The leader of a nationwide investigation of foreclosure fraud told homeowners Tuesday that the probe will have some serious consequences for bankers.
“We will put people in jail,” Iowa Attorney General Tom Miller said, according to homeowner advocates present at the meeting in Des Moines.
I don’t believe it.
But – if we actually see people get indicted – and not just foreclosure mills but also banks – big banks – I’ll be officially impressed.
It will also be the first time since this mess blew open in 2007 that I’ve seen any indication of prosecution of people who did evil (and illegal) things.
Let me say this very clearly to the advocates: do not believe a damn thing until you see actual indictments and they are either corporate indictments of the large banks OR are aimed at their officers.
If all we get are low-level “robosigner” indictments then we get nothing. Those people may indeed have broken the law but they didn’t do it on their own – they were paid to break the law, and when you enter into a conspiracy to do an unlawful thing everyone involved is equally culpable.
There are hundreds if not thousands of people in prison for driving someone to the bank for the purpose of robbing it.
This is no different, except it was you, the citizen, that got robbed.