It’s a little late to prevent the housing bust, but at least the feds are rounding up some bad guys, ex post facto.
Last week, there was the Radical Bunny bust, when the SEC charged four individuals in a fraud scheme targeting Indian convenience store owners.
And the FBI is on the case, too. They took down a crew in Miami, charging 41 in separate fraudulent mortgage schemes in six separate cases, resulting in more than $40 million in bad loans.
And in a show of inter-agency coordination, the FBI and IRS charged six mortgage industry insiders from Newark, NJ last week for a $1 million mortgage fraud scam between February and September 2005. The operation was called, fittingly, “Operation: Follow The Money”
Hey, it’s better late than never.
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