Posted on 02/22/2008 6:28:38 AM PST by AdamSelene235
Why not? It's bank robbery without the gun...and perjury. Martha Stewart went to prison for less.
Congress has their panties in a bunch over professional baseball players using steroids. Why should the FBI be held to a high level of accountability?
The FBI is involved because you and I (federal taxpayers) are going to bail these crooks out with money confiscated from our paychecks by the caring politicians.
The government doesn't have any money. They get it by taxing our paychecks. I'm not willing to sit idly while my pocket is picked by thieves who lie on mortgage applications.
We are the government. We pay for the fraud.
And, frankly, dishonesty is dishonesty, no matter whether someone verifies your lies or not.
Lying to obtain a loan is bank fraud. It is against the law:
18 USC 1041
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way the action of the Farm Credit Administration, Federal Crop Insurance Corporation or a company the Corporation reinsures, the Secretary of Agriculture acting through the Farmers Home Administration or successor agency, the Rural Development Administration or successor agency, any Farm Credit Bank, production credit association, agricultural credit association, bank for cooperatives, or any division, officer, or employee thereof, or of any regional agricultural credit corporation established pursuant to law, or a Federal land bank, a Federal land bank association, a Federal Reserve bank, a small business investment company, as defined in section 103 of the Small Business Investment Act of 1958 (15 U.S.C. 662), or the Small Business Administration in connection with any provision of that Act, a Federal credit union, an insured State-chartered credit union, any institution the accounts of which are insured by the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, any Federal home loan bank, the Federal Housing Finance Board, the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the Farm Credit System Insurance Corporation, or the National Credit Union Administration Board, a branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978), or an organization operating under section 25 or section 25(a) [1] of the Federal Reserve Act, upon any application, advance, discount, purchase, purchase agreement, repurchase agreement, commitment, or loan, or any change or extension of any of the same, by renewal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both. The term “State-chartered credit union” includes a credit union chartered under the laws of a State of the United States, the District of Columbia, or any commonwealth, territory, or possession of the United States.
Interesting --- that's a lot of loans to study. I wonder how and why they did this?
Let's say you went to a car dealership looking for an affordable sedan and the 'finance' guy got you into a Cadillac Escalade for the same payment. Would you drive it off the lot? He's working on commission, btw.
What's missing is a reverse-commission, where if the loan goes sour, you pay the lender back the fee you were paid to create it. That would put an end a lot of this.
What other business can you screw-up and pass it on to someone else without any accountability? (government doesn't count- it's a given)
Yep, you do get it...
That is exactly the type of thing I am talking about.
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