Not exactly true. He advised them, according to him, that people needed to be taught how to better manage their money before they were allowed to obtain a gov-backed mortgage. Great idea, if the plan is to keep the gubmint in the mortgage business... successfully.
“He advised them, according to him, that people needed to be taught how to better manage their money before they were allowed to obtain a gov-backed mortgage.”
So he gave them good advice so it seems... where’s the beef?
US public schools do nothing to prepare people to manage and make money. At high school graduation, every student should know how to file a basic IRS 1040, balance a checkbook, manage a credit card responsibly, plan and execute a household budget, maintain a savings account, understand housing matters like rental leases, mortgages, escrow, property taxes. And further understand how a home can be used responsibly as a family wealth building tool with equity lines of credit, Schedule A deductions, IRS 1040 exchanges (Starker), and the fact that if a parent leaves a property to their offspring/heirs, the value of the house jumps to its value on the day of death, and the heirs never have to pay capital gains tax on increase of value from when it was originally bought.
Of course then the little guys might be able to get rich and that would never do.