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Wow, They knew before most others. What I find interesting is their bosses took away
personnel working on the project. Read More!!!!
FBI saw threat of mortgage crisis
Linda Spillers / For The Times
EARLY WARNING: Chris Swecker in 2005. In charge of criminal probes for the FBI, he believed the agency would prevent upheaval in the mortgage industry.
A top official warned of widening loan fraud in 2004, but the agency focused its resources elsewhere.
WASHINGTON — Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.
“It has the potential to be an epidemic,” Chris Swecker, the FBI official in charge of criminal investigations, told reporters in September 2004. But, he added reassuringly, the FBI was on the case. “We think we can prevent a problem that could have as much impact as the S&L crisis,” he said.
Follow the rest of the link here!!! http://www.latimes.com/business/la-fi-mortgagefraud25-2008aug25,0,6946937.story
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