William Black: Why Nobody Went to Jail During the Credit Crisis

``And here I am going to quote from the Mortgage Bankers Association. That is the trade association of the perps and this is their Anti-Fraud Specialist Unit, and they reported this to every member of the Mortgage Bankers Association in 2006. So nobody can claim they did not know. They found three critical things, first they said this kind of loan where you do not do underwriting is, and I am quoting again, "an open invitation to fraudsters." Second, they said "the best study of this found a 90% fraud incident." In other words, if you look at 100 liars loans, 90 of them are fraudulent.''