Based upon these feigned profits these executives and their cronies were able to extract large bonuses and convert stock options into personal profts. While the investors got stuck holding the proverbial empty bag. Many investors were large national banks. Ironically these same banks would have never loan money to the borrowers who’s notes they were now holding indirectly through their investments in these “mortgage backed securities”. It is now estimated that the losses incurred by these banks may well surpass three hundred billion dollars.

There can be no argument these losses were the result of fraud from top to bottom of the mortgage industry. From mortgage lenders suchs as Countrywide, Washington Mutual, Fieldstone and Option One to secondary mortgage market makers, such as Fannie Mae, Freddie Mac, Bear Stearns, Citicorp, Goldman Sachs, Lehman Brothers etc.

This mortgage fraud created a false demand for housing in the U.S. This false demand caused an increase in home building. Now with the Mortgage Meltdown the U.S. has an over supply of new and existing homes. This over supply of homes has caused serious economic effects through every facet of the U.S. economy. Recovery will take years. The U.S. dollar has also suffered against other currencies. In April of 2003 a Euro could be purchased for $.85. Five years later in April of 2008 it takes $1.60 to purchase a Euro.

Rather than throwing themselves out of their executive office windows when their financial scandal was discovered and the billions in losses started to mount, these white collar crooks simply took early retirmenet or quietly resigned, taking with them the hundreds of millions they had EARNED for their part in the Largest financial scandal in U.S. history.

Americans should be outraged at how this went on unchecked by state or federal authorities.

The why first, if Bear Srerns went into recievership a whole lot of executives would have had to hand over the gigantic bonuses they got 6 weeks ago. Hmm for a company who was steering through rough times I wonder why those big wigs got bonuses anyway?

As to the who is going to be stuck picking up the tab for the 30 billion and who knows how much more since the fed has said bring us your bad debts come one come all just hand over those pesky CDOs. You and me!

Now why has the fed dropped the interest rates? To save Main Street? Or was it to save Wall Street? Lets look at what has happened to mortgage rates since the fed dropped rates, are they down? NOPE! Well what about the dollar, gee its trashed SURPRISE. Quess those edumacated boyz at the fed couldnt figure out that lowering the rates would trash the dollar and cause hyperinflation. Hmmm

Remember when the bankrupsy laws were changed? Wasnt the moral imparative RESPONSABILITY! I see that doesnt mean that the elite have to be responisable, just JQP. Anyone care to quess who lobbied hard for the change in Bankrupsy laws.

Our governmnet has been bought by big money, and yes the American citizens are being scroomed. This is news to you all?

What? I saw that loan modifications would be the solution to homeowners problems so I created website that help them for free and have saved over 40 homes? and when they have been scammed by people such as yourself because I am sure you are an Ml-Implode cronie and out of work loan officer that is acting like “proud homeowner”. Stop hating and get a real life you goon.

Tom, thanks for telling it like it is. I saw this coming and it was a white elephant when I sterted this blog 10 months ago and now it’s the hottest mortgage buzz term around. Over 40 homeowners have saved their home and have chronicled their stories at LoanSafe.org. This is the best thing and most rewarding thing I have ever done, by far!

Hey, Tom, do yourself a favor and do a little research into your buddy Moe as well as the so called “sponsors” of his sites. Why does someone pay 50K for a domain name (iamfacingforclosure.com)? It’s a real “eye opener.” I have no doubt you won’t see this post because it will be deleted but that’s okay – it just proves my point. Once a snake, always a snake.

Get a grip; this boils down to timing, and yes – some stupidity mixed with a bit of speculation and greed (from all sides) – and it garnered itself from the top-down. This wasn’t a bottom-up game of Risk.

No consumer shopping for a house brainstormed the idea of overpaying for their home, or buying a smaller home for the same price they could have bought a larger one for.

Yet, we (homeowners) see the ‘no bailouts campaign’ has now turned the corner to ‘well, only bailouts for the rich’ – we’ll throw them a lifeline if they need it; hell, we’ll even do it on a Sunday. You good consumers keep quiet, pay your inflated notes while we work to devalue your paychecks (assuming of course you’re lucky enough to keep your job) and we’ll make sure the banks are rolling in fresh currency to thereby stimulate the economy and extend new credit. And by the way; the banks are just hoarding the cash and not lending any as they are scared stiff and interest rates (costs to consumers) are going up – not down. Then we watch the dollar roll two more rungs down the ladder shortly thereafter.

Hopefully, things take a turn for the better soon. Thus far, this is how fiscal policy for the layman has played out as of late. Nonetheless, something is better than nothing I suppose. I’ve heard others say perhaps not – leave the market alone – and ordinarily I would agree with that statement (it goes back to 9th grade Free Enterprise/Business), but the tinkering of the fed funds rate is what got money so cheap to borrow to begin with, and began this roller coaster. So I’m not sure I really buy that argument anymore, not wholly anyway. Perhaps I’m 100% wrong, but hey I can live with that and quite frankly I hope that I am. Just maybe someone will show up at my door tomorrow and offer to buy my house for what I paid for it; but I’m not holding my breath on that one.

This is a complex problem with very divergent causes that has had far reaching effects on the entire economy; both national and global.

Moe has done his share to help educate those of us now trapped in these debt pools, and I commend him for doing so. His sites have BY FAR, been the most informative places during this crisis. His earlier post was spot on about loan modifications being a white elephant in the room a few months ago, at least now there is an effort – regardless of how ineffective it may be in some instances.

As for a website having a sponsor, that isn’t all that bazaar of a notion, most do. And after all this site is oriented towards homeowners feeling the pain of this game predominantly. The sponsor fits the bill in my book.