FBI Wades Into Subprime Mortgage Mess

[RamboLiberal]

Source: ABC News

The FBI is investigating 14 companies for accounting fraud relating to subprime mortgage loans, a bureau official confirmed Tuesday.

"There are some irregularities we are looking at& good old-fashioned greed," Neil Power, chief of the FBI's Economic Crimes Unit, told reporters.

FBI officials declined to name the companies facing scrutiny, citing the ongoing investigation.

Power indicated that some people knew about the subprime crisis well ahead of time.

The FBI's Criminal Investigative Division is internally working on a subprime mortgage fraud industry initiative. The investigations are labor-intensive for the bureau, as they involve following paper trails and reviewing documents.



Read more: http://abcnews.go.com/TheLaw/IndustryInfo/story?id=4210595

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I'd love to see the CEOs and their lackeys perp walked!

[rasputin1952]

1. I am not surprised in the least...

this is akin to the S&L scandal...big questions are: who will talk, who will walk?

[blondeatlast]

6. The Wikipedia entry already has an attempt to tie the S&L crisis and the subprime of today together.

For those who remember as I do, it's not such a stretch.

Could my senior Senator, the loathsome Mr. McCain, be caught up in this one too?

His political demise can't come spectaularly or soon enough for me...

http://en.wikipedia.org/wiki/Savings_and_Loan_crisis

[rasputin1952]

8. I lived in Kingman AZ for some of that fiasco, and it was indeed

something nasty.

I recall enjoying Goldwater just before he died, telling the good people of AZ that the GOP was no longer a party of the people, but was now led by "shitheads"...:D

While not my congressman, the one from Phoenix, the sportscaster, (whose name I cannot recall), who was booted out last election, had to be one of the dumbest people that ever lived. Even up here in Nebraska, seeing him on
C-SPAN from time to time, sent chills down my spine. Speaking of which, I am stuck w/Fortenberry up here, and he is about as stupid as that oaf from AZ...:grr:

As for McCain...he's about the best the GOP has this time around, and that is truly disastrous. He'll never make it on the national circuit, but he's the candidate for the bloodlust..."the more war candidate".

[blondeatlast]

9. JD Hayworth--he came from my late parents' district. They both died before they could celebrate his

defeat but the day after the election, my sisters (who still lived in the district) and I went to their gravesites and raised a glass to the good news.

I loathed Hayworth as a local sportscaster--and he was dumb as a box of rocks THEN, but the RNC could see he was a great tool.

[rasputin1952]

10. HAHA...JD Hayworth!

:rofl:

What an incredible idiot. He had to be the dumbest person in Congress for the longest time.

I can still recall people wondering how he got elected in the first place, and that District sent that idiot back!

He is a big man, a mean man, and a stupid man, not a good combination at all...:)

Thanks for bringing a smile to my face tis cold Jan AM...:hi:

[oneinok]

2. The question is

Will anyone go to jail? There has been a ton of money made by fraud in the sub-prime market.

[RUMMYisFROSTED]

3. Which side is the FBI on?

:shrug:

Impossible to tell anymore.

[DianaForRussFeingold]

4. I wonder if they think ,it's, the same racket Enron had going?

:hide: If the whole country is going that way?

[dchill]

12. Prob'ly gonna need...

s'more of that retra-active immunity. Stick it in that wiretapping thing.

[underpants]

5. I am curious to see exactly how much "gain" was forecast and how often

Capitalism is great when run correctly.

[sarcasmo]

7. I will be surprised if any convictions come out of this but an investigation is a start.

[Javaman]

11. Recently quoted FBI agent...

"there used to be a horse in this barn, I can tell because I can see the poop".