Re "Feds zero in on loan scam rings" (Page A1, Dec. 9): This article describes exactly what caused the housing/economic bubble. It was not the loan applicant who instigated this scam, rather it was the loan originators and Wall Street.
Loan originators and underwriters have a fiduciary responsibility to insure the loan can be repaid. Did they not look at applicant's tax records? This failure occurred nationwide.
Wall Street not only knew of the underwriting scam, they encouraged it. Investors bought up these toxic loans and mixed in good loans to create securities. They even got AAA ratings. All the while, the Bush Administration sat and watched as the bubble finally burst.
Wall Street bankers decimated our economy and ruined homeowner equity. They received a $700 billion bailout and got their bonuses.
The real crooks are the bankers stole America's wealth and who caused the great recession.
-- Mark Mihevc, Graeagle