I am shocked by the problems people are having with their new homes.  There are too many construction defects caused by the use of poor materials, untrained workers or improper construction techniques. 

Then there are mortgage companies and banks that lent money in the subprime market when they should not have.

Now Wall Street has gotten hammered and the Federal Reserve has given banks $38 billion in loans for mortgage backed securities in the last two weeks.

These are not just U.S. problems.  The European Central Bank infused over 200 billion euros and the central bank in Japan put out over 600 billion yen. 

Back at home the FBI has reported that mortgage fraud in 2006 will be between $1 and $4 billion.

Now if people think that the problems with the building and mortgage industries are not their problem, think again. 

The ripple effect from this is flowing through our economy.