A lot of people ought to facing prison for this
Wow.
Once again the “nobody saw this coming” meme gets exposed as, well, a fraud. This is from an investigative series by the Sarasota Herald-Tribune. And pay attention to some of the numbers involved, to the scale of this thing, just in this one local area:
The Herald-Tribune investigation found that mortgage fraud ran rampant all over Florida. The newspaper looked for just one kind of fraud — illegal property flipping — and found $10 billion in suspicious deals this decade.
Lawmakers passed a law in 2007 making mortgage fraud a crime in Florida for the first time, and state officials created mortgage task forces and opened a hot line to gather complaints.
But even now, two years into a recession brought on by real estate speculation and fraud, state and local law enforcement is doing almost nothing to prosecute past fraud or prevent future fraud….
In November 2005, when the real estate market in Florida had just begun to slow, the state’s top law enforcement agency issued a warning that mortgage fraud was about to wreak financial havoc.
In sober language, a 36-page Florida Department of Law Enforcement report explained that banks would collapse and losses would be counted in “hundreds of billions of dollars.”
The level of fraud would rival the Enron case and the Savings and Loan collapse of the 1980s, the intelligence report warned.
The report, which was not released to the public but was sent to prosecutors and law enforcement officials across the state, laid out a series of responses to help prevent or lessen the disaster.
But instead of heeding the warning, most law enforcement officials — including Earl Moreland, the elected state attorney for Sarasota and Manatee counties, and Bill Balkwill, Sarasota County’s sheriff at the time — did nothing.
…. the amount of fraud dwarfs the number of cases being pursued, the Herald-Tribune found. The Herald-Tribune analyzed nearly 19 million property transactions looking for one type of housing fraud — illegal property flipping. The newspaper found more than 50,000 transactions in which prices increased so much, so quickly, that fraud experts interviewed by the newspaper deemed them highly suspicious.
These were the mortgages that Wall Street bought up and securitized, selling to banks and investors all over the world. These were the bonds the credit rating services said were AAA investments.
And the walls came a-tumblin’ down.
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131 comments Add your comment
GayGrayGeek
July 22nd, 2009
1:53 pm
USinUK @ 12:43 – I just don’t understand how the same party that supposedly reveres states’ rights want to override them with a law that says “your gun laws don’t matter if your neighbor’s is more lenient” … talk about not walking the walk
That’s because “States’ Rights” only applies – ONLY applies – when a Republican’t is speaking of any of Those People. Those People may be of a different race, or come from another country, or be not-heterosexual, but when it comes to Those People, States’ Rights Uber Alles.
Bosch
July 22nd, 2009
1:53 pm
md,
Oh sorry. I tune out when I see a poster using the words “poor, food stamps, alcohol, and cigarettes” in one sentence.
Mrs. Godzilla
July 22nd, 2009
1:58 pm
It bothers me that Mr and Mrs Fraud when facing prison will most likely
get sent to a “Club Fed” type of facility….
@@
July 22nd, 2009
1:58 pm
Failure of the government to oversee its “good intentions”????
DB, Gwinnettian
July 22nd, 2009
2:03 pm
DB- If you don’t know where federal “aid” money comes from, then just say so.
Federal revenues come from income, payroll, corporate and excise taxes, and probably some stuff I’m forgetting but that’s the lion’s share.
WTF is your point, and when are you going to acknowledge that AK has received more than it’s provided in revenue for 20 years?
Doggone/GA
July 22nd, 2009
2:07 pm
“What about all the poor lawyers and judges that would be clogging up the soup kitchens if the laws were that specific?”
and what if you are traveling from Georgia to California. Under your interpretation you would have to meet the criteria for EVERY state you pass through.
Bud Wiser
July 22nd, 2009
2:10 pm
“This may be a dumb question, but what is preventing individual states from recognizing other states’ CCW permits at present?”
My theory is that if state A had to spend the time and money to handle proper background checks and investigations on individual persons, since the cost of the permit probably does not actually cover that, then when someone from state B rolls in with his pistol, somebody has to pay, or it is not recognized.
One can usually follow a money trail to find, or extrapolate, an answer.
I Report :-) You Whine :-(
July 22nd, 2009
2:11 pm
DB- Federal “aid” money comes from those productive enough to be penalized for it by the government.
One good reason why Alaska is not productive enough to fund it’s own way is because liberals like you meddle in it’s energy production industries, sticking your noses where they do not belong.
‘member ANWR?
And now you have the nerve to whine about the results of your……..whining?
Bud Wiser
July 22nd, 2009
2:12 pm
Mrs. Godzilla
July 22nd, 2009
1:58 pm
It bothers me that Mr and Mrs Fraud when facing prison will most likely
get sent to a “Club Fed” type of facility….
Oh, maybe Obowo will set them up with a seaside cottage in Bermuda.
Or appoint them to his cabinet.
Or make them a czar.
jm
July 22nd, 2009
2:13 pm
50,000 transactions – 68,000 police officers in florida total, weeks or months to investigate each case – I think they’re outnumbered….
@@
July 22nd, 2009
2:15 pm
Podcast Interview with Inspector General for TARP: Treasury Department Is Not Being Transparent
Barofsky said “this recent attack on my report is really, in many ways, an attack on basic transparency — of not wanting the American people in a certain way to see exactly what’s going on in their government as included in our report.” He said the Treasury Department “with respect to this program, they’ve not met their claims that this is going to be ‘unprecedented transparency,’” as President Obama suggested there would be.
Nooooo…
Obama’s been whispering sweet nothings?
md
July 22nd, 2009
2:19 pm
“Oh sorry. I tune out when I see a poster using the words “poor, food stamps, alcohol, and cigarettes” in one sentence.”
One shouldn’t close their eyes to reality.
Redneck Convert
July 22nd, 2009
2:20 pm
Well, I just hate it when the libruls knock down a law that would let us carry our guns across the U.S. of A. I keep a gun rack on the back window of my Ford F-450. I had to get it built special for me. I keep the antitank weapon on the bottom and the two machine guns I use for hunting and self-defense on the other two pegs. I was kind of looking forward to driving out to California and letting the weenies get a look at what I got. Maybe they would pay attention to the bumper stickers that say Protected by Smith & Wesson and Don’t Follow Too Closely.
I reckon my plans are ruint now, thanks to the two chickens that wouldn’t cross over and vote for the Thune bill. Leastwise the people in GA will know I ain’t a man to be trifled with and I earned what I got and I aim to keep it. But we ain’t giving up. If we can fight the War of Northren Aggression for almost 150 years, we danged sure can bring the Thune bill back up. Which we will.
Bosch
July 22nd, 2009
2:24 pm
md,
And one shouldn’t be so quick to assume.
Mrs. Godzilla
July 22nd, 2009
2:30 pm
Bud Wiser
I do so enjoy your witty repartee’.
Do you care to state your opinion on something of import?
DebbieDoRight
July 22nd, 2009
2:30 pm
Bosch: Debbie, Soooo……what’s your take on Vampire Eric (as all the women swoon)?
Hi Bosch!!! Sorry I didn’t answer right away, I’m downstairs in the “birthers” blog driving them crazy with “facts” and things like “truth”. It’s wrong I know, but, heck it’s FUN!!
To answer your question, Don’t like the guy — he’s too smug looking for me like he wears that T-shirt from Right Red Fred that says “I’m too sexy…..”
Mrs. Godzilla
July 22nd, 2009
2:31 pm
Hey Bosch!
I’m always so glad to sit by you in our O of O meetings…..
Mrs. Godzilla
July 22nd, 2009
2:32 pm
Hey DDR…..you too!
DB, Gwinnettian
July 22nd, 2009
2:37 pm
One good reason why Alaska is not productive enough to fund it’s own way is because liberals like you meddle in it’s [sic--jeez, is it an undiagnosed nerve failure with this it's/its tic of yours?] energy production industries, sticking your noses where they do not belong.
This is what your stalling and hemming and hawing is all about?
That AK would be pumping BIG BUX if only they were allowed to renege on their promises never to drill in the Wildlife Refuge that they’d made back in the day when we allowed them to drill in that other part of the North Slope?
Furthermore, you’re telling me that no other state is ever held back from such BIG BUX due to other factors beyond their control?
And what’s this crap about “where your noses don’t belong?” That’s federal land! I get a say, you get a say, it was paid for with federal funds. Remember? That Seward guy? his “folly?”
That’s what I get for trying to have a civil discussion with you. I’ll know better next time.
I Report :-) You Whine :-(
July 22nd, 2009
2:42 pm
You don’t have to blubber about it, DB-
The employment effect of ANWR is
created not only by direct new investment
in oil and gas drilling but also the widespread
economic stimulus created by a
larger domestic US oil supply and fewer
barrels of imported oil. The national debt
is decreased and the nation has fewer
unemployed workers and greater revenues
to spend. The mean average estimate of
ANWR oil is about 9.25 billion barrels of
oil, resulting in new production peaking at
about 1.9 million barrels daily. The national
macroeconomic effect of this amount of
production is an increase in the nation’s
annual Gross National Product by $90 billion
(based on the current world average
price of oil @$130 a barrel).
Unions and Business support opening
ANWR. Over 10,000 vendors have
done business with Alaska’s North Slope oil
industry since operations began. This has
affected over 1.5 million jobs nationwide!
For this reason the International Brotherhood
of Teamsters and other organized
labor groups, the National Association of
Counties, the National Grange, and the US
Chamber of Commerce actively support
responsible oil exploration of ANWR’s
coastal plain. The Energy Stewardship
Alliance with over 90 participating organizations
support opening the Coastal Plain
of ANWR.
Why do you liberals deprive the people of Alaska of their rightful treasure?
DebbieDoRight
July 22nd, 2009
2:45 pm
Mrs. G. Hi ya girlfriend!!! Ummmmmm does the “O” stand for orgasmic? Or origami? I get confused!!!
Bud Wiser
July 22nd, 2009
2:59 pm
Everything I say is important.
And right.
Care to debate the seaside cottages in Bermuda Mrs G, or the cabinet appointees that cheated on their taxes? Got any insight other than the usual drivel cracker chasing verbiage?
DebbieDoRight
July 22nd, 2009
3:04 pm
Cracker chase verbiage? I didn’t know that……..
md
July 22nd, 2009
3:10 pm
Bosch,
“And one shouldn’t be so quick to assume.”
Explain how an actual occurence witnessed by many can be an assumption. Stand in the grocery store long enough and you too will know the truth.
JeninAtlanta
July 22nd, 2009
3:19 pm
Come on Jay, America was built by liars and cheats so their children are continuing their ways in 21st century style. I don’t know why people are so shocked and suprised, it happens every day all the time in one way or another. And we sit by, watch it, and say nothing!
Mrs. Godzilla
July 22nd, 2009
3:24 pm
Bud
I prefer St. Maarten
Bud Wiser
July 22nd, 2009
4:10 pm
OMG, that is the alsolute all time FAV of wife and I. We were looking at a 4 day weekend trip down tere this past week, but it didn’t work out.
Unless you have another place you stay regularly (like the condos at Orient Beach( …shhhh, its a secret), the Holland House right in town there in Philipsburg is a nice quiet place, and the location can’t be beat. They’re running 3 nite specials right now as well.
You taste in destinations is exquisite.
Halibut Maoir
July 22nd, 2009
4:33 pm
America was built by liars and cheats? Sterotype much?
getalife
July 22nd, 2009
8:50 pm
He is doing well in the press conference.
“Saad Bin Laden, Osama’s Son, Killed By American Missile in Pakistan: US Officials”.
Too bad daddy was not there.
Ameriquest Sucks!
July 23rd, 2009
9:04 am
Cha-Ching is Right! Predatory Lending SUCKS! I’ve been suffering from Predatory lending since 2004, I asked the Government for help and they sat on their hands and let it happen.
Ameriquest Mortgage SUCKS!
Ameriquest Sucks!
July 23rd, 2009
9:05 am
http://www.youtube.com/watch?v=pBPE_7po6aM