Instead of pursuing foreclosure fraud the law enforcing arm of the federal government is either looking the other way or even shutting down its offices. This has led to frustration among the states that are doing their own investigating.Nevada took the lead in filing criminal case against executives of LPS.

Many of those who have crafted plans for the conversion of foreclosures of Fannie Mae and Freddie Mac were previously closely connected with bringing about the sub-prime crisis. Some are facing lawsuits regarding the role they played during the booming years. Now they are holding important posts in other firms.

Romney wants unhindered passage to foreclosures. He has forgotten that the drunken behaviour of banks and equally heady bailouts caused the entire economy to go down on its knees. Millions are suffering. They need help in the form of forbearance, modification and or refinancing.

The attorney general of Indianapolis, Greg Zoeller announced that more than 70 victims of foreclosure fraud will receive compensation of $60,000 from the newly created Consumer Protection Assistance Fund. During foreclosure crisis, many homeowners became victims of frauds. Pundits think that without improvement in the economy fraud will continue.

With foreclosure numbers increasing and unemployment escalating a new kind of scammers have entered the stage. They are posing as landlords of houses sometimes they have never been seen and renting these out to unsuspecting people desperate to find a place to stay. The money is wired to an overseas account, keys are handed over and then the scammers vanish.

Some neighbourhoods in East New York have the highest rate of vacant foreclosed houses. These blight the locality as they slowly crumble due to neglect. Since the banks will not do anything the Occupy Wall Street activists have now started to target these houses. They are matching families without homes with homes without families.

The anger against inequality, austerity measures, joblessness and foreclosures is increasing. The banks alone are not responsible for this cancer that has spread through the polity but it has come to be symbol of the malaise. In truth the entire system is rotting but the banking segment is just the cog in the wheel.

A media interview with Tom Borgers – the man in charge of fraud investigation by FCIC reveals certain startling facts. The findings of the investigation show staggering fraud to the tune of trillions of dollars but till now none of the top brass has been prosecuted. In the previous Savings & Loans scandal hundreds of bankers had been imprisoned.