So now the Obama Administration and the Justice Department is setting up a mortgage fraud task force?
Three years after the height of a financial crisis caused by systemic mortage fraud?
So far, I can only think of one mortgage company CEO who has been sent to prison, Paul R. Allen, 55, of Oakton, Va., former CEO of Ocala, Fla.-based Taylor Bean & Whitaker. Click here to read my column on that case. Meantime, plenty of little people have gone to jail for peddling mortgages as fast as they could to meet market demand. Click here for my column on one of them.
Anthony Accetta, a former U.S. attorney who used to prosecute mortgage fraud, was seething at the obvious cases of mortgage fraud at the highest levels of Wall Street before the financail crisis began. Now, he’s concerned that the government has put off investigations for so long that prosecutors risk running into statutes of limitations. He was beside himself after Obama’s announcement, calling it too-little, too late.
“Does he think we’re all stupid?”