home owners class action law suit?

[Joel Fraser]

I wonder if anyone can tell me if I'm correct in the TRUE reason why we're in the current housing crisis? I have always wondered how we could be in such a mess if the subpirme market is only 4% of the total loans in America and not all of them were expected to go into default. So here's what I've heard is the TRUE reason and I would like your opinion on this. If I understand it correctly, the _*TRUE *_cause of the housing crisis is because sub-prime loans were mixed in with prime loans and sold as AAA rated securities. Based on these ratings, Wall street bankers bought them and paid a premium price for them. They then used them as collateral to borrow even more money. As some of the subprime loans went into default it was clear that the rating companies had falsely rated the securities. When this was discovered, those holding the mortgage securities as collateral called them due, and those buying the securities stopped. If this is the case, then every American who's either loss their jobs (those related to the mortgage business), homes, or equity because of this **_is a victim_**. Many of the current foreclosures are people who bought their homes many years ago, with normal down payments, and with great credit. But, are now forced into foreclosure because their homes are worth less than what they paid.Yet today, new conventional guidelines came out making it even more difficult for these _*Victims*_ to recover and get back into the housing market after a Foreclosure or Bankruptcy. Now its 5 years after a Foreclosure. This is not only unfair but will prolong the housing slump by preventing these victims from getting back into the housing market sooner because of these derogatory hits to their credit. ffice:office" /> Not to mention the fact that no one is talking about helping investors who are being hit hard for the same reasons and in many cases are letting multiple homes go into foreclosure. I know investors who will be forced to let many of their homes go because of these changes. One had excellent credit until he was forced to let one go, now he won't be able to refinance the others when the time comes. If you own more than 4 homes you can't get a loan. With these ridiculous changes, and the canceling of lending programs for investors I suspect we will have this housing crisis for many years to come. *_*Every American*_* homeowner who's loss a job, property, their good credit, ability to refinance, or equity as a result of this fraud I believe has a potential lawsuit. I suspect a class action suit will be started shortly and I would sure like to join it. Am I off based on this??? If not then there needs to be a movement to get these derogatory marks taken off these Victims credit reports too.