Here is a Real News interview with the prime expert in detection in this area of fraud. The underlying question is in the subtitle, Bill Black: Are Pres. Obama’s new measures effective or window dressing?
It is still true what Bill Black has been saying for years, this bank collapse is 70 times bigger than the S & L crisis and the President has assigned 55 agents whereas the S & L crisis had 1,000 agents trained by Bill Black. So the President has assigned 55 agents to a task that could conceivably require 70,000 agents. This would be laughable if it weren’t so corrupt.
The so-called robo-signing involved the felony filing of false affidavits by the large mortgage servicers at a rate of 10,000 times per month, or over 100,000 times per year.
You’d think with hundreds of thousands of violations, there could be at least a few prosecutions. There are more prosecutions of stealing cars than there are of stealing houses.