Ponder the
ongoing spectacle of thousands of unindicted bank fraudsters roaming free and enjoying
the fruits of their crimes.
Former
S&L investigator and prosecutor William K. Black testifies as follows in
the video linked below:
By 2006
there were 2 million liar's loans being made every year, half of them by the
nation's biggest banks, yet there have been very few attempts to prosecute any
of the senior bank officers or mortgage loan officers who have been directly responsible
for the origination of these millions of fraudulent loans. The S&L crisis of the 1980s was 1/70 th
as large, but there were _1000_ felony convictions and a 90% conviction rate
with regard to the prosecutions that were carried forward, after many _thousands_
of criminal referrals were made by regulatory agencies which at that time were
adequately staffed and not controlled by the institutions they were supposed to
regulate. Yet following our recent
mortgage and banking crisis, our nation's regulatory agencies have made _zero_ criminal
referrals. As a result, there has been
no real investigation of any of these large entities (banks & mortgage
companies) whose frauds drove and caused
the crisis that this country has gone through and which has not yet
finished taking its immense toll.
America's
largest banks issued millions of fraudulent mortgages many of which were then
then sold downstream to government-backed guarantor Fannie Mae. By 2006, 1/3 rd of home loans made
that year were liar loans. In liar loans,
new evidence shows that the incidence of fraud by banking officers is 90%, which
is to say that lenders and their agents were overwhelmingly the ones who put
the lies into those liar loans. Fully
75% of nontraditional loans made by our biggest banks were liar's loans. Therefore hundreds of these banks and their
senior officers should now be facing prosecution, yet none of these top
officers at these banks have yet been indicted.
Why is this? Could it have
something to do with the fact that these banks are currently allowed to contribute
many millions of dollars to the political campaign funds of our presidential
and congressional candidates seeking re-election? You be the judge after watching the video
linked here , which
consists of an interview with former S&L investigator and prosecutor
William K. Black.
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