[ex-Texan]

Thanks of your insight into the problem. Waited and performed some research into Black Swan Theory before replying:

Excerpts:

What we call here a Black Swan (and capitalize it) is an event with the following three attributes.

First, it is an outlier, as it lies outside the realm of regular expectations, because nothing in the past can convincingly point to its possibility. Second, it carries an extreme impact. Third, in spite of its outlier status, human nature makes us concoct explanations for its occurrence after the fact, making it explainable and predictable.
* * *
Taleb enumerates ten principles for building systems that are robust to Black Swan Events:^[10]

1. What is fragile should break early while it is still small. Nothing should ever become Too Big to Fail.
2. No socialisation of losses and privatisation of gains.
3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus.
4. Do not let someone making an "incentive" bonus manage a nuclear plant – or your financial risks.
5. Counter-balance complexity with simplicity.
6. Do not give children sticks of dynamite, even if they come with a warning.
7. Only Ponzi schemes should depend on confidence. Governments should never need to "restore confidence".
8. Do not give an addict more drugs if he has withdrawal pains.
9. Citizens should not depend on financial assets or fallible "expert" advice for their retirement.
10. Make an omelette with the broken eggs.

It pretty clear to me that this discovery of major, industry-wide fraud and forgery is a significant development. And these kinds of endemic criminal antics are not going to go away quickly regardless of peoples' wishes and fears. These crimes are still being uncovered. Without decisive action by both political parties to investigate and punish wrong doers -- this scandal will only worsen over time.

Frankly, I would like to see some CEOs and CFOs do the perp walk in orange jump suits. The alternative is to let a mob of innocent foreclosure victims arm themselves with large rocks and let whatever happens take place. But waiting for Congress to act fairly and decisively is probably a waste of time.

Especially with all those $$$ Trillions out there for campaign bribes . . .

[Kartographer]

No fraud here just a bunch of ‘dead beats’ trying to play the system to get free houses. Even if the banks are using forgery and perjury to promote their case for foreclosure these ‘dead beats’ can’t be allowed to win. To hell with the rule of law.