The problem is the regulators.
They could make it impossible for a bank to do business, or stay in business, if they didn’t cooperate.
Don’t be like leftists and deny that the power/policy that comes from government is out of the barrel of a gun.
I don’t deny that the government power comes from the point of a gun.
But the “blame the badly uninformed home buyer” crowd gets very loud here at FR.
And the banks DID have a choice. They could have not done it.
What would have happened if the majority of the banking industry had not gone along? Because they were Americans first and banks second? Would the average person in the street noticed if clintoon had to make their own banks to make these loans?
See, the banks may have been between a rock and a hard place, but they still had a choice. By going along, they gave clintoon cover. They even gave cover for MERS. They didn’t have to.
I just thought of this.
That argument is very close to the “I was just following orders” line.
Sometimes, we make choices that are more important than, the government made me do it.