What caused this credit and housing crisis?  Is there really one person to blame, or did we all play a part?The embedded video was produced by Jonathan Jarvis to help define the relationships between homeowners (Main Street), bankers and brokers (Wall Street), and institutional investors.Jonathan’s Crisis of Credit video easily explains how Sub Prime Mortgages, Collateralized Debt Obligations, Frozen Credit, and Credit Default Swaps created the perfect storm.It is certainly amazing how a couple of recent changes to a law passed in 1933 could have such a significant impact on the destruction of the world’s economy.Regardless of what the media or politicians try to say, this credit crisis it is NOT the original fault of sub-prime borrowers.  In fact, there are many strong debates that put government policy and corruption as the root cause for the current pain being felt by Americans and others around the world.On one side, the Financial Services Modernization Act of 1999 created an opportunity for banks and affiliated insurance companies to participate in a form of legalized gambling where they could manipulate the credit rating of a risky investment product and sell it to institutional investors such as pension fund managers and municipalities.The opposing team believes that a government mandate in the Community Reinvestment Act of 1977 by Carter and amendments in 1995 by Clinton encouraged banks to find creative ways of lending to borrowers who did not have sufficient credit, income, employment, down payments, or assets to obtain FHA or Conventional financing.The fact that Fanie Mae made a commitment to purchase sub-prime mortgages helped fuel the fire as well.Either way, leverage, lack of transparency, and limited regulation are all to blame for this crisis of credit. Tagged: BANK OWNED, Bernie Germani, BUSINESS OPPORTUNITY, community reinvestment act, Discover how the Current Real Estate and Credit Market Created the Perfect Home Based Business, financial services, Home Seller Assist, Lake...