Who's Looking Out For Who?

http://money.cnn.com/2007/11/29/real_estate/foreclosure_activity/index.htm?postversion=2007112908

This story is another example of how the banking system became greedy. Instead of looking to protect depositor’s funds over the long term, adjustable rate mortgages were handed out like candy on Halloween.

The lack of safeguards, which would have avoided this mortgage mess, the rising cases of mortgage fraud and the every increasing number of foreclosures is now quite apparent. The big picture is not pretty. The ripple effect of the anemic real estate market does not bode well for the general economy. There’s a direct correlation between rising foreclosures and talk about the economy going into a recession.

This mess could have easily been avoided if the banking system showed some self-restraint.