Matthew Tannin is a former manager for Bear Streams. He was arrested today by federal authorities in relation to a subprime mortgage scandal. Matthew Tannin along with Ralph Cioffi are the two first executives that face criminal charges regarding the whole subprime situation that has shaken the American as well as the Global economies. Matthew Tannin was arrested from his own home, that wasn’t bought with a mortgage, in New Jersey. Ralph Cioffi was arrested at his home in New York City at the same time. Both arrestes were made by the FBI. According to the U.S. attorney’s office in Brooklyn New York the charges they will be facing are those of conspiracy and fraud. All the details for the charges as well as the arrest of Matthew Tannin will be announced later on today. Matthew Tannin is a former manager of Bear Stearns Cos. hedge funds that collapsed last year. Bear Stearns Cos. hedge funds gave sub prime mortgages to thousands of people and as a result there are many people loosing their homes. Both Matthew Tannin and Ralph Cioffi are accused of misleading investors about the risks of the subprime mortgage market and that is the technicality the FBI was able to base the charges on. People like Ralph Cioffi and Matthew Tannin should be held accountable for their actions. The fallout from defaults on U.S. mortgages has not only caused a lot of problems to American families but it has had wider repercussions as well. The whole situation has rattled the American housing market and the global economy. Sub prime mortgages are loans issued to people with bad credit, a lot of dept and no money to pay back. As a result they loose their home and the companies and banks that lend the money in the first place seize the property. Someone is getting rich from all this. Most people out there didn’t have enough money to live. So if they had property a home or even a mobile home they financed and refinanced their mobile home or home to get money so they could get by. Financing and refinancing ones mortgage can be risky business. I know first hand what it feels like to reach a point to refinance your home. But I had never heard of people refinancing their mobile home. Even with bad credit people where allowed to refinance their mobile home loans. Can you imagine what level of desperation one must reach in order to refinance their mobile home loan? I really dont understand the concept of loans refinance bad credit mobile home. How can someone reach the point to refinance their mobile home loans. Poverty is upon us Americans and we really need to come together and help each other in this credit crisis that will engulf the whole world. I understand how mobile homes can become a viable alternative for people who want to live within their means…but when one makes the choice to move into a mobile home can you imagine what kind of hardship they must go through to reach the point to decide to refinance their mobile home loan? As I said the concept really escapes me. Executives like Matthew Tannin have been blinded by greed and don’t care about the repercussions of this. The money than was repackaged as securities and sold across the globe. As a result there was a huge bubble of growth expanding on clear speculation with absolutely no money to back it. Some pockets were filled but others were left empty from the whole situation. Where do you stand on this? Which side of the subprime extravaganza were you on? I bet you weren’t on the side of Matthew Tannin

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