Forum Post: Sue Wall Street Mortgage Schemers and The Federal Reserve

The Wall Street Mortgage Derivative Makers and The Federal Reserve Banks Caused this MESS! The Federal Reserve and its member banks through its reckless raising of the interest rates in '03 to '06 after lowering in '01 was negligent for not taking into consideration all of the adjustable rate (millions of mortgages) mortgages that would go from 1 percent to almost 7 percent because of their actions and inaction. A 200k home went from $200 a month to service at teaser rate to $1400 per month...this predatory lending was deceptive and The Federal Reserve privy to the numbers of such mortgages was reckless in raising rates 17 times in a row...thereby causing unrest and disrupting the real estate market and financial system. Meanwhile Wall Street Schemers sliced and diced risky adjustable mortgages into triple A loan packages and double and triple insured them know they were at risk for default. WHAT IF THEY DID NOT RAISE RATES???? Very few mortgage defaults would have occurred. WHAT IS THE REMEDY....the Federal Reserve must return its profits to the people....beginning with $82 billion in profits earned in 2010.