The warning signs of an upcoming housing bubble burst were evident in 2005 when Ameriquest, one of the nation’s largest mortgage lenders, settled a federal class-action lawsuit claiming the company misled borrowers and falsified documents for $325 million. The incentive to bundle mortgages and sell them to larger companies like Citigroup and Bear Stearns created a culture of fraud where billions of dollars in bonds were based on suspect loans. As the truth comes out the question becomes who will be held accountable as low-income families lose their homes and the economy continues its downward spiral.

—Gabriela Resto-Montero

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