The subprime mortgage loan and broader credit crisis have such a complex and varied range of causes and effects that for government agencies coming in after the fact, it can be challenging to figure out where to start — or who’s responsible.  As Carrie Johnson writes in the Washington Post, what might be criminality (unfair or deceitful lending practices) is often covered up by incompetence, and credit managers, loan officers, and home builders who may have been gaming the system can often point to accountants’ and lawyers’ professional conclusions as the basis for their actions.  The SEC and FBI and their state-level counterparts are now conducting dozens of investigations.  Read Johnson here.

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