Mortgage Crisis--One True Cause Ignored

The mortgage crisis that is actually not much of a crisis if measured by foreclosures--about 1%--and is a crisis if measured by people that were screwed into non-fixed mortgages--ARMs (adjustable-rate mortgages)--and are in danger of losing their investment--was caused by all sorts of greed. But let's take a look at what that means, for real.

In Texas, visit http://www.sml.state.tx.us:8080/mblolookup/search.jsp and type in your Texan city or county of choice. (After it loads, use the arrow to view results on same page.) This page is part of the Texas Department of Savings and Mortgage Lending: http://www.sml.state.tx.us/ and will list all of the tons of unlicensed (and very few legitimate ones who are) mortgage brokers, loan officers, entity mortgage brokers, mortgage bankers and financial services who advertise themselves as all of the above and shamelessly have their licenses expired, or never got a license, but applied.

Where the hell's the regulation? Where's the attorneys general across the state and country doing simple searches in their own jurisdiction and going after these greedy SOBs who are falsely advertising themselves as legitimate mortgage and loan purveyors, some of them even publishing their license numbers, expired as they know they are, etc.? Where's the advertising departments of newspapers and real estate guides publishers doing their homework and making sure the "lenders" are licensed? This lack of effort by publishers is one reason for loss of newspaper readership.

Even folks from Lending Tree.com, etc., are guilty of this. Some person in their company at one point was licensed and that's supposed to be enough?

Yes, the large companies that buy up these contracts--the same ones that offer bonuses to these primarily unlicensed lenders for jacking up the annual percentage rates (APR) on the folks buying houses out there--are largely responsible. Let's go after them. But let's not ignore these, our neighbors and friends who, being local, and knowing the locals, are screwing their own neighbors.

Time and again the local and national news media, attorneys general, and legislators have been ignoring this core issue. It's easy to identify, easy to prove, easy to prosecute, easy to stop.

"Newsweek" has yet again one of these "how did this happen" stories out about the background of the bailout. Yet, it's those in the arena, those who are actually signing those papers, telling the big companies that Joe Schmuckatelli in front of them has enough income to make the payments--knowing he doesn't, but jacking up the numbers, selling Joe Schmuckatelli on higher interest rates and ARMs, that is largely to blame.

Let's go after them, too. That's the damned story!

Let All That Breathe Partake--Let Nader & Others Debate!

Dear Editor,
I am writing to demand more coverage of all independent presidential candidates. served in the United States Navy and Navy Reserves for 12 years and I think I've earned that right--to be allowed to make my own decisions on politics.I am an American, born to Mexican parents on the border of the Rio Grande Valley. I am now a public school English teacher. Yet I am not a Democrat, or Catholic, or a member of a teacher's union. I vote mostly Republican, but McCain is not the conservative that we'd have wanted to front our party and our nation. The conservatives who ran for president cancelled themselves out and now we're stuck with McCain.

As much as I disagree with Ralph Nader on many issues, I would like to at least like to hear what Nader/Gonzalez have to say. I think that including other than Democrats and Republicans in debates would help keep those "major party" candidates honest and bring in real issues into the debate. As much as Obama is promising change it's all hype. As much as McCain is promising to champion conservative ideas, it falls short. Americans are grown up enough to decide for ourselves who we'll elect. The media, by not covering Nader and other party candidates, are playing Big Brother and it's insulting. This is why cable and blogging news are gaining in popularity. Charlie Gibson calling himself Charles does not a more objective journalist make.

Let us have our say and our look at all the options out there. It's time to let third party candidates have their say and their chance to affect the policies and issues affecting our nation. We need third party candidates to gain enough votes to have an easier time getting on the ballots in the future. This is a healthy thing for America. I am a conservative, but McCain having won the Republican primary shows that our primary system is flawed--with independents in early-primary states being able to affect an entire election and dishearten true conservatives in later primaries. We need third parties to balance things out, to let us be reminded of what democracy truly is. As it is, when the news media refuses to include those on the fringe, they are forgetting that nothing is impossible.

The Giants were supposed to lose to the Patriots last Superbowl. Foreman was supposed to beat Ali in Zaire. Mark Spitz's record was supposed to last forever. Hilary was supposed to easily beat Obama. McCain was supposed to be a broke joke.

Let us see and hear the options out there. Let us decide for ourselves. Let us see more coverage of the independents out there. Let us decide whether or not they are valid.