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The point I am making is that for all the screams about helping the homeowners, that they couldn’t care less about them. The screams and renting of cloth is for a bail out of the mortgage industry, Wall Street, and the banks. They want the US gov and/or the fed to make it so they can unload their paper. The way I see it is they stood to make the profits from these risky loans let them eat the loses. That is capitalism in a nut shell. And on a side topic many of the pundits who are screaming such as Jim Cramer have for years railed against the gov. interfering in the markets. But now when it can save their bacon they are all for it. Hypocrites.

But it’s not just the “evil” mortgage companies (I wish you’d stop calling me evil) suffering...it’s anyone who has concern for the value of their real estate, or the ability to sell it, or refinance it, or anything. The effects are a lot more far-reaching and the “I’ve got mine” attitude you have will disappear quick when your own financial portfolio starts to suffer.

The point I am making is that for all the screams about helping the homeowners, that they couldn’t care less about them.

Anyone who thinks otherwise, ever, is a fool. Not just regarding lenders or brokers, but for the pundits and reporters, politicians, and other varied axe-grinders involved.

The model for mortgage delivery is broken, and I don't know if it will be fixed soon. It will undoubtedly involve more regulation, probably mandatory licensing and professional standards such as exist for financial advisors.

It will also involve different thinking on the part of borrowers. Mortgages were once a commodity and were shopped for and obtained like commodities. Mortgages are no longer commodities, because of the size of mortgages today they are financial instruments.

What advice do prospective borrowers receive from so-called "consumer advocates?"

Shop for the lowest fees...that's right. As a mortgage broker/banker I had one fee I controlled, that was origination. Everything else was a second party fee passed through.

Many of those borrowers now being foreclosed undoubtedly had very low fees on their transaction...perhaps they should have been paying attention to something else.