Mike the Usurper wrote:

Both retired FBI officials asserted that the Bush administration was thoroughly briefed on the mortgage fraud crisis and its potential to cascade out of control with devastating financial consequences, but made the decision not to give back to the FBI the agents it needed to address the problem. After the terrorist attacks of 2001, about 2,400 agents were reassigned to counterterrorism duties.

Here's another casualty of the "War on Terror." The economy got mugged because we were looking the other way.

mortgage fraud? It was not really mortgage fraud... It is lack of oversight and regulation... I talked to a law friend of my that does title law and he said technically most of this "mortgage fraud" was not, banks just gave money out like candy to the people who could not repay it... now if predatory lending tactics were used that is another story...

RE: FBI saw mortgage fraud early