Officials Falling Behind on Mortgage Fraud Cases

No, Chuck: was such a growth industry. You and your regulator brethren were asleep at the switch in 2001-2004 when you could have nipped the trend in the bud. But that, of course, would have put a damper on home prices: a sacrifice no one was willing to make.

Here's an exercise: let's see if regulators turn to the local housing markets still experiencing appreciation and start aggressively going after mortgage fraud there. I'd bet money that they won't---they will remain focused on already-distressed markets. This will prove their expertise is not in prevention, but in very visible (and vote-garnering) crime scene cleanup.