Off-Topic: Here is the sad truth

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	Name:	AUCATZ -
	Subject:	Here is the sad truth
	Date:	10/8/2008 12:44:35 PM

I went to work for a bank in the days of the Resolution Trust mess. During the 9 years I was in banking, I experienced the wonders of CRA (government mandated Community Reinvestment Act) that literally forced banks to make loans based on racial and low-income metrics. This was the beginning of the current loan mess. The government should have never inserted itself into loan eligibility. Over the years corporate and personal greed played into the situation as most loan officers are paid a low salary and a commission or bonus for loan production. Then financial companies saw the buying of loans as a lucrative venture to pad their portfolios. It was a house of cards destined to fail. Add to that the real estate practice of over-inflating house values, regardless of the eligibility of the prospective buyer, and here we are in this mess.