I will have to read up on this case and don’t understand the details yet.
But I speculate that the government would rather not expose the incentive for the whole buy and sell of junk mortgages at the behest of the government and the laundering of these “investments” through Freddie and Fannie.
They found somebody who gamed the system and took advantage of the government and got rich doing it. The victims may have been the bad debtors, but the government first gave the tools to the lending industry and then FORCED them to use the tools to sell high risk loans. They were covered from risk because they could sell the crappy investments for profit to Freddie and Fannie.
This was all under the guise of “affordable housing for everyone” promised by the government.
BTW - We are starting this all over and doing it again now.
“hunt for someone, anyone to jail over what happened”.
How about the politicians, bureaucrats, and lobbyists that created the conditions for it to happen?
The oil price Ponzi scheme is fizzling out, so they’re considering another scheme to build $600,000-plus houses for nobody. ...so we can watch the houses rot.
They’re so elite and full of high “property values.”
The real estate and builders’ rackets are dead.
The whole evil effort was to raise salaries of the kind of builders who sip champagne while watching their temporary employees work, planning office regulators, building office regulators, sewage graduates and to raise property taxes and impact fees. In other words, it was for stoking up recirculating debt for government administrators and employees.
That’s not “sustainable.”
Too many high-powered politicos and bureaucrats got sweetheart loans from this lovely individual. This is keeping him from any bad consequences!