William Black on the Foreclosure Crisis, Mortgage Fraud (Dylan Ratigan)

Professor William Black is probably the right guy to explain the current foreclosure crisis. He was a former bank regulator and S&L investigator during the Savings and Loan crisis in the late eighties. He said today's crisis is the S&L/junk bond bust x 40. Below is a statistic he gave on mortgage fraud.

"Credit Suisse says that by 2006, 49% of all mortgage originations in the United States were liars loans. The lowest incidents of fraud is 50% and that’s when the fraud fraudsters study it themselves. When independent folks study it, it’s in the 80 to 90% range."

Also did you know that the FBI warned about a mortgage fraud epidemic in September 2004? FBI warns of mortgage fraud 'epidemic' (CNN). Lisa Epstein is featured first in the video clip.

More interesting video clips featuring William Black: Keiser Report on 8/12/2010 Clip from Capitalism: A Love Story (Michael Moore) 'The Perfect Crime' (HuffPost on Youtube)**