The subprime crisis is threatening to plunge the US into its’ first recession since 2001 — if it hasn’t already done so. The Wharton School at the University of Pennsylvania has done a great job of explaining the cascade of events, proposed remedies, and response of the Federal Reserve. This is well worth reading. See Inside the Subprime Crisis.
The newspapers were full of news today about the US Attorney’s probe of mortgage fraud which led to the arrest of 400 people nationwide. A headline in the Chicago Tribune screamed “67 from Chicago area charged in U.S. Crackdown on mortgage fraud”. We played a small role in helping to bring down one of these rings. Here’s our story. Continue reading