The Obama administration has talked a good game about prosecuting mortgage fraud, but has done little to demand actual change on Wall Street. David Dayen from Salon reports that a “task force” set up to examine problems in the packaging of residential-mortgage-backed securities during the bubble years isn’t the independent organization it claims to be.
“There are no offices, no phones, and no staff dedicated to the non-task force,” Dayen writes. Instead, the “Financial Fraud Enforcement Task Force” is essentially a “press release” factory that secretly piggybacks on existing litigation efforts. The president failed to so much as mention the task force in his State of the Union. A telling fact: he has many things on his plate-this doesn’t seem to be one of them. Read more at Salon.
{Andy Heller-Matzav.com Newscenter}
