more evidence of the LIHOP theory

[seemslikeadream]

while georgie got us all scared to death of non-existent terrorists this LIHOP occurred

the agents with the expertise had been diverted to counter terrorism

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3710944&mesg_id=3710955

FBI saw mortgage fraud early
Posted by Robbien on Wed Jan-28-09 11:09 AM

Source: Seattle Post

The FBI was aware for years of "pervasive and growing" fraud in the mortgage industry that eventually contributed to America's financial meltdown, but did not take definitive action to stop it.

"It is clear that we had good intelligence on the mortgage-fraud schemes, the corrupt attorneys, the corrupt appraisers, the insider schemes," said a recently retired, high FBI official. Another retired top FBI official confirmed that such intelligence went back to 2002.



"We knew that the mortgage-brokerage industry was corrupt," the first of the retired FBI officials told the Seattle P-I. "Where we would have gotten a sense of what was really going on was the point where the mortgage was sold knowing that it was a piece of dung and it would be turned into a security. But the agents with the expertise had been diverted to counter terrorism."

. . .

Both retired FBI officials asserted that the Bush administration was thoroughly briefed on the mortgage fraud crisis and its potential to cascade out of control with devastating financial consequences, but made the decision not to give back to the FBI the agents it needed to address the problem. After the terrorist attacks of 2001, about 2,400 agents were reassigned to counter terrorism duties.

Read more: http://seattlepi.nwsource.com/national/397690_fbiweb28.html?source=mypi