EconoMonitor : Great Leap Forward - MORTGAGE FRAUD REVISITED: Why Did the Fed Pump and Dump US Real Estate Markets?

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Many of those involved in promoting the fraud have claimed that "no one could have seen it coming"--meaning the collapse. This is, of course, implausible. The FBI had warned of "an epidemic of fraud" back in 2004--long before the worst abuses became normal bank practice. And from the Fed's transcripts, there is no doubt at all that the Fed "saw it coming". Let's look at a particular report from December 12, 2006. Don't take my word for it. Read this:

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