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To: Bearcatbob who wrote (48689)	7/15/2013 1:32:09 PM
From: Broken_Clock	Respond to of 85487

alternet.org Why did the Fed Refuse to Heed Warnings About Fraudulent Mortgage Lenders? In reading Krystofiak’s testimony again in researching this article I realized that I was giving Greenspan and Bernanke too much credit by concluding that they were unaware of the implications of the twin fraud epidemics. Krystofiak connected the dots for the Fed in his testimony. Greenspan and Bernanke ignored an expert mortgage broker, an ethical insider determined like the most ethical appraisers to clean the rot from his profession, who explained how the frauds worked, the fact that they were often initiated by the lenders and their agents, and the fact that mortgage fraud would harm everyone except the controlling officers driving the frauds. Greenspan and Bernanke did have to do any heavy intellectual lifting by making logical inferences about a subject, fraud, that he had spent entire careers ignoring. All they had to do was to listen to Krystofiak; who did all the hard work for the Fed. The appraisers’ warnings were amazingly early – they had reached the stage of creating a formal petition by 2000. Their warning came before the Enron-era epidemic of accounting control fraud!