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The Real Cause of Foreclosures: No Skin in the Game

Speaking of having "no skin in the game", isn't that true of most lenders from 2004-2006? After dispursing money to almost anybody willing to sign up for a mortgage, they sold it to Fanni, Freedy, Mers, or Wall Street money barrons who packaged the mortgages up into MBS packages, CDO's, etc. Thus, neither they nor the original lenders had any "skin in the game"! They didn't care if the mortgages ever got paid. By the way all of those bastards are still holding the dollars they made from those deals.Shouldn't they be held liable for the damage they did? They nearly crashed the entire world's financial system. It was probably the biggest fraud ever committed. Worse, the crime has gone unpunished. Worse yet, Bush, Paulson, and Bernanke gave the crooks even more of the citizen's money.

Of course now that prices are low, you can bet those individuals who made obscene profits selling and reselling all those bad loans and CDO's are in there (like vultures) picking up the bargains.

We are all witnesses to the most massive transfer (read robbery) of wealth from the Middle Classes the the very rich that has ever occured. Moreover, it doesn't end soon or even in our lifetimes. Sadly, our grandchildren will still be paying on the government debt incurred to pay for TARP.

Here in South Florida, most of the forclosured homes going for 60% or more off of 2006 prices are being bought with CASH! No Government programs needed.