Mortgage fraud crisis explained in laymans terms

[ClassicalLib17]

This is a little long, I read it in its entirety. I didn't understand the depth or substance of this fraud until I read this testimony by William Black before the Financial Crisis Inquiry Commission. I thought it was very interesting and informative. But hey, this being Waukegan and wauktalk 'forum', I really don't expect any of you single issue members to even attempt to read this, even though its implications could have a heavy downward effect on your government(or state taxpayer funded) pay and pensions. We(the middle class) are going to bear the brunt of this massive fraud through Fed bailouts(moral hazard) and eventually something has got to give. That's going to be YOU!
http://www.fcic.gov/hearings/pdfs/2010-0...-Black.pdf