Oh, sweet irony. The day Bush and Paulson announce Mortgage Fraudster Bailout plan, DC FBI announces new mortgage fraud task force

Hint to the new FBI task force - review the records of anyone who calls in asking for relief under the Bush/Paulson Mortgage Fraudster / Housing Gambler Bailout plan. Then simply follow the commissions all the way to the top of the food chain (Paulson? Mozilo?).

I bet there's more than a few mortgage fraudsters, realtors, mortgage brokers, appraisers and lenders researching flights to Mexico today...

FBI to Focus On Area Mortgage Loan Fraud - Agency to Host Investigators, Law Enforcement Officials

The FBI today will launch a mortgage fraud task force in its Washington field office, joining a widening net of state and local investigators digging into the market crisis.

Investigators are seeking to uncover evidence of overvalued home appraisals, shoddy lending practices and alleged irregularities in the packaging and sale of groups of loans that were marketed to ordinary investors, state investment funds and big Wall Street banks

So much fraud. So many con-men. So little oversight. And the biggest Ponzi Scheme in the history of humanity.

Folks, I'm not sure if you realise it yet, but we're witnessing the biggest financial story of all time. The collapse of the US housing market (aka Ponzi Scheme), and the uncovering of the causes and the rampant corruption, will dominate the news cycle for years to come.

Life as America knew it will never be the same. Everyone, every man, woman and child, will be impacted. And the story won't stop at land's end. The housing Ponzi Scheme was worldwide. Even though the US sure did it up good. USA! USA! USA!

Here's just one of many mortgage fraud stories over at the mortgage fraud blog. And there are so, so, so many more to come. Get ready.

Atlanta's largest mortgage fraud trial see's 10 convictions and 12 guilty pleas

David E. Nahmias announced that after an eight week trial, a federal jury today returned guilty verdicts against ten defendants charged with multiple counts in a mortgage fraud scheme that targeted the Atlanta metro housing and condo market from 2000 through part of 2003.

The verdicts returned today included guilty verdicts on charges of loan fraud, wire and mail fraud, and money laundering.

United States Attorney David E. Nahmias said of the verdicts, “The monetary loss calculated to date is in excess of 41 million dollars but we expect it to be significantly higher when we conclude our work. More importantly, this monetary loss, as great as it is, does not fully capture the loss to the many neighborhoods and condominium communities that have been gutted of their value due to this one fraud scheme.

These guilty verdicts condemn the corrupt actions of the key people who were responsible for this fraud scheme, from crooked attorneys and appraisers, to loan officers, to the man at the top, Phillip E. Hill. The verdicts in this case take us one step closer to repairing the corroded cornerstone of a large-scale corrupt housing market that has made the metro Atlanta area one of the most active mortgage fraud locations in the nation.”