents “so that they could earn commissions and fees by ensuring that otherwise unqualified borrowers would receive loans.” The fraudulent loans were then sold to Fannie Mae (FNMA.OB) after which they were repackaged into mortgage-backed securities and purchased by outside investors. “We are proud to have contributed to this effort which to date has produced multiple indictments of individuals who allegedly engaged in this significant fraud scheme ” announced Steve A. ...
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