Mortgage Fraud Conspirators Still Facing Stiff Punishments for Crimes

[Corey Dutton]

Mortgage fraud conspirators who contributed to the real estate crisis of 2008 are still standing in line for punishment. Six real estate and mortgage professionals in New York are facing charges that could put them away for up to 30 years. Alex Barrett, a mortgage broker, conspired with title agent Michelle Baker and several property managers to defraud lenders out of an estimated $5.5 MM in loans. U.S. Attorney Lynch commented, “Through a web of lies and false documentation, these real estate professionals allegedly stole millions from banks, which they used to line their own pockets.” Hopefully the long line of mortgage fraud conspirators who contributed to the real estate meltdown will all see their day in court and set examples for others.

Source: MPAMag.com: http://www.mpamag.com/mortgage-originator/six-charged-in-5-5-million-scam-18815.aspx

Posted by Corey Curwick Dutton 

[Jeff Rabinowitz]

They are prosecuting the real estate professionals but the biggest criminals, the bankers, who benefited handsomely as the bubble inflated and then again when it crashed will never face criminal charges. Their banks merely paid back a point of their bailouts to the government agencies as a fine and the CEOs, CFOs and other officers continue about their business. Government passed shams like Dodd-Frankenstein which pose as consumer protection bills in order to show that they were doing something but the bills really limit competition for the big banks and hurt consumers by increasing fees and limiting options. As long as government shares in the spoils they are content with the fraud.