Wall Street Pit: Gasparino on FCIC Delaying Report to Investigate Foreclosure Fraud

By Ari Haruni|Nov 19, 2010, 4:25 PM|Author’s Website

FBN’s Charlie Gasparino reports that Financial Crisis Inquiry Commission (FCIC) Chairman Phil Angelides has delayed the report “due out in December until the next year” so that the bipartisan commission can take a closer look “at this new issue of mortgage foreclosure fraud.”

Here are the key highlights from the interview, courtesy of FOX Business Network:

On why Angelides is delaying the FCIC report:
“This report that was due out in December is being delayed until the next year. And the reason is they’re looking at this new issue of mortgage foreclosure fraud, particularly robo signers and whether mortgages that are packed into a lot of these bonds held by the big Wall Street firms; whether these deals were done properly.”

On the significance of FCIC involvement:
“Usually when you see a scandal, like the mortgage foreclosure fraud scandal, other agencies jump in. The FCIC, the Financial Crisis Inquiry Commission, led by Phil Angelides is now jumping in. It’s controversial inside the FCIC. A lot of the republican members of the commission didn’t even know that they were going to go this route until they read it in the paper, until Fox Business Network was the first to report they were going this way.”