in News > Residential Mortgage
print the content item


The PBS series "Frontline" will present a new documentary on Jan. 22 that questions why the Obama administration has yet to indict any senior Wall Street executive involved in the events that led to the 2008 economic crash.

In "The Untouchables," filmmaker/correspondent Martin Smith investigates why the U.S. Department of Justice (DOJ) never brought forth a single criminal indictment against any Wall Street banker whose companies were found to be engaged in the fraudulent activities related to mortgage-backed securities. In a press statement, PBS accuses the DOJ under Attorney General Eric Holder of failing to "act on credible evidence that Wall Street knowingly packaged and sold toxic mortgage loans to investors, loans that brought the U.S. and world economies to the brink of collapse."

The documentary includes interviews with Jeff Connaughton, chief of staff to former Sen. Ted Kaufman, D-Del., who insists that Holder's DOJ refused to make the prosecution of Wall Street executives a priority.

"You're telling me that not one banker, not one executive on Wall Street, not one player in this entire financial crisis committed provable fraud?" asks Connaughton. "I mean, I just don't believe that."

Also interviewed is Lanny Breuer, assistant attorney general for the DOJ's Criminal Division, who claims that the department was unable to pin criminal charges on the executives.

"I think there was a level of greed, a level of excessive risk taking in this situation that I find abominable and very upsetting," says Breuer. "But that is not what makes a criminal case."


Six important questions you need to ask about your compliance process. Click to download the buyers guide._id1144


Latest Top Stories

NAR: Existing-Home Sales Stagnant In March

Lawrence Yun, chief economist for NAR, says the trend is troubling because "there really should be stronger levels of home sales given our population growth."


RealtyTrac: 9.1 Million Homes Still Seriously Underwater In Q1

Although home values have increased more than 12% on average during the past year, there were still about 9.1 million properties "seriously underwater" as of the first quarter, according to RealtyTrac’s U.S. Home Equity & Underwater Report.


Greenwich Estate Sells For Record $120 Million

Copper Beech Farm, a 51-acre property and mansion located on the waterfront in Greenwich, Conn., hit the market last spring with an asking price of $190 million.


AMCs Generally Receptive To Proposed 'Minimum Requirements' Rule

The rule would require all AMCs that operate in states that have supervisory programs to register in those states and to allow those states to have authority over their licensing.


Major Metros Showing 'Early Signs' Of A Housing Bubble

Among the 35 largest metros nationwide, more than half of homes currently listed for sale are considered unaffordable by historical standards, according to a recent report from Zillow.

LenderLive_id1164
Hse SandyHook
Orb Mobile
Play for Pink
Superior Home_id1078
SWBC_id1156
FedHomeLoan_id1130