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Didn't countrywide have such rampant forgery they called their loan department "Arts and Crafts"? Also, wasn't there a foreclosure crisis brought on by robo-sig
by travmatt 10y ago
Didn't countrywide have such rampant forgery they called their loan department "Arts and Crafts"? Also, wasn't there a foreclosure crisis brought on by robo-signing and mass forgery?
Here's Judge Jed Rakoff, a senior judge in lower New York and one of the leading securities experts in the American court system today:
""One possibility, already mentioned, is that no fraud was committed. This possibility should not be discounted. Every case is different, and I, for one, have no opinion about whether criminal fraud was committed in any given instance.
But the stated opinion of those government entities asked to examine the financial crisis overall is not that no fraud was committed. Quite the contrary. For example, the Financial Crisis Inquiry Commission, in its final report, uses variants of the word “fraud” no fewer than 157 times in describing what led to the crisis, concluding that there was a “systemic breakdown,” not just in accountability, but also in ethical behavior.""
For what it's worth, he chalks up the failures to prosecute as 'discretion' on the part of the justice department. Personally, I'm convinced that a man like too-big-to-fail Eric Holder is too morally corrupt to find fault in such blatant fraud. If he can sign off on the banks financing terrorism and drug cartels, he's probably okay with the suicides resulting from the mortgage crisis.
http://www.nybooks.com/articles/2014/01/09/financial-crisis-why-no-executive-prosecutions/ http://www.nybooks.com/articles/2014/01/09/financial-crisis-...