Fannie Mae, Freddie Mac, Lehman Bros and AIG Under Investigation

CNN just reported that the FBI is investigating Fannie Mae, Freddie Mac, Lehman Bros and AIG, to quote:

WASHINGTON (CNN) —The FBI is investigating Fannie Mae, Freddie Mac, Lehman Brothers and AIG as part of a broad look into possible mortgage fraud, sources with knowledge of the investigation told CNN Tuesday.

The sources would not speak on the record because the investigation is ongoing.

FBI spokesman Special Agent Richard Kelko had no comment on that information, but said that 26 firms were currently under investigation as part of the bureau’s mortgage fraud inquiry.

Earlier this month, FBI director Robert Mueller told Congress that 1,400 individual real estate lenders, brokers and appraisers were now under investigation in addition to two dozen corporations.

“The FBI currently has 26 pending corporate fraud investigations involving sub prime lenders,” Kelko said. “As we have seen, this number can fluctuate over time, however we do not discuss which companies may or may not be the subject of an investigation.”

Previously, CNN has reported that Countrywide is part of the investigation.

The real estate market definitely went out of control and the predatory practice in enticing borrowers in sub-prime loans is just unbelievable. Lack of disclosure in a market that is on a frenzy to fleece the market for profits without regard on affordability or ability to pay the teaser loans they enticed to an equally giddy clients.

Now that the market collapse the government is now frantic and pressured to approve Paulson’s blank check bailout plan that are just a stop gap measure to stop the bleeding without addressing the root cause of the problem is a disaster in the making.

There has got to be accountability and responsibility and I hope everyone that brought the market to the ground should be investigated for criminal liability.

To those who question the Paulson Bailout as proposed, sign the petition by Senator Bernie Sanders.

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