the mortgage meltdown we are currently experiencing, and which is only in the opening stages, calls into question whether ordinary people are even capable of managing their own finances. doubt must be cast.
although some blame must be assigned to the hapless buyers, the fact is that it is not against the law to be stupid. but as to the mortgage brokers, the banks, the appraisers, the rating agencies and all others who had a fiduciary responsibility, they are guilty of fraud, and that IS against the law. they should all be prosecuted and if convicted, fined to the full extent of their net worth.
