Until four months ago, I had very little interest in real estate and personal finance news. I do not own a property, nor do I wish to, exist mostly off the credit economy grid and don’t have much of a head for financial statistics. That all changed in February when I was hired as a senior writer for a respected housing market and stock analyst. By day, I research, write and report on the numbers, which I don’t have to tell you folks, have been seriously depressing in recent years.

Typically, I try to keep my two writing worlds separate. In the evening and on weekends, I am preoccupied with theater, politics, urban agriculture and of course, myself.

Recently, because of immersion in the topics, I have come to understand that my disinterest in banking and housing limits my understanding of the full political scope. What could be more important, from a public policy perspective, than sustained, long-term unemployment and a pullback in available credit absolutely decimating middle class American families and their home values? Yet tragically, both political parties have chosen to ignore these truly pressing concerns in favor of epically immature posturing regarding gay marriage (Rick Santorum), Executive branch limousine rides (Michelle Bachmann) and pushing disgraced congressman Anthony Weiner out of office (Nancy Pelosi). While our elected officials play chicken with a vote on the debt ceiling, Middle America has been placed on the sidelines.

It has been nearly three years since the world learned that irresponsible, and in most cases criminal activity on the part of large Wall Street financial firms had brought the economy to its knees. To date the banks and their financial partners have had to pay the piper very little. But periodically, a wrist slap is handed out so that lawmakers and legal eagles can tout the appearance of justice to the voting public.

This morning, on the front page of the New York Times and other media outlets, we learned that Bank of America, the largest U.S. bank in terms of asset holdings, plans to set aside $14 billion to repay a group of critical investors as a resort of its malfeasance in bundling and selling high-risk mortgages.

Who are these critical investors, you may ask? According to reports, the claimants are “a group of heavyweight holders of the securities, including Pimco, BlackRock and the Federal Reserve Bank of New York, that have been pressing for a settlement since last fall.”

Does anyone suppose that this group has been the real victim of Wall Street’s shell game? While it’s wonderful to hear that the bank is going to have to make some restitution, it is with the wrong folks. None of this $14 billion will ever reach the hundreds of thousands of American families who have lost everything because of the risks taken by a small group of arrogant charlatans.

Meanwhile, hopes for a housing market recovery, or even confirmation that we have finally reached the bottom, continue to be dashed. This week, CBS MoneyWatch reported that home prices in six cities fell to new all-time lows, and nationwide, home values are averaging 2000 levels. For those keeping score, that is 11 years of lost equity.

Who will finally decide that it is beneficial to the nation, and politically advantageous enough, to throw American homeowners a lifeline? Voluntary loan modification programs have proven to be a sick joke marked by millions of reams in lost paperwork. No one on Capitol Hill seems to want to touch the development of a plan to create jobs (which is the real key to getting the housing market back on its feet), and around we go.

It’s utterly disgraceful to have to endure the chronic bellyaching of Big Business, whining about the hostile corporate attitude of the Obama administration, while stories like this one go unheard.

Bank of America can spare the $14 billion. The nation’s middle class can no longer afford the loss of dignity, combined with collective callousness, bought on by the risks of elite cads who fail to connect with the real repercussions of their actions. And our public servants need to stop enabling this disconnect.