The FBI Identified Mortgage fraud years ago Bush was in on these frauds..ignored FBI..!


	The FBI Identified Mortgage fraud years ago Bush was in on these frauds..ignored FBI..!

TJColatrella

2-25-2009 1:21 PM

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tags:

bush, cheney, phil gramm, dick armey, gonzales, mukasey, republicans, banks, criminals, texas

TJColatrella says:

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/11faa2f8-3f4a-4613-b2f2-39bf67c4bfd5/C937C053-B368-40D5-80E8-D93CE85B7E02/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html" href="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html" style="font-size: 11px;">www.huffingtonpost.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html"><H1><A id="title_permalink" title="Permalink" href="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html">The Two Documents Everyone Should Read to Better Understand the Crisis</A></H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html"><P>The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence. To understand the crisis we have to focus on how the mortgage fraud epidemic produced widespread accounting fraud.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html"><STRONG>Don't ask; don't tell:  book profits, "earn" bonuses and closet your losses</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html"><CENTER><EM>Stress this:  stress tests are useless against the nonprime problems</EM></CENTER></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html"><P>
What commentators have missed is that the big banks often do not have the vital nonprime loan files now.  That means that neither they nor the Treasury know their asset quality.  It also means that Geithner's "stress tests" can't "test" assets when they don't have the essential information to "stress."  No files means the vital data are unavailable, which means no meaningful stress tests are possible of the nonprime assets that are causing the greatest losses.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C937C053-B368-40D5-80E8-D93CE85B7E02/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>