The Late Great Housing Bubble - just one big orgy of mortgage fraud, and a country of sheep and realtors on commission who fell for it.

Silly Americans - you thought those skyrocketing housing prices were because "they're not making any more land", or because of "year-round-golf and pro athletes".

Nope. It was just one big orgy of fraud. And you fell for it.

Silly Americans.

Here's just a sampling of headlines today over at the mortage fraud blog. Just a sampling.

Florida woman sentenced in fraud scheme
Florida mortgage fraud laws passed
Valley (CA) man indicted in HELOC fraud allegation
Concord (CA) lender indicted
Tampa man provided false employment references
California man given 16 months in deed fraud
Three Ohio men indicted in Kentucky fraud case
Man indicted in Ohio apartment fraud charges
Two plead guilty in Pittsburg area mortgage fraud
Texas realtor sentenced to 18 months
New Jersey man pleads guilty to mortgage fraud
5 sentenced in Georgia mortgage fraud scheme
Two plead guilty in $35 million fraud in Minnesota

America is a banana republic run by monkeys. Deal with it. The FBI is now investigating a baseball pitcher, but won't investigate Casey Serin.

We are no longer a nation of laws.

We are no longer a nation of laws.

We are no longer a nation of laws.

Millions of mortgage fraudsters run free, while Roger Clemens is on his way to jail. God help us all.

FBI opens investigation of Roger Clemens

WASHINGTON - The FBI has begun investigating whether Roger Clemens lied to Congress when he denied taking performance-enhancing drugs. FBI agents in Washington opened the case a little more than two weeks after Clemens and Brian McNamee, his former personal trainer, testified at a House committee hearing Feb. 13, each accusing the other of lying.

"The request to open an investigation on the congressional testimony of Roger Clemens has been turned over to the FBI and will receive appropriate investigative action by the FBI's Washington field office," FBI spokeswoman Debra Weierman said Thursday.

Here's an update on HP favorite Little Boy David Crisp, the flash-in-the-pan Bakersfield mortgage fraudster

Bling is the thing!

I guess not.

Must suck to be facing significant jailtime at his age, all because of greed. Must suck to be one of the millions of mortgage fraudsters, corrupt realtors and shady appraisers wondering every night if the FBI is gonna come get them too.

And it must suck to be Hillary Clinton, George Bush or Chuck Schumer, when they eventually realize that they destroyed their own political careers and legacies by trying (and failing) to use government resources to bail out mortgage fraudsters like David Crisp.

Fake it until you make it: A housing flipper saga

When David Crisp was only 25 years old, the Bakersfield, Calif., real estate star tooled around town in a $560,000 Mercedes-Benz McLaren sports car, along with a cohort of "black-suited bodyguards." He sported a $50,000 Chanel watch and Armani suits. His company, Crisp & Cole, leased Gulfstream jets to fly prospective investors into Bakersfield and Las Vegas and fronted money to its team of agents so they could sport their own luxury cars and designer clothes.

On Monday, Crisp's mansion was put up for auction with a starting bid of $1.8 million. Nobody bit, and the home was repossessed by the lender. According to the Bakersfield Californian, more than 100 defaulted and foreclosed-upon properties can be traced to associates of Crisp & Cole.

But what does it all mean? How many other David Crisps ran wild in the great housing boom of the early 21st century? How many of the collateralized debt obligations made out of repackaged subprime mortgage securities were built from loans made to similar scammers?

HousingPANIC Stupid Question of the Day

What housing bubble players do you seriously think will do jail time? Name names.