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The Financial Crisis and Mortgage Fraud: The Unforeseen Circumstances of the War on Terrorism and the Financial War on Terrorism, a Critical Reflection

  • Nic Ryder
Chapter
Part of the Palgrave Studies in Risk, Crime and Society book series (PSRCS)

Abstract

This chapter illustrates how the instigation of the ‘War on Terrorism’ and the ‘Financial War on Terrorism’ had a catastrophic impact on the ability of the Federal Bureau of Investigation to tackle mortgage fraud that was associated with the 2007/2008 financial crisis. Initially, the chapter identifies and demonstrates how President George Bush decided to prioritise tackling terrorism and the financing of terrorism following the al Qaeda terrorist attacks on September 11, 2001. This was illustrated by the creation of the Department of Homeland Security in 2002, the extension of the remit of the Department of Justice and the redistribution of specialist white-collar crime agents from the Federal Bureau of Investigation to enforce terrorist-related legislation. The second part of the chapter illustrates the association between the financial crisis, subprime mortgages and mortgage fraud. The chapter then moves on to critically review the impact of the alteration in policy towards mortgage fraud that was introduced by President Barak Obama in 2009; therefore, questioning the effectiveness of the policies adopted by President George Bush.

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Authors and Affiliations

  • Nic Ryder
    • 1
  1. 1.Bristol Law SchoolUniversity of the West of England BristolBristolUK

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