Great read!!! If it isnt bad enough that the residential market was funded by Liar Loans, the high-end commercial deals had their fair share of complete fraud going on as well!!
And now banks are going under with high levels of uninsured dollars in them!?
Credit contraction, unemployment rising, home prices declining and now banks failing with lots of accounts without insurance!? Add commercial real estate fraud. Wealth is bleeding out onto the streets!!! I dont see how this cant cause big delation.
