Subprime Assembly Line Injustice

Today, word comes to us out of California that U.S. Attorney Thomas O’Brien is promising “dramatic results” in ongoing fraud investigations into the now defunct and discredited subprime lending industry.  Wow, must be impressive stuff.

I’ve said it before and I’ll say it again,

While the FBI may find a few prosecutable mortgage lending fraud cases, what will mostly be brought to light by their investigations will be the foolishness of the underwriting guidelines utilized by the subprime lending industry, and the unethical, but not illegal, methods which were utilized to suck subprime borrowers in.

But let’s take a look at what else is emanating from the mouth of O’Brien.

The government is pursuing a “surgical approach” in its investigations and hopes to streamline its prosecutions by seeking indictments with only three or four counts, instead of spending several years seeking additional charges.

“We offer them three or four counts,” O’Brien said. “We would get the same sentence and we plead them out and we move on to another crook.”

This so called “surgical approach” and the statement “we offer them three or four counts,” and then “move on to another crook,” reminds me more of The Case of Comrade Tulayev than an actual case of justice being served.

Government may file subprime charges soon

Posted by .(JavaScript must be enabled to view this email address) on 10/17 at 06:16 AM

Name:

Email:

Location:

URL:

Smileys

Remember my personal information

Notify me of follow-up comments?

Submit the word you see below:


Next entry: Universal Consequences of Something for Nothing

Previous entry: Just Say No to Electrical Usage

<< Back to main