You are so right. Think about the legions of marketers employed by the banks, who, eschewing their fiduciary duty, pushed exotic and toxic loans on people. Think about the hordes of mortgage brokers who preyed on our natural optimism as Americans: of course in two years we’ll be doing better than now, and two years after that we’ll be doing EVEN BETTER.
Think of the man power and money that went into selling this poisonous brew. Foreclosure mills churning out boilerplate litigation, “affidavit mills” spitting out phonied up (but good looking!) sworn-to documents by the thousands. Dory Goebel, of Lender Processing Services, Inc., f/k/a Fidelity National Information Services, Inc. bragged in an article her business’ “The Summit” newsletter in September of 2006 saying that her “team” (she was manager) put out ONE THOUSAND notarized documents – on average – PER DAY. That’s one every 30 seconds or so. The mind boggles. If you want a copy, let me know.
It’s a lot easier to blame the little guy than admit some of our most upstanding citizens colluded and did their damnedest to bring us to our knees. We all know that the bank bailout was b.s. – we know we got taken. We just can’t admit it, so we blame the little guy.
I had a 17-year relationship with Washington Mutual through three homes when, in 2006, they tried to screw me to the wall. Why should I apologize or feel ashamed because I trusted my banker? Why, exactly, isn’t this an abuse of fiduciary trust? It’s fraud if I lie to them or misrepresent my financial position, but if they lie to my face it doesn’t count???
Meanwhile, Chase has scheduled their 6th foreclosure sale and all that’s standing between me and bankruptcy is the slender reed of a Motion for a Temporary Injunction in front of the 12th Circuit.
Dang.

In Thursday’s P B Post a front page story announces a new “unprecedented” agreement between
buyers of foreclosed homes using federal money, as in local governments, community groups, and
the nation’s largest private lenders . Those very entities that created and than purchased, packaged and
sold with a AAA rating . A/K/A ( safe investment ) , to the world , while insuring their defective products against loss ..
This “unprecedented agreement will give these local governments first choice in purchasing foreclosed properties . The intent is to purchase , refurbish and sell or rent the homes to low to middle income families presumably at the fair market price .
The same families that they are foreclosing on now . The same families that want to stay in their homes , and have the ability and desire to pay for a mortgage if it was adjusted to fair market value .
This is another futile attempt to fix this housing crises with out addressing the fundamental problem .
The upper middle class are now walking , and every American is being harmed by this “unprecedented”
lack of morals and ethics by those who were held in high esteem . I trusted my bank as i trusted my dentist , doctor and mechanic . Those that use illegal practice and break that trust for personal gain need
to be behind bars as any other convicted criminal ..
Keep up the good work .
E F