Is this bullshit? I think maybe it is.

[Cracker]

This case is a little different because it sounds like the borrower may have committed fraud; however, I'm sick and damn tired of everyone blaming everything on the "greedy" developers. That's a crock! Had I known what was going on, there is no way I would have signed my name on a development loan, but the FDIC was privy to all the facts and were one of the few who could see the big picture and they did nothing to stop it.

If anyone at all deserves to be sued for the losses resulting from this huge real estate meltdown, it's the FDIC themselves!! Better yet...fire every damn one employee and do away with the department. Hell, they were asleep at the wheel.

Honest developers like myself and many others never dreamed something of this magnitude could actually happen with the measures FDIC supposedly had in place to ensure this would never happen. The ones charged with protecting the American public (FDIC) didn't follow or enforce their own guidelines, rules, and regulations, and now they want to sue others for doing the same thing they did. This is sick because they are the government and they can get away with it. How many of the FDIC auditors that were charged with auditing these failed banks have lost their jobs?

I enjoyed reading your perspective.

To be honest, I used to blame developers exclusively for the horrendous market collapse. Now I don't. If there weren't lending institutions tied to the government that made all those crappy loans, there wouldn't have been a market for all those houses. I know many developers have taken a huge hit along with all the construction professionals they employed and the real estate agents involved.

After reading up on it, I have to agree completely with your post. This is a dirty business. The people who shouldn't have been able to borrow the money are right back where they started. Many banks and savings & loans didn't survive at all. The construction industry totally tanked. The taxpayers and homeowners have taken a damn bath. The only ones left standing are the effing gov't agents of destruction.