There are plenty of Caucasians, African Americans, Asians, etc. that also fell prey to the vultures that created this mess. Unfortunately, the predators knew no boundaries and preyed upon people of all races.

The real issue here is the lack of fiduciary responsibility by those in the business. It is obvious to all that the loan should never have gone beyond the application stage, period! This is a good example of the low underwriting standards that fed the bubble and it is UNACCEPTABLE. That should be the subject of our outrage. Focusing on the race or economic status of the victim is not the issue.

Given the option, I would rather be a humble, trusting, hardworking migrant farm worker than a low life, suit clad, serpent who unjustly enriches herself by damaging others.

Following the real estate tumble, watch the next debacle as a small but growing number of state and federal employees feel they deserve higher pay than they would earn in the private sector, and retirement benefits that would embarass Adam Smith. As they continue to feed at the taxpayers all “all you can eat” trough, will they own up to personal responsibility as Orange Counties bankruptcy becomes an Standard Operating Procedure in the next decade. Probably not, as they spike their retirement benefits, and organize growing legions of union actions for ever growing compensation – what will they demand!! That any one who was wise and saved for themselves be forced to turn over their “largesse” because they earned it.

Next 10 year should be fun as the Repubocrats continue to focus on what is right now instead of what is right. Oh well, at least they will find new people to blame, because that is what is important now, not taking responsibility.

Remember, the latest polls on Self -esteem show that as a population, it is higher in Men’s Prison then in the general population or schools. Maybe we should just save time and replace teachers with people who can really show our youth how to develop self-esteem, America’s future prisoners – Real Estate Salespeople, and Mortgage Brokers.

Following the real estate tumble, watch the next debacle as a small but growing number of state and federal employees feel they deserve higher pay than they would earn in the private sector, and retirement benefits that would embarass Adam Smith. As they continue to feed at the taxpayers all “all you can eat” trough, will they own up to personal responsibility as Orange Counties bankruptcy becomes an Standard Operating Procedure in the next decade. Probably not, as they spike their retirement benefits, and organize growing legions of union actions for ever growing compensation – what will they demand!! That any one who was wise and saved for themselves be forced to turn over their “largesse” because they earned it.

Next 10 year should be fun as the Repubocrats continue to focus on what is right now instead of what is right. Oh well, at least they will find new people to blame, because that is what is important now, not taking responsibility.

Remember, the latest polls on Self -esteem show that as a population, it is higher in Men’s Prison then in the general population or schools. Maybe we should just save time and replace teachers with people who can really show our youth how to develop self-esteem, America’s future prisoners – Real Estate Salespeople, and Mortgage Brokers.

Unfortunately, I think that America has become so Reaganized that most people polled believe that “fiduciary” describes a personal hygeine product. If you want to see an example of this in action, just watch the bloomberg special on phantom shorting–brokerages know they can’t deliver the securities but sell them anyway, take their commission, post the charges, and then run it through a shadowy clearinghouse which just sends a little “failure to deliver” notice out. That’s securities fraud, pure and simple–and unfortunately, most of the people who have I know who are familiar with the situation either dont’ care and think it’s a vaguely “liberal” sentiment to be concerned (1% of all transactions get failures to deliver, that’s a lot of money), or can’t understand the process. What’s wrong with selling 125% of existing shares in a company and claiming commission on the imaginary 25%?

My point it is that the abandoment of fiduciary duty is utterly systematic. It’s Gordon Gekko all over again, only now every shithead with a DiTech loan has bought that dream and earnestly believes he’s going to be putzing around in a $3000 suit and a luxury sedan. Anyone getting in the way of that ego-stroking dirty-money fantasy and advocating professional responsibility is a permabear or a Democrat.

The idea that the sole blame lies with the buyer, when he had no place even being offered a loan, is utter idiocy. His agent deserves punishment just as well. Think about it like this–if you walked into a bank, robbed them for $700k, kept $40k for yourself, and gave the remainder to your retarded cousin, who is responsible?