Now here's poetic justice. Back in the fall of 2010, Bill Black and I wrote a two part essay for the Huffington Post calling on Washington to go after the foreclosure fraudsters. Specifically, we pointed our fingers at the serial fraudsters at Bank of America. See here, and here.
We argued it is time to put Bank of America in receivership....
Predictably, we got the usual attacks by trolls. Whenever you write a piece that argues that the biggest banks need to be held accountable for their frauds, they roll out the trolls. Usually, the trolls will not sign their defense of fraud with their real names.
However, that time, BofA tasked Rebecca Mairone, Default Servicing Executive of Bank of America Home Loans, with writing an article to counter our piece. You can read her piece here.
In it she proposes to Set the Record Straight on Bank of America foreclosures. Instead, she offers nothing but obfuscation...
Irony of irony. Guess what, folks. Mairone is now a outed fraudster. Read here.The Huffington Post
She and her bank have been found guilty of the types of activities that we had outlined.
Setting the Record Straight: BofA's Rebecca Mairone Found Liable for Fraud
L. Randall Wray | Professor of Economics and Research Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City
It is not a surprise to us that the fraud was found. Fraud is everywhere at the biggest banks. Their business model was, and remains, fraud. Fraud can be found everywhere you look. All you have to do is look. Up to now, Washington has turned a blind eye to fraud at the nation's biggest fraudsters. While it is nice that they are finally going after some of the small fry fraudsters, like Mairone, it is time to go after the top fraudsters -- those who oversaw and rewarded (and were rewarded for) fraud....
It doesn't have to be this way. Stop the fraudsters. Stop the foreclosures. There should be an immediate 5 year Country-wide moratorium on foreclosures. Investigate the fraud. Jail the fraudsters. Put the biggest banks into receivership. Begin to clean-up the document mess created by the banks and MERS (the banks lost or destroyed all the records of property ownership). Our economy will not recover until this is done. [emphasis added]