Andy, I agree that's the way it should be. I'm financing my home construction through a local community bank that holds the notes on all its loans. I feel pretty secure, and the bank appears to feel the same. I used to have a home loan through WAMU, and at that time they held all their notes too. Apparently they changed their style of operation since then.

What fries me, and I think Todd was getting at, is that these major player bankers who exploited unregulated activity, aren't the ones who are losing money. What they did was at least unethical if not illegal, and they'll make more money from moving paper the past few years than you and I will make in a lifetime. And they will be rewarded for their behavior by getting rich and getting away with it.

Remember Michael Milken's SEC financial escapade in the 80s or 90s? He made $5 billion from illegal securities activities. He was fined $1 billion and got 5 years at Club Fed, but got to keep the other $4 billion he basically stole. The problem is that white collar crime pays, and it pays well, in this country. Hence my slightly barbaric attitude regarding appropriate consequences.

Sg