Well worth the read. Language warning.

The story is making its way into the mainstream, but what's significant about this article is how well he explains the events without bogging the reader down in detail or difficult concepts. Understanding what really happened is the first step in doing something about it, if it isn't already too late. Meaningful comparisons that can be understood by everyday people are essential to getting at the root of the problem, and the article does a good job in that sense.

Here's my meaningful comparison: If this had happened in China, every functionary involved would be serving 20 years hard labour, and the ringleaders would all be shot. Frankly, I prefer their sort of socialism to ours. At least it serves up justice now and again.

My only complaint with the article is the somewhat flip attitude towards the people who borrowed these mortgages. They weren't all hookers or ex-crack dealers on parole. Many of them were simple, honest people who were sold a dream they couldn't resist, and their only fault lay in not understanding what they were getting into. This pretty much describes the entire city of Cleveland, one of the worst hit areas in this disaster, although there are plenty of other examples. These were ordinary working poor who were essentially conned into taking on more debt than they could possibly afford. Black communities were especially targeted because it's there that the dream of home ownership burns most bright. These weren't 10 bedroom mansions in the heights, they were ordinary bungalows of the sort working people ought to be able to afford, and who at one time actually could.

I have to stop now - I'm just too angry and this is turning into a rant.

ebear