Barry Ritholtz has a post that does more to explain the implications of the foreclosure fraud revelations which have been coming out over the last couple of weeks. While the impact is something that people who don’t closely follow financial news and understand how the system works can be hard to understand, Ritholtz does a superb job presenting his case in an accessible way. When it’s all said and done, Ritholtz sees what’s happened in the mortgage market at the hands of real estate and structured finance industries potentially as illegal racketeering.

As I often say, the whole post is worth reading.