The world will be shocked at the amount of fraud, book cooking, falsified financial statements and cover-ups associated with the Late Great Housing Ponzi Scheme.
All those investment bank, lender and builder CEOs who just got booted? A lot of 'em will be going to jail. And so will a few others that we know and loathe (hint - the orange one).
In addition to the big guys, you'll be seeing more realtors, mortgage brokers, appraisers and failed flippers facing serious charges and heading to the big house. Yes, it's a crime in America to lie on a loan application. Yes, it's a crime to cheat on your taxes. Yes, it's a crime to falsify financial statements. Only problem - I'm not sure our jails are big enough.
SEC investigating Merrill subprime portfolio
NEW YORK, Nov 7 (Reuters) - The Securities and Exchange Commission is investigating matters related to Merrill Lyncyh subprime mortgage portfolio, the company said on Wednesday.
Merrill Lynch said SEC staff initiated the inquiry on Oct. 24, the same day the company reported a $2.3 billion loss for the third quarter, mostly because of write-downs of subprime mortgage related assets.