Congressman Fattah Wants Answers on FBI's Failure to Stem Mortgage Crisis

[seemslikeadream]

http://www.marketwatch.com/news/story/congressman-fattah-wants-answers-fbis/story.aspx?guid=%7BE5F54998-74DD-40DE-BF8F-F3F1A4607790%7D&dist=hppr


WASHINGTON, Aug 25, 2008 (BUSINESS WIRE) -- Congressman Chaka Fattah (D-PA) wants answers from the Federal Bureau of Investigation regarding the lack of dedicated resources to probe the growing crisis within the mortgage lending industry. Representative Fattah sent the following letter today to the Director of the FBI:
August 25, 2008
Mr. Robert Mueller
Director
Federal Bureau of Investigation
J. Edgar Hoover Building
935 Pennsylvania Avenue, NW
Washington, D.C. 20535-0001
Dear Mr. Mueller;
I am requesting that your office conduct a formal investigation
concerning the lack of resources allocated to the FBI's criminal
investigations unit regarding mortgage fraud.
Reports that agency officials knew of a growing crisis, but failed
to provide adequate resources to investigate unscrupulous mortgage
companies have left millions of homeowners in the regrettable
position of foreclosure. Across the nation, 1.5 million American
families are struggling to satisfy their mortgage obligations. Many
of these homes are now facing imminent foreclosure.
According to officials within the FBI, the present mortgage crisis
was predictable. Failure to avert the mounting predicament was due
to a lack of personnel dedicated to probe questionable lender
procedures. Instead, the agency had its focus on countering
terrorism when all the while domestic terrorism was at the doorstep
of every American household.
I call on your office to investigate whether the FBI negligently
failed to respond to warnings of fraud and abuse within the
industry. It appears that more should have been done to avert the
escalating rise in sub-prime mortgages. The agency's lack of
intervention may have contributed to the swelling tide of nationwide
foreclosures.
Our citizens deserve accountability. They need to know if the
federal government was doing everything possible to keep the
mortgage industry free from infiltration of criminals who wanted to
prey on those who were financially uninformed and unsophisticated.
I look forward to your response.
Very truly yours,
Chaka Fattah
Member of Congress

SOURCE: Office of Congressman Chaka Fattah
Office of Congressman Chaka Fattah
Debra Anderson, 202-225-5402 or 202-225-5236

[The Blue Flower]

1. He shouldn't hold his breath waiting for an answer

nt