>the guilty parties are not being investigated or punished
Actually that's not the case. Many subprime lenders have bitten the dust
already. Much of their business was based on the idea of selling the loan to
the sucker, then selling the paper to investors. Eventually the investors
caught on that the loans weren't so good, so they stopped buying them. Now
there are many finiancial institutions with questionable loans who are going to
take a bath on them even if they foreclose. Consider a 100% loan placed a year
and a half ago on a house that is now worth no more than 90%. Selling it as a
foreclosure, the bank can't even get the 90% of it's value, then there is about
$40K in other expenses tacked on when you get the lawyers involved.
They made their beds...
--
Larry Miller
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