American News Project / By Lagan Sebert

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Road to Ruin: Mortgage Fraud Scandal Brewing

Former subprime lenders from Ameriquest reveal a system rife with fraud.

May 12, 2009 |

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Criminal fraud may be the most underreported aspect of our current financial crisis. In this "Road to Ruin" report, former subprime lenders from Ameriquest, once the country's largest lender, describe a system rife with fraud. They describe how a "by-any-means-necessary" policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.

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