Mortgage fraud enabled

Concerning the July 24 article “Pay at bailed-out firms to stand.” This article states, despite admonitions by President Obama against $1.6 billion in bonuses paid out to executives of banks bailed out by the federal government, no action will be taken to recoup these bonuses.

The massive mortgage fraud that occurred between 1999 and 2008 was publicly known by 2002. The federal government, its regulatory agencies, Congress, the president and the executives of major financial institutions must have been aware of the massive mortgage fraud. How could they not know?

Honest mortgage brokers attempted to inform their financial executives of the mortgage fraud but were dismissed. So, honest people were fired, and people who turned a blind eye to fraud were rewarded with bonuses.

Bonuses were paid out from federal TARP monies to financial executives, many of whom turned a blind eye to this massive mortgage fraud. And now Congress will do nothing to recoup these monies.

National elections are only a few months away. U.S. voters can turn out our federal legislative representatives who went along with this mortgage fraud and the payout of these bonuses.

Mark Johnson

Nine Mile Falls