Could you be so kind as to point out who these criminals are? Possibly post some links to documented proof of their criminal activities? The reason I ask is I don't believe you are referring to the kinds of "criminal" activity described in the article I posted.
However, I do agree with you to some extent that there are "criminals" taking advantage of, and have taken advantage of the monies available through "creative" lending practices that the GSE's are getting stuck with. I wouldn't link those people directly to FNM/FRE per se, but more in tune with the banks, companies like countrywide, and associated others such as real Estate agents, appraisers, that blatantly misled investors...and lenders....to float the loans that the GSE's ultimately got stuck with. However, if you have documentation to show criminal activity a lot closer to the GSE's than I have found, I would love to read it.
As noted in the article, the GSE's are now, and have already recovered monies associated with a good number of those fraudulent activities. Keep in mind that the mortgage lending world was wide open to rampant fraud for quite some time. That equates to possibly millions of loans involving fraudulent/suspect/misleading information to secure those loans, and the time/effort/cost to verify, hunt down, and prosecute those that illegally profited from those actions would be quite near impossible to do. Not completely impossible as some have already been busted....but it would take years to put a small dent in the bad guys pockets.
Second best chance...do what the GSE's are now doing...re-examining those loan packages and tossing them back to the banks...let them fight the good fight on their nickel and not the taxpayers $$.
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