FBI joining foreclosure probe - KWWL - Eastern Iowa Breaking News, Weather, Closings

FBI joining foreclosure probe

WASHINGTON (KWWL) -- A federal law enforcement official said the FBI is in the initial stages of trying to determine whether the financial industry may have broken criminal laws in the mortgage foreclosure crisis.

The FBI is reportedly at the start of a lengthy sorting-out process in which agents will look into what caused the financial institutions to mishandle the flood of paperwork in the historic avalanche of foreclosures. 

The question is whether financial institutions were acting with criminal intent or were simply overwhelmed by events in the wake of the housing market's collapse.

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