It’s worse than that: The Feds FORCED these companies to do many of these risky, crappy loans in the name of diversity, multiculturalism and all that! Now the government is acting surprised and shouting “we’ll get to the bottom of this and punish these greedy mortgage companies!” when they brought on the mess. The mortgage industry is so tightly regulated that almost nothing gets done unless the Feds and states want it to.
Thanks for pointing that out. To be honest someone had mentioned that a few weeks back, and it slipped my mind. I appreciate you reminding everyone of that fact.
Let me play devil’s advocate here and ask you a question related to your point. I’m going to ask it, because I think a lot of folks are somewhat confused on this issue.
Due to lending and banking deregulation that supposedly took place in the 80s, it had been my understanding that the industry wasn’t watched as close as it once was, and that was allowing these bad loans to go through unchallenged.
Don’t take this as a dispute of your claim, but could you explain the straight scoop, so I and others can understand exactly what are the facts along those lines.
Thanks in advance.
BTW: I do understand where you were coming from as it relates to minority loans and the government urging banks to make loans available to minorities.