One of the most coherent statements on the current state of fraudclousre and the on going crisis to come out yet……From April:

For those who are eager to fault banks for messing up the mortgage market, it is worth considering that this country lacks sufficient income and creditworthy prospective residential borrowers to fuel a mortgage market of any meaningful size without significant up-front system-wide subsidies and without life-of-loan default prevention customer service built into the project.

The same arrogance, ignorance and greed that inflated the bubble also popped it, but the Fed’s desperately low interest rates won’t be a refinancing bonanza for banks, as some predict.

APRIL CHARNEY

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