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Over the past few months we have heard about a variety of questionable practices from banks looking to seize the homes due to chronic mortgage delinquencies. Each day more drama is added to the picture. It has become the center of focus for many media hacks who want to exploit the frustration and anger they have with Wall Street and Washington.

These hacks are the same individuals who hid the realities of the real estate bubble a few years ago. Back then, they ran advertisements for mortgage companies and get-rich-quick real estate schemes. Today, they have positioned themselves as your savior, all while pitching gold and silver.

Do not be fooled by these hacks. All the care about is making money selling ads. A few years ago, mortgage and real estate companies were forking over the most money for ads. Today, gold and silver dealers lead the way.

While your favorite media hero continues to fool you as a consumer advocate, you need to ask why this individual did not warn you about the economic collapse. Furthermore, you need to ask why the big fraud is not being addressed; real estate securities fraud that resulted in the collapse of the global economy.

In my opinion, extensive coverage of this “foreclosure gate,” as it has been termed, is merely a distraction to keep Americans focused on smaller issues.

We still have not seen any of the Wall Street banking executives face criminal investigations for securities fraud. This remains as the biggest unresolved issue in the nation today. Yet, no one with real media exposure dares mention this.

Even Angelo Mozilo, former CEO of Countrywide recently settled with the SEC to the paltry sum of $67.5 million, much of which will be paid for by Bank of America. From 2002 to 2006, Mozilo landed nearly $400 million in salary and stock compensation, including millions of dollars (in excess of the amount of the SEC settlement) from stock he dumped just prior to the collapse of Countrywide.

This bailout by Bank of America shareholders allows Mozilo to escape facing charges of insider trading. This is preposterous, but should come as no surprise if you understand how things work in the U.S.

The Foreclosure Gate Distraction