See my reply to your post in the blog entry. Don't get me wrong. I am for punishing banks for their wrongdoing. In this case, WF is probably guilty. However, the article you post is a side story that has very little to do with the cause of mortgage crisis.
The point I am trying to make is that the banks wrongdoing is NOT A SIDESTORY, but an integral part of the story about the mortgage meltdown. The federal gov't had at least an equal hand in the mortgage meltdown certainly. But so did the banks and Wall Street. The banks, bc they lied to consumers about mortgage terms, falsified consumer income, failed to check foreclosure documentation, etc., and Wall Street, bc it allowed the bundling of subprime and prime mortgages, bundled mortgages which were then sliced and diced, and subsequently sold off to unsuspecting investors. When the mortgages were defaulted on, the last investor holding the hot potato (subprime mortgage defaulted on) was the loser. Many of these "last" investors were pension funds. To blame only gov't IMO leaves out a huge sector of wrongdoers - the banks and Wall Street. But believe me, I am not for one second allowing the federal gov't off the hook on this either, including Barney Frank and Alan Greenspan.
