Bank Fraud

Kwame R. Brown, the chair of the DC Council (who resigned today) was charged with one count of felony bank fraud. Pundits anticipated he would be charged with crimes associated with his political career. They were wrong. Kwame R. Brown apparently will plead guilty for knowingly and willfully lying about his income (by tens of thousands of dollars) when he applied for a home equity loan and to purchase a boat (that he called “Bullet Proof”). As my brother-in-law noted, as a council member, Kwame’s salary is a matter of public record.

Now I started to think: if the US Attorney can charge this council member with bank fraud, why didn’t US Attorneys across the country go after individuals, who during the height of the housing bubble, obtained “liar loans,” “no doc” loans & “ninja” (no income, no job, no assets) loans? Maybe there were too many individuals to pursue? But then these individuals dodged criminal prosecution. Is that fair? Maybe their punishment was a foreclosure.

Meanwhile, another DC politician bites the dust.

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