Mortgage fraud crackdown

The LA Times says the Feds charge 1,200 people in mortgage fraud crackdown. As Instapundit says, this is a start. A bit late, but at least a start.

Seeking to show victories against the kind of ground-level fraud that contributed to the housing crash, federal authorities said Thursday that they had filed criminal charges in recent months against 1,200 mortgage brokers and others accused of cheating banks and borrowers of $2.3 billion.

A few billion is only a start on the few trillion but it is a start. The effort gets to the roots of the matter where the marketing of mortgages went overboard and sold product to those who really couldn’t afford it.

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