By Boyce Watkins, PhD on Jun 17th 2010 3:28PM
Filed under: News, Politics
Federal officials this week announced that they've made 485 arrests and seized almost $11 million in assets in the largest mortgage fraud crackdown in U.S. history. "
Operation Stolen Dreams" has been an effort that spans across multiple agencies and has netted 336 convictions, since it began on March 1st, according to the Justice Department.
The schemes involved more than 1,215 defendants and $2.3 billion in losses.
"Mortgage fraud ruins lives, destroys families and devastates whole communities, so attacking the problem from every possible angle is vital," Attorney General
Eric Holder said in a statement.
According to the
FBI, there are more than 67,000 reported cases of mortgage fraud each year, resulting in $4 to $6 billion in annual losses. The bureau has 77 working groups focusing on mortgage fraud cases, and the number of cases seems to be growing. For example, there were 1,571 new cases of mortgage fraud opened in 2009, compared with 136 cases for all of 2004. The states that lead the nation in mortgage fraud surprisingly are
Rhode Island,
Florida and
Illinois.
African Americans are disproportionately victimized by mortgage fraud, in large part because they are most likely to be granted predatory loans or deal with non-traditional mortgage-financing companies. This is part of the reason that I've had people closely monitoring the
interesting "partnership" between the NAACP and Wells Fargo. Organizations like the NAACP can be the last line of defense for people of color, which is why it is important that we remain in a position to be vigilant.
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Dr. Boyce Watkins is the founder of the Your Black World Coalition and the author of the new book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.
Comments: (7)
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By: ADMR on 6/17/2010 3:33PM
Go *** Boy aka Puppet On a String AND Whose GUILTY Of Mortage Fraud...Be Careful
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By: Hilroy on 6/17/2010 8:12PM
The President and Attorney General.Both of these public servants are doing a good job. That said, they have one strike against them. They are black. They are also gifted,intelligent,well educated and honorable black men.
The racist white man and others not so called racists cannot stand that in America.
The sooner the President's supporters turn off and boycott CNN the better. CNN is not the station that Mr. Ted Turner started.
Certain parties with their better halves are calling themselves fair reporters but we know better Taking constant shots and setting tables against this president is unacceptable. Why did they not do it to the two previous admins? Some of us know the answer.
This man is running two wars which he did not start with a shattered economic system and now a suspicious oil spill. And these ......................continue their garbage.
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By: Michael Lofton on 6/17/2010 8:20PM
Speaking of Fraud, Theft, Corruption, etc., by government employees.....
I'm willing to bet Alvin Greene will not be facing this music. Unlike Alvin Green, who is not to have been proven to have committed the first criminal offense.......
.........the probation officers proven criminal here will be facing earned felonious penal incarceration, and/or stiff fines.
http://www.africanamericanconservatives.com/forum/topics/rightfully-so-these-probation
Rightfully so, These Probation Officers Will Meet the Fate of the Very Individuals Under His or Her Supervision
http://againstallodds.blogtownhall.com/2010/06/17/these_individuals_have_given_their_rights_away_through_their_own_criminal,_unethical,_and_wrong_actions.thtml
These Individuals Have Given Their Rights Away Through Their Own Criminal, Unethical, and Wrong Actions.
It would behoove anyone who values his or her freedom, reputation, educational accomplishments, property rights, lawful right to work, loved ones, or self, to make it his or her business to be ethical and law abiding.
It is not a good position to be in to lose rights for criminal acts truly committed, such as described by the actions of these college educated LA County Probation Officers.
.....And to think where I would be today, had I truly been involved in criminal and/or unethical activity. Instead of having the truth on my side , a stellar reputation or be punished or jailed without good cause, I would be facing truly earned fines, penal incarceration, and like, which would forever brand me as being criminal, curtail any chance of being lawfully gainfully employed, and there would be no defense or excuse for such actions.
The probation officers as described who are proven guilty as charged will be facing the the same or similar music of the very individuals under his or her supervision.
.......Former Los Angeles County Supervisor Yvonne “Brentwood” Burke. and present elected leadership within the Los Angeles County 2nd Supervisorial District is truly dysfunctional, corrupt, unethical, and inept. Numerous children have been killed or maimed while in protective custody of social workers, probation officers, etc., in the 2nd District. Law abiding black families are broken up at will and for ill gained profit by no good unethical university educated black social workers, without good cause and the rule of law. In the 2nd District law abiding minors as young as two years old have been placed on probation. If you notice, 2nd District Supervisor Mark Ridley Thomas is not mentioned at all, nor has 2nd District Supervisor Mark Ridley Thomas spoken out against this. 2nd District Supervisor Mark Ridley Thomas is sleazy and unethical too, thus such silence agrees with the territory of the individual.
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By: A Peace Loving American on 6/18/2010 2:17AM
What you fail to realize is that all Social Workers, and so called Child Protective workers have separation of family in mind to begin with, and it is not just a Black family that is targeted.... I speak from personal information ! My neice who is a Spanish American has had her children ripped from her home, made to jump through governmental hoops, and then only to lose her kids by the court giving custody to another family !! She did everything they asked, and more, she was a very good mother to start with anyway !! I don't understand why they attacked her to begin with, other than the fact that she was a mixed race !! Smoke that for a while !
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