"We will hold accountable not just those responsible for the corporate fraud that created our current financial crisis, but those responsible for the financial fraud that affects too many working families, like mortgage fraud and lending discrimination. And by holding these people accountable, we will seek to prevent another meltdown from happening again."
Crimes such as "mortgage fraud" and "lending discrimination" were not the only causes of the economic crisis. Nor was corporate fraud. For me it was plain and simple greed by everyone. From the homebuyers, who's eyes were bigger than their pocketbooks to banks, who loosened their guidelines with approval criteria.
"The mortgage fraud crisis cannot be ignored. Mortgage fraud puts lenders at risk, and forces homeowners to confront the real possibility of foreclosures, or worse, the loss of their homes," continues Sloman.
Mortgage fraud should never be ignored, but is this what needs to be concentrated on right now? We need to get people back to work and get home values back up. Does anyone else feel like the government is spreading propaganda and trying to divert the attention from the real reasons for our faltering economy? Is this 1933 Germany all over again?
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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