Prosecute the Mortgage Sharks

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Jeffrey Dell, general counsel for Key, said the institution has no record of that particular application.

"At this point, Key plans to investigate any connection or collusion between individuals who had no authority to transact business in the name of Key Financial Corporation with individuals at Wachovia," Dell said.

With major financial institutions failing to vet the people who bring them loan applicants, it's no wonder we ended up in this mortgage mess.

Paulson is right. The mortgage sales process is broken. But I doubt another impotent federal commission will be enough to patch the holes in a system where unlicensed individuals can easily arrange and broker loans for the most significant asset that many people own.

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