That's an interesting question. There is very clear documentation that about 15% of the mortgages were fraudulently obtained (and the fraud was not by the borrower but by the broker or the bank), and that the bundling information was often falsified. But we'd need to prosecute to get more details (because discovery powers are a wonderful thing). Fraud was pretty prevalent (http://www.seattlepi.com/national/397690_fbiweb28.html).
Do I think it's a good idea to prosecute the little fish? Well, I'm fond of RICO; let's see if we can pressure the little fish to give up the bigger fish and see how far up the food chain we can trace the fraud. I expect it would reach quite high.
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Re: Oops, you triggered a lawyer....
Date: 2011-02-21 11:34 pm (UTC)Do I think it's a good idea to prosecute the little fish? Well, I'm fond of RICO; let's see if we can pressure the little fish to give up the bigger fish and see how far up the food chain we can trace the fraud. I expect it would reach quite high.