Let me ask you this. If you haven’t been taken to court and forced to do this, and yet you have seen other banks or lending institutions taken to court, are you necessarily an evil player if you pursue business according to the court’s demand in other jurisdictions?
To you and I, yes. But by the letter of the law, these were not evil players. According to the law they simply played the game the courts demanded ‘some companies’ play.
While I respect you for not participating in this sort of business, how can I trash a company that did when the courts ruled against companies that refused to?
I could say it was evil, and be right as could be. None the less, this is what the courts had deemed ‘must comply’.
In essence, you were lucky not to have been taken to court and forced to have to give out some of these loans.
Isn’t that true?
” how can I trash a company that did when the courts ruled against companies that refused to?”
They were only required to write a small percentage of sub-prime. Not 50% or 80%. And they were writing loans they knew would go into foreclosure soon .
” None the less, this is what the courts had deemed ‘must comply’.”
Again, only 5%, not 50-80% sub prime. But you are right that the left wing Democrats concocted, and forced this on the banks. Bush tried to stop it, then embraced it. Another reason to despise Bush.
“In essence, you were lucky not to have been taken to court and forced to have to give out some of these loans.”
I was a broker, not a direct lender, so I was not under a federal bank charter.