Foreclose on the Foreclosure Fraudsters


Inquiring minds are reading an incredibly enlightening article by William K. Black and L. Randall Wray. Mr. Black, of course, is the famous Associate Professor of Economics and Law at the University of Missouri-Kansas City and his partner Mr. Wray is a Professor of Economics at the University of Missouri-Kansas City. This is a continuation of their noble crusade to bring the perpetrators of this real estate crisis to justice:

After a quick review of its procedures, Bank of America this week announced that it will resume its foreclosures in 23 lucky states next Monday. While the evidence is overwhelming that the entire foreclosure process is riddled with fraud, President Obama refuses to support a national moratorium. Indeed, his spokesmen on the issue told reporters three key things. As the Los Angeles Times reported:

A government review of botched foreclosure paperwork so far has found that the problems do not pose a “systemic” threat to the financial system, a top Obama administration official said Wednesday.

Yes, that’s right. HUD reviewed the “paperwork” problem to see whether it threatened the banks — not the homeowners who were the victims of foreclosure fraud. But it got worse, for the second point was how the government would respond to the epidemic of foreclosure fraud.

Wow, are you glad Democrats aren’t in the pocket of business interests like those nasty Republicans? Where is the MSM media? Oh, that’s right…covering up for the Democrats and Obama.

It gets even more ‘interesting’:

Note that the Justice Department is not investigating foreclosure fraud. HUD Secretary Donovan’s statement shows why:

“We will not tolerate business as usual in the mortgage market,” he said. “Where there have been mistakes made or errors, we will hold those entities, those institutions, accountable to stop those processes, review them and fix them as quickly as possible.”

Note the language: “mistakes”, “errors”, “processes” (following the initial use of “paperwork”). No mention of “fraud”, “felony”, “criminal investigations”, or “prosecutions” for the tens of thousands of felonies that representatives of the entities foreclosing on homes have admitted that they committed. Note that Donovan does not even demand that the felons remedy the harm caused by their past fraudulent foreclosures. Donovan wants them to “fix” “processes” — not repair the harm their frauds caused to their victims.

That’s the Chicago way of cleaning up a crisis…give ’em the ol’ “Razzle Dazzle”. Please read the entire article. It is well worth the time investment needed. (WARNING: Airsick bag required)

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One Response

  1. […] “Foreclose on the Foreclosure Fraudsters“ “More on Mortgage Mess“ […]

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