FUBAR: The FBI's 2007 agreement with the Mortgage Bankers Association

Here's the press release:

FBI ISSUES MORTGAGE FRAUD NOTICE IN CONJUNCTION WITH MORTGAGE BANKERS ASSOCIATION

Washington, D.C. – Today the FBI and the Mortgage Bankers Association (MBA) entered into an agreement to combat Mortgage Fraud.

Wow! In case you're wondering, the MBA is/was composed of: WAMU, COUNTRYWIDE, WACHOVIA, WELLS FARGO, BANK OF AMERICA, DOWNEY SAVINGS, etc.

“Mortgage Fraud is clearly becoming a problem that requires the unified efforts of law enforcement, regulators, and industry,” said Karen Spangenberg, Section Chief of the Financial Crimes Section.

Yes, mortgage fraud was becoming a problem in 2004, but who was the largest perpetrator of this fraud? Was it consumers who lied on their mortgage application? Or was it the MBA, who knew that consumers were lying to them and looked to other way? Hmmmm.....

Since September 2002, the number and types of investigations have increased from 436to 1,036. Of these current cases, 51% involve expected losses in excess of $1 million, and 57% involve our federally insured financial institutions as victims.

Yes! People like "poor" Angelo Mozilo over at Countrywide is the "victim" in all this. FYI Mozilo had collected more than 100 million since 2004 even though he was constantly a "victim" of consumer fraud.

Combatting significant fraud in this area is a priority, because mortgage lending and the housing market have a significant overall effect on the nation’s economy.

Really? The housing market has a significant overall effect on the nation's economy? Who could've thought that $10 trillion dollars in assets would be considered "significant"?

“We wish to thank the FBI for working with us to provide mortgage lenders another item in the toolbox to help combat fraud against lenders,” said John M. Robbins, CMB, Chairman of the Mortgage Bankers Association.

We would also like to thank the FBI because they are now officially on our side and won't throw are white collar asses in jail for the criminal sh*t we just pulled on millions of Americans.

“Fraud against lenders costs the mortgage industry billions of dollars each year, affecting everyone in the mortgage process, including consumers and the communities we are trying to help build.”

Poor lenders. All you try to do is build communities and help others. Damn those fraudulent consumers, with their lying ways.