Must. Hit. Head. On. Wall.

This is the kind of mortgage fraud our Democratic administration decides to target. Yes, it’s only the fault of the individuals who got dicey mortgages, and not the mortgage companies who marketed them so aggressively:

BUFFALO, NY—U.S. Attorney William J. Hochul, Jr. announced today that Timothy McCabe, 47, and Theresa Morales, 48, both of Hypoluxo, Florida, were indicted by a federal grand jury for bank fraud. The charge carries a maximum penalty of 30 years in prison, a $1,000,000 fine, or both.

Assistant U.S. Attorneys Maura K. O’Donnell and Kathleen A. Lynch, who are handling the case, stated that according to the indictment, the defendants submitted a fraudulent loan application to a financial institution, JPMorgan Chase Bank, to obtain a $560,000 mortgage on a property in Lewiston, New York. The defendants, who are husband and wife, provided false information in the loan application as to employment, salary, and residency. The defendants conduct resulted in foreclosure on the property.

This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch and with state and local partners to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

These people make me sick.

4 Responses to Must. Hit. Head. On. Wall.

  1. Tom August 22, 2012 at 4:50 pm #

    Industrial civilization makes us all sick.

  2. lless August 22, 2012 at 7:03 pm #

    A competent trial lawyer beats this case. Fraud requires a victim, not an accessory before the fact. A set of subpoenas to the JP Morgan Chase mortgage bundlers and the prosecution will have to file a motion to exclude the evidence. If that is denied they dismiss.

  3. imhotep August 22, 2012 at 7:23 pm #

    Everyone knows that the Capitalist economic “system” is fixed. So why does everyone continue to believe that the system will treat them fairly? Milllions of people buy and sell stocks every day knowing that there’s more, and safer, money to be made in Lost Wages. Stupid is as stupid does.

  4. Texasreal September 3, 2012 at 11:52 am #

    Appears to me that it’s perfectly logical to charge people who are trying to get a bailout loan on a property they don’t own and that is in a different state. Information is scarce but hints at possibly the two of them being involved in a number of schemes in the mode of professional criminal activity of this sort. This money is intended for people who need it, not like Gov. Brewer in Arizona, who seized $40 million in government funds to help people with their mortgages, and used it to build more privatized prisons.

Site Meter