C-Span Washington Journal – December 9, 2010. Susan Swain and Janet Tavakoli

During the financial crisis, some borrowers engaged in fraud. But the much bigger problem was fraud on borrowers; incomes were inflated on loan documents, not by borrowers, but by mortgage lenders. After it transpired borrowers were overburdened with mortgage debt, some banks engaged in foreclosure fraud, showing up in court with forged documents to cover-up instances where banks had never perfected a security interest in the collateral (the house).