http://observer.guardian.co.uk/business/story/0,6903,1519745,00.html
Here's a story from last Summer predicting that oil would have hit $100/ barrel by now....
>>>>>"Fannie Mae and Freddie Mac don't have a lot of control over the people out there approving these loans," said Tom Maeser, president of the Fortune Academy of Real Estate in Myrtle Beach. "All it takes is a few real creative and less-than-honorable mortgage people to get them in trouble."
Finally! Here's an actual substantial issue. I'm looking at this and wondering to myself. Wouldn't it just be easy enough to allow Fannie and Freddie to perform Risk Analysis based on a company's foreclosure track record and stop accepting loans from any mortgage bucket shop that foreclosed more frequently than 2SD over the norm? Once a shop gets delisted by Fannie Mae and Freddie, they're pretty much reduced to diddly as far as reselling.
http://www.myrtlebeachonline.com/mld/myrtlebeachonline/13577280.htm