12/03/08

Updated On 08/27/08 at 08:41AM

FBI predicted mortgage crisis



The FBI predicted the mortgage crisis years ago, and knew billions in losses were possible because of low-interest rates and soaring home values were attracting shady businesses. One FBI official said the mortgage crisis had "the potential to be an epidemic" in 2004, but said the agency was working on preventing it. The FBI's mortgage fraud resources shrunk, however, and by 2007 there were 100 just mortgage fraud agents. The FBI had 1,000 banking fraud agents during the S&L bust of the 1980s and 1990s. 

More at: [Newsday]


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