‘FORECLOSE ON THE FRAUDSTERS’
White Collar Crime Expert Calls For FDIC To Take Control Of Bank Of America
Charging that the ongoing foreclosure fraud epidemic is the work of precisely the same unrepentant bank officers whose fraudulent mortgage schemes crashed the financial system in the first place, two leading critics of the financial industry are calling on the FDIC to put some of the nation’s biggest banks into receivership — starting with the Bank of America — and make them clean house.
William K. Black, a former regulator and white-collar crime expert who cracked down on massive fraud during the savings and loan scandal of the 1980s, and his fellow economics professor at the University of Missouri-Kansas City, L. Randall Wray, write in the Huffington Post that it’s time to “foreclose on the foreclosure fraudsters”. They write: