In a new report, the Federal Bureau of Investigation pats itself on the back for using “sophisticated investigative techniques” to target mortgage fraudsters. The FBI’s 2010 “Year in Review” mortgage fraud report says the agency has used wiretaps, undercover operatives and “tactical analysis coupled with advanced statistical correlations and computer technologies.”
Not everyone is impressed.
Consumer advocates say the FBI is missing the big picture, focusing its investigative muscle on small-time crooks and turning a blind eye to misconduct by big banks.
While millions of homeowners have been put at risk by dishonest tactics used by the mortgage industry, these advocates say, the FBI has targeted low-level lender employees and street-level fraudsters.
Richard Eskow, a senior fellow with the Campaign for America’s Future, a progressive think tank, calls the new report the latest example of the “pseudo-investigatory approach” of the FBI, the Justice Department and the Obama administration in the aftermath of the mortgage meltdown.
“The only thing worse than doing nothing is to do what they've done―try to hoodwink the public into thinking they're doing something,” Eskow told iWatch News.
The Obama administration, Eskow claims, has taken the view that the nation’s largest banks are too important to the economy to be threatened by criminal investigations and indictments. “Too Big to Fail,” he says, also means “Too Big to Jail.”
A telephone call to the White House press office Monday afternoon wasn’t immediately returned.