A willing Accomplice

A willing Accomplice

Bernard Bernanke Chief of the Federal Reserve Bank, Henry Paulson Secretary the Treasure and the office of Comptroller of the Currency is responsible for the mortgaging fiasco our country finds itself in today. All three were responsible for invoking a clause that prevented State Attorney Generals from proceeding against predatory lenders who through various schemes made outlandish loans

to people with suspect credit records  who were not able to pay the mortgage based on their  income.

Many schemes were used such as no down payment, teaser rates that increased astronomically after five years, giving kickbacks to people who took out the loans.

Now we find ourselves with a housing market that is in disarray because many people who took out these loans also took out equity loans on the property and as soon as the rate of interest increased the potential owner discovered that he was not able to pay  and now the house is in foreclosure and more is owed on it than it is worth.

This has caused a glut in the  housing market of unsold and repossess houses. The lending institution is going to write them off as a loss and the communities are going to suffer because of a loss of tax base both deprives our needed treasure of cash and it's all because of the people we placed in charge became willing accomplices to this home mortgaging scheme