Victims We All Know Well

It has been well documented, and I do not have to tell you, that the intervention of the government in the housing market has resulted in an economic disaster rivaling any of our day. Unfortunately, it is far from conclusion, and sadly, it was an orchestrated event.

The ripple affect of this catastrophe is simply mind boggling. Families being devastated by losing their is the face of the crisis, but the problems only begin there. Family wage earners have been caught in the tsunami of unemployment, smothering any attempts at digging out the hole. Home values have been decimated to such an extent that re-financing, even if qualified, is not an option.

Government intrusion is not the only culprit in this crash, with money center banks, fraudulent mortgage brokers and appraisers and Wall Street investors all playing a role. Certainly, although you will not read about in the media, let us not forget the American citizenry who bought homes they could not dream of affording.

On Sunday night, 60 Minutes presented a strong story on banks misrepresentation as part of their foreclosure efforts. Although 60 Minutes has presented a handful of stories on the housing crisis of late, they are quick to vilify Wall Street but never get around to placing any blame on government, or heaven forbid, President Obama. Perhaps Scott Pelley is unaware of the role of ACORN, who Obama remains closely associated with.

There are many victims, including those who have lost homes and jobs, who are close to each of us. Most, if not all the culprits, secured golden parachutes and remain free to wreak havoc on the next group of victims. Jamie Gorelick, Franklin Raines and Andrew Cuomo come to mind.

The amount of fraud in the housing crisis is staggering, and this piece details only one aspect of it, but it is well worth you taking time out to get brushed up how this fraud continues to haunt our lives.